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Media Consumption Trends for Brands and Retailers

The IFCCI Retail Committee organised a webinar on “Media Consumption Trends for Brands and Retailers” on Friday, 04th March 2022 from 11H00-12H00.

Ms.  Shweta Pahuja, Head - Business Support Services, IFCCI opened the session and welcomed the speakers and participants.

This was followed by introductory remarks by Mr.  Satyen Momaya, CEO, Celio Future Fashion and Vice Chairman, IFCCI Retail Committee who set the context for the webinar discussion.

Ms. Lara Balsara, Executive Director, Madison World shared insights on media consumption pattern post the pandemic. She mentioned that they expect the growth rate in media consumption to increase by 20% which will let India to continue to be the fastest growing Ad market as compared to China, Russia and USA. She also shared some key takeaways that can lead to retail brand growth:

  1. Launch Digital-First brands now to prepare for future growth by taking advantage of the evolved digital infrastructure available for distribution and advertising.
  2. Set up own D2C Distribution channels that could pay rich dividends in the near future.
  3. Use HD as a medium more aggressively to reach out to elite and affluent audiences.

Next Ms. Pareina Thapar, Co-founder, Longform shared her expertise on the Role of Digital Social Media for Brands & Retailers in an open discussion with Mr. Alok Tewari, Senior Partner & Head Real Estate & Construction law practice, Kochhar & Co and Annual Parton member of the Retail Committee.

Mr. Tewari asked Ms. Pareina Thapar if retailers have any set preference for the social media channel or is it the narrative that is more important. Ms. Thapar shared that digital should be adopted as a way of life going forward more than it being just a choice. She added that smart brands need to focus on consumption patterns that would support them to reach the target consumers

Brands need to identify innovative mediums to compel the consumers to be attentive to their story.

Next they discussed about how influencers can create authentic content that can resonate with consumers. Ms. Thapar shared that Influencer marketing is an early arena in India at the moment, but it has still managed to get micro specialised. She also added that on ground experience in every sphere of life is where the opportunity lies for entrepreneurs.

The conversation also involved if digital marketing was posing a threat to traditional approaches. Ms. Thapar mentioned that there has always been a relationship between content and commerce. The only change that has happened post pandemic is the interactivity of the medium. Today commerce can lead to content which was earlier restricted due to the limitations of traditional practices. However, going forward the next generation is not going to be adapting to the medium, they will instead be leading it.

The session also touched up on Metaverse. Ms. Thapar shared that for some consumers metaverse will continue to be the portal to the real world going forward. Metaverse is definitely going to be a big asset, be it for brand loyalty or for revenue generation. Ms. Balsara added that the use of metaverse currently would also depend on target audience and the status of the brand.

The industry leaders believe that the change in digital consumption is definitely here to stay. This informative session ended with concluding remarks and a vote of thanks by Mr. Satyen Momaya.

 

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