AgenciesNEW DELHI: Consumer-centric innovation is fuelling growth, indicating that agility to innovate is more important than spends, management consulting firm Kearney said in a report titled 'decoding the success of consumer goods and retailing leaders', released on Wednesday.
The report said the focus on premiumisation across consumer goods has resulted in consumers switching to high-end products, and that the pursuit of cost reduction has been a key attribute followed by companies. Given the price-sensitivity of Indian consumers and heavy competition, a tight control on costs helped leaders preserve margins and reinvest in growth, the report said.
Arpit Mathur, Principal at Kearney, said: “By investing in direct reach, sticking to their core value proposition and adopting a dual track for rapid innovation, leading companies have surged ahead.”
The report said as companies gradually recover and make mid-to long-term plans, companies risk wasting significant investments in on-boarding retailers due to attrition, which can be as high as 10-25%. So leaders have adopted a technology-led end-to-end retailer management process to protect their retailer base, the report added.
The report said the focus on premiumisation across consumer goods has resulted in consumers switching to high-end products, and that the pursuit of cost reduction has been a key attribute followed by companies. Given the price-sensitivity of Indian consumers and heavy competition, a tight control on costs helped leaders preserve margins and reinvest in growth, the report said.
Arpit Mathur, Principal at Kearney, said: “By investing in direct reach, sticking to their core value proposition and adopting a dual track for rapid innovation, leading companies have surged ahead.”
The report said as companies gradually recover and make mid-to long-term plans, companies risk wasting significant investments in on-boarding retailers due to attrition, which can be as high as 10-25%. So leaders have adopted a technology-led end-to-end retailer management process to protect their retailer base, the report added.