Freedom in true sense thriving homegrown brands
by Nisha Panjabi
Aug 20 2024 | 03 min read
Share:
As we recently entered the 78th year of our Independence, we reflect on the true essence of freedom—a journey towards self-reliance and innovation. In recent years, India’s retail landscape has witnessed a remarkable transformation, led by the rise of homegrown brands that are not only reshaping the market but also contributing to the nation’s economic independence. Not to miss the government persuasions and backing in the form of schemes and initiatives like ”Atmanirbhar Bharat” and ”Vocal for ‘Local’ that have not only served as the significant cushioning for the homegrown brands but also aided their flight through adopting e-commerce and D2C way of reaching the target audience.
The best topping in the slice is the rise of ONDC-Open Network for Digital Commerce, emerging as powerful symbols of inclusivity and collaboration. This fosters a marketplace where everyone thrives together. Now, isn’t this true freedom in all glory? Freedom from all the intermediary’s hassle, the agent fee brawl, and the shelf space fiddle.
The Rise of Homegrown Brands
Homegrown Brands: Patriotism vs Rationalism
India’s homegrown brands have evolved from humble beginnings to become significant players in the global market. These brands embody the spirit of innovation, resilience, and cultural pride, offering products that resonate with consumers on a deeply personal level. From organic skincare like Forest Essentials to handcrafted textiles, homegrown brands are capturing the hearts of consumers by combining traditional craftsmanship with modern aesthetics. However, as the inclination towards self-reliance tilts further, so does the bent towards making rational consumption choices. Consumers today would root for the stories that resonate but also choose competitive qualities that fit their narratives of style and wellness.
What is fueling the freedom from exotic
1. Startups to sustained businesses.
Gone are the days when startups were decried for their quality and long-term vision. Today, startups are backed by acceptance, stories that resonate and, most importantly, the needed financial backing. This implies that brands like Skippi, Bombas, and Zoff featured on Shark Tank India match the barometer expectations and carve their path in trade.
2. D2C empire in the making
The Indian D2C market touched the grand mark of $17Bn in FY’23 and is poised for a whooping growth of 3 times, i.e. $61.3 Bn by FY’27. The factors that will play a more significant role in this explosion will be the rise in per capita income, the increase in homegrown brands and consumerism, riding the waves of hyper-personalization.
The rise of D2C brands has democratised quality. Now, skincare, healthy eating and fashion accessories are available to Indian consumers at accessible prices. Once considered elite, these products are now embraced by consumers from all walks of life.
3. Homegrown Brands: Patriotism vs Rationalism
India’s homegrown brands have evolved from humble beginnings to become significant players in the global market. These brands embody the spirit of innovation, resilience, and cultural pride, offering products that resonate with consumers on a deeply personal level. From organic skincare like Forest Essentials to handcrafted textiles, homegrown brands are capturing the hearts of consumers by combining traditional craftsmanship with modern aesthetics. However, as the inclination towards self-reliance tilts further, so does the bent towards making rational consumption choices. Consumers today would root for the stories that resonate but also choose competitive qualities that fit their narratives of style and wellness.
Challenges and Opportunities
While the journey of homegrown brands has been inspiring, it comes with challenges. Competing with established global brands, accessing capital, and navigating regulatory hurdles are some obstacles they face. However, these challenges also present opportunities for growth and innovation.
- Digital Transformation: The digital revolution has opened up new avenues for homegrown brands to reach a wider audience. By leveraging e-commerce platforms and social media, they can connect directly with consumers, build brand awareness, and drive sales.
- Collaborations and Partnerships: Collaborating with other brands, retailers, and government agencies can help homegrown brands overcome barriers and scale their operations. These partnerships can increase market access and shared resources and enhance product offerings.
Looking Ahead
As we celebrate the spirit of independence, let us also celebrate the success and potential of India’s homegrown brands. These brands are not just businesses; they reflect our nation’s aspirations, resilience, and determination. By supporting homegrown brands, we are contributing to our economy’s growth and preserving our rich cultural heritage.
At Bizom, we proudly support and collaborate with homegrown brands, helping them navigate the complex retail landscape and achieve their full potential. Together, we can build a self-reliant India that thrives on the strength of its local businesses and the ingenuity of its people.
