Mumbai, Jun 8 (FN Agency) The two-day India Direct-to-Consumer (D2C) Summit & Awards 2023 witnessed an insightful discussion on the dynamic nature of the D2C market and the opportunities it presents for forward-thinking retailers in an era of rapid digital transformation and changing consumer preferences. In his keynote address at inaugural session on Wednesday, Mohit Rana shed light on the rapidly growing landscape, with 9,000 brands currently operating and a projected revenue of USD 25 billion in the coming years. Emphasising on India’s remarkable digital development which has positioned it as one of the most advanced nations in terms of technology adoption, he highlighted the exponential growth of D2C brands, which has experienced a staggering 60 per cent increase since 2015, and the surge in online sales that has fueled this growth, propelling D2C brands to thrive in the Indian market. B S Nagesh, founder of TRRAIN and chairman of Shoppers’ Stop, who hosted a session, emphasised the critical role of customer centricity.
Ashima Aggarwal, E-Commerce Business head at Bajaj Consumer Care, highlighted the robust growth in the FMCG sector, particularly in the rural hair oil business, and also shared further insights on evolving mindset within FMCG. Swati Dayani, chief technology officer at Cipla, stressed on the importance of credibility, reliability, intimacy, and self-orientation. Deepti Naithani, D2C Business director at Tata Consumer Products, while sharing the effectiveness of word-of-mouth and testimonials for D2C brands, said the D2C segment currently accounts for 20 per cent of e-commerce, and it is projected to grow to 40 per cent. Vikram Gupta, the founder and managing director of IvyCap Ventures, expressed that the D2C sector is still in its early stages of development and projected a massive growth trajectory, with the market expected to reach USD 60 billion in coming years, up from its current value of USD 12 billion.
During a panel discussion ‘How Brands are Gearing up for the Next Phase of Consumption’, Satish Singh, founder & chief executive officer of Joker & Witch, stressed on customer satisfaction. Aparna Thyagarajan, co-founder & CPO of Shobitam, shared five key factors for the success of a brand, namely global selection, authenticity, value added services, customer care and quality. During the event, Aashish Batra, co-founder of myPAPERCLIP, urged businesses to aim for the “wow factor” in their offerings, and the need to provide extraordinary experiences to customers. During the first segment of the Summit, the book ‘D2C Evolve’, was released by Dhruv Thakkar, senior director (Business Development) at DHL Supply Chain, India, a press release stated here on Thursday. ‘Evolve’ details the struggles and success stories of some noteworthy D2C brands in India’s dynamic D2C landscape.