Hailing from a family of jewellers spanning four generations, I have always believed in delivering on the promises we make to our consumers. Our business philosophy is to provide long-lasting and superior quality products that can be passed from one generation to another. We gained the trust and loyalty of our consumers and enjoyed an enduring relationship with them. However, I knew this was not going to be enough forever.
The marketplace and business environment are constantly changing. Consumer behaviour has strongly influenced the face of marketing. Currently, the young millennial consumer does not really want anything that comes with the promise of lasting a lifetime. By offering a product that makes such a commitment today, a brand is actually doing a disservice to the consumer.
Fashion keeps changing, and so do the choices of customers. Successful brands deliver products in sync with the latest trends at affordable prices. Today, consumers -- mostly young women -- are fashion enthusiasts who are also digitally aware and connected. An important thing to keep in mind is that the consumer is a social animal. They go out shopping, or for movies and dinners several times a week. More and more people are traveling to different places frequently owing to more disposable income.
In this digital age, social media has become increasingly popular. It is definitely what people think about today before wearing something new or repeating an outfit. This young generation, with its obsession for selfies, "peacocks" on social media. Every time they wear something new, they flaunt themselves online. The products that the young generation is purchasing are being influenced by selfie culture. They prefer buying more and more clothes and jewellery so that they can mix and match them and create a new look. These young millennial consumers want changing trends at affordable prices. It has gone to such an extent in India that I've been told consumers are ordering clothes or jewellery online, trying them out, taking pictures and then returning the goods!
Besides selfies, people also obsessively photograph and share on social media pictures of the places they've been, the food they've eaten, the things they've bought .
Due to this technology-driven evolution of consumer behaviour, there is a huge opportunity for brands to make profits and flourish. Consumers are also buying frequently and more than ever. Brands are now adapting and capturing the new trends as they emerge. Due to this, there has also been a transition from conventional retail to organised retail as well as ecommerce stores. By continuously monitoring the business and the market, brands think, act and work at a faster pace. The businesses have incorporated a cultural approach to branding in the global marketplace.
With the rapid changing fashion, it has also become a challenge for the brands to reinvent, recreate and engage with the consumer. Hence, the process has become more dynamic than it used to be a few years ago. The challenge now is to analytically understand consumer behaviour and the changing trends. The biggest threat for any brand is the failure to adjust to the changing demands in the marketplace.