FICCI-KPMG-Report-13-FRAMES

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174 The power of a billion: Realizing the Indian dream The Digital consumer and Disruptive technologies Source: KPMG in India analysis © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Digital consumerism is also impacting the way companies use technology. Increasingly, the core business platform is no longer the only source of information and insights. Additional solutions based on disruptive technologies are being integrated on to the core platform. This has led to a significant increase in the level of insights firms have about their customers. We are already witnessing microsegmentation of customer, and products and services being tailored at an individual’s level. The coming decade will only see a rapid increase in this transformation. IT vendors will need to change the way they are structured to deal with these trends. They need to be nimble, and think on their feet. Rather than being bureaucratic organizations, IT vendors will need to create internal startups that will work on adopting these trends. They will also need to look at an inorganic strategy to add to their capabilities in some of these areas. This will also have the added advantage of brining in talent that will act as a force of disruption in these organizations. Going forward, IT vendors should seek to work closely with their customers to stay abreast of the latest technological developments, and come up with solutions that can take advantage of the convergence of these technologies. They should seek to use customer input more diligently while innovating / developing solutions and products. The emphasis should be on tapping inputs from various channels, mediums and devices and using these as critical inputs for new solutions and incremental innovations. Industry bodies can also play a vital role in this, and increase awareness about these technological trends. “ We are in an era of technology-led transformation. Technology will become central and critical to everything we do. Every industry, every process, every business paradigm is being re-imagined, re-defined and re-engineered. Mobile, cloud computing, big data, anticipatory computing, Internet of things (IoT), augmented reality, unfettered bandwidth, social computing will make a huge impact and not limited to just the enterprise; they will impact our personal and social lives as well as the communities and societies we live in. “ - N Chandrasekaran Chairman NASSCOM and CEO & MD, Tata Consultancy Services
The power of a billion: Realizing the Indian dream 175 Rise of the digital consumer The advent of technology has empowered the consumer like never before. The rising presence and reach of the internet, coupled with the prolific growth of smartphones, tablets and related technologies, has provided consumers with unmatched access to information on the go, thereby helping them make informed purchasing decisions. The adoption of digital media is redefining consumer mindsets, patterns of purchase and decision making. This, in turn, is transforming consumer behavior. The rapid pace at which digital media is being adopted is also expected to propel growth in the use of consumer technology. Effects of digital channels on purchase decisions A convergence of various factors — a growing social media user base, the rising presence and reach of smartphones, and the intensifying consumer demand to connect — is increasingly changing the buying behavior. Today, digital channels play a pivotal role at each of these stages. A simple expression of interest on a social channel or the analysis of consumption patterns can help businesses understand what a consumer may purchase and when in the near future. Based on such information, targeted marketing programs can be developed and be made available via different digital channels that could help influence consumers’ purchasing decisions. A simple comparison engine has made the evaluation of alternatives more cut-throat. Customers can evaluate a product on the basis of any feature or metric. Moreover, with the advent of technologies such as augmented reality and artificial intelligence, consumers have the opportunity to virtually experience a product before actually purchasing it. Channels through which products can be purchased have evolved too. Online transactions, purchases through mobile-optimized websites and smartphone applications (apps) are on the incline. Typical consumer buying Identification of Seek Information Need Evaluation Consumer feedback on products through comments on forums, social media and review sites has created the need for heightened monitoring; positive feedback can generate immense goodwill, but negative feedback can spiral into a full-blown PR crisis. Purchase Consumption Feedback Source: KPMG in India analysis Consumer buying cycle in the digital age Source: KPMG in India analysis © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
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01 The power of a billion: Realizin
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FICCI-KPMG-Report-13-FRAMES

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