From Data To Gen Z: Key Trends Driving The Marketing Shift

In an era of rapid digital transformation, marketers across India are grappling with a big shift in consumer behaviour and market dynamics.

Going Digital
If we look into the banking sector, the confluence of technology and data is creating new opportunities. Apurva Sircar, Head of Marketing at Bandhan Bank points to the democratisation of data as a game-changer.

"India has the fourth cheapest data in the world. The availability of cheap mobile hardware and the entire infrastructure which is enabling digital banking on a large scale is transforming the industry," Sircar notes.

The impact of the digital revolution is perhaps most visible in digital payments as well. "UPI has been an absolute game changer. The volumes that we are seeing are volumes that some of the foreign countries can't even think of", Sircar emphasises.

However, Sircar cautions against getting carried away by every new trend, stressing the importance of focusing on initiatives that provide tangible benefits to the brand and institution.

Application of Data
Brands and marketers are increasingly turning to advanced data analytics to inform their strategies. Shuvadip Banerjee, Chief Digital Marketing Officer at ITC highlights the wealth of information now available to marketers.

"Today you get so many signals, whether it is social listening and accessories or capability called six sense, which is looking at a multitude of data sources," Banerjee explains. These sources range from new product launches and food tech innovations to consumer conversations and user-generated content.

However, Banerjee emphasises that the real challenge lies not in data collection, but in its interpretation and application. "The first challenge is how to crystallise, how to distillate, how to prioritise it. And the next challenge from there is then how do you capitalise on it?"

The ability to swiftly identify and act on trends has been crucial to ITC's success as a challenger brand in the food and beverage space. Banerjee underscores the importance of speed in a market where new product success rates are declining.

Younger Demographics
While technology and data are big visible trends, the shift in consumer demographics and preferences is equally influential. Ganapathy Subramaniam, VP and Head of Marketing at LT Foods points to two key trends that are likely to dominate marketing strategies in the coming year.

"There is this whole surge of health which has come in the last couple of years and that is going to be a big thing which will continue," Subramaniam predicts.

Additionally, Subramaniam highlights the increasing importance of younger consumers. "Gen Z and Gen Alpha are going to be getting into buying phases. I think that is going to be important." He advises marketers to allocate resources and tailor strategies to cater to the unique ambitions, needs and behaviours of these emerging consumer segments.

Reema Bhaduri

BW Reporters The author is the Editorial Lead at BW Businessworld. Majorly writes on marketing, advertising, experiential marketing and retail. She closely looks upon the vertical of BW Marketing World and BW Retail World.