BT India at 100: Snapdeal co-founder, Panasonic India CEO and PwC Chairman discuss India's growth as a global consumer hub

In an interview session on Saturday during ‘BT at India 100 Summit’ led by Shailendra Bhatnagar, Editor (Markets) of Business Today, alongside a panel of experts, delved into the role of India as a significant global consumer hub. The conversation revolved around the factors driving India's emergence as a consumer powerhouse, the pivotal role of technology in this transformation, and the potential challenges that lie ahead.

Kicking off the interaction was Sanjeev Krishan, the Chairperson of PwC India. With great enthusiasm, he highlighted the diverse tapestry of Indian society, comprising urban and rural populations with distinct preferences and needs. Krishan underlined the necessity for businesses to grasp these intricacies to effectively tailor their products and strategies for maximum impact. He emphasised, forms the bedrock for successful sales campaigns and long-lasting consumer relationships.

“The consumption levels are very high and because of the demographics that we see at this point of time, we also see that the young population at times, do not necessarily want to just buy products. They actually want to get into the experience side of things,” said Krishnan.

Adding to this narrative was Kunal Bahl, the Co-Founder of Snapdeal. Drawing from his extensive entrepreneurial journey, Bahl emphasised that India's middle-class is set to become a powerhouse of purchasing capabilities. This demographic, neither extremely affluent nor indigent, holds the key to unlocking India's consumer potential. Bahl pointed out that the middle-class demographic is not just enthusiastic about acquiring products, but also tech-savvy, preferring online platforms to fulfil their desires for novel and cutting-edge products.

“By 2030, nine out of ten Indians over the age of 15 will be online and they will also be transacting online significantly. A lot of their transactions will be online. That gives a pretty good picture then, of how the arc of consumption is going to go over the next coming years and the implications that has for companies wanting to go after these segments in the market,” said Bahl.

The interactive session seamlessly transitioned into the profound impact of technology on shaping India's consumer landscape. Experts unanimously echoed the sentiment that technology, ranging from artificial intelligence (AI) to robotics, is redefining efficiency in manufacturing and distribution. 

Manish Sharma, Chairman and CEO of Panasonic India, weighed in, explaining how technology streamlines production processes and augments timely delivery. AI, in particular, is believed to be a game-changer, empowering businesses to make informed decisions based on data-driven insights.

However, amidst the growing optimism, the experts candidly addressed the challenges that could potentially impede India's trajectory as a global consumer hub. Manish Sharma drew attention to the complexities associated with domestic production and logistics. He asserted that businesses must embrace transformative strategies to enhance production and distribution efficiency. The idea of employing smart technology to tackle these hurdles emerged as a key takeaway, emphasising the need for innovative solutions to age-old problems.

The session revolved around India's progressive trajectory as a global consumer hub. It highlighted the heterogeneous nature of Indian consumers, the role of technology as a catalyst for change, and the multifaceted challenges that businesses must confront head-on. As India moves forward on this transformative path, all eyes are on the horizon of possibilities that India’s consumer powerhouse is set to unlock.

Watch the Full Interview - 

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