4 July2021In 1991, a new era began for India. The closed economy was opened and economic liberalization was set in motion with the objective of making the Indian economy more market and service-oriented. The role of private and foreign investment was also to be increased. The historic move not only brought India out of the balance of payments crisis but also heralded a new era of the consumer markets. A few decades down the line and India is home to one of the largest consumer markets in the world today. The strong and highly lucrative market, India has seen the entry of several global brands and players over the past few decades. The country has also birthed a plethora of successful home grown brands and players in almost every sector and field. The Indian market today has a healthy mix of buyers and sellers. Functioning on the perfect competition principal, the Indian consumer market is the place to be for any domestic or global brand looking to book profits. Needless to say marketing has witnessed a consequent rise in the Indian market. Given the diversity that India is known for, it is important for any brand to identify, predict and address their consumers' needs through the usage of sound marketing solutions. The marketing segment has been evolving over the years and has today emerged as a tech first industry that helps brands understand their consumers better. With the Covid-19 crisis being set in motion businesses across the board have been adversely affected which has made it harder to predict what B2B and B2C marketing will look like in the post-COVID-19 world. Online sales have gone through the roof, employees have been working from home and will continue to work in the hybrid model and consumer preferences & patterns have shifted massively. It has been a tough journey for marketers over the past few months. Going forward we can be certain that the industry will massively adopt deep tech trends such as AI, ML, automation, immersive reality to name a few. Conversation marketing, utilizing AI powered chatbotsetc will also see a rise. At the end of the day in order to gain trust in today's digital world, brands must maintain transparency at all cost. Today's consumer is well informed and conscious about the various options, so it is pertinent for brands to be transparent which will help them gain the trust of more users. Transparency and socially conscious brands are the future for sure. Editor NoteTransparentand Socially Conscious Brands to ProsperRachita SharmaSpecial Editoreditor@womenentrepreneurindia.com
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