Almost every company today is a data company and a report claims, that by 2025, individuals and companies around the world will produce approximately 463 exabytes of data each day. A decade ago, this count was lesser than three.
Traditionally, in the past, many CPG companies relied on intuition and experience to make decisions about what products to develop and how to market them. But in the current on-offline world, data will help identify the gaps in business strategies and prepare companies to be proactive when dealing with market trends.
Bizom’s second Chai with CPG Leaders Meet which commenced at the “City of Pearls” – Hyderabad was one such insightful session on how efficient data can derive meaningful insights.
This exclusive meet saw the attendance of leaders like Pavan Kumar Reddy M – Deputy General manager & Ajay Chaudhary – Digital Transformation Head From VST Industries Limited (affiliate of British American Tobacco), Raghuveer Reddy Sudireddy – Head of Marketing & eCommerce, Krishna Reddy – Co-Founder at Nourish You India, Rahul Parwani – VP of Sales & Marketing at Prayagh Nutri Products Pvt Ltd, and Aditya Chakraborty from SkippiIcepops India.
The roundtable discussion at 05:30 PM where everyone shared their views on the topic ‘How to balance growth and RTM innovations to be future-ready.’ A fantastic session and what’s clear from this discussion is the need for more data, better data, and seamless data.
Pavan Kumar Reddy M from VST Industries Limited (affiliate of British American Tobacco) said digitization has given VST Industries a level playing field. They have a 9% of market share today and are competing with ITC Limited at the same level. VST Industries has matured in DMS and is evolving in SFA.
Raghuveer Reddy Sudireddy from Sresta Natural Bioproducts Limited explained that today retailers are working for multiple brands using multiple platforms. The need of the hour is to have a technology that is transparent and helps retailers to do everything from a single platform.
Ajay Chaudhary from VST Industries Limited laid emphasis on the importance of digitization, saying, “We believe, If we don’t digitize we might not even stand at 9 % market share, we might drop down.”
Krishna Reddy, the Co-Founder at Nourish You India shared that he makes most of his decisions from D2C data which is widely available, but the data on retailers is still a challenge to get.
Rahul Parwani, VP of Sales & Marketing from Prayagh Nutri Products Pvt Ltd made an extremely relevant point by saying we are still in the adoption stage. The main challenge in the CPG industry is to make retailers get used to tech. We are still in the stage of collecting and maintaining the databases.
“Consumer pattern is changing very frequently. Consumers want something new. If technology could help us make 10 out of 12 products a hit, it would be great. Technology helping in decision-making on getting all SKUs up and running is definitely the next future ready in my opinion”, said Rahul Parwani from Prayagh Nutri Products Pvt Ltd.
It was amazing to hear from the delegates how well they were accomplishing RTM innovations in their companies and how proficient use of data is the need of the hour for CPG industries.
Chai with CPG Leaders at Hyderabad was a tremendous success. Our goal of bringing together the smartest minds in retail to discuss the need and challenges of building a data-driven retail ecosystem was accomplished.
In the months to come, Bizom will host more such meetings with CPG leaders to unfold many gaps and opportunities in routes-to-market. Check Chai with CPG Leaders page for the details of our next Meet. For any queries, write to firstname.lastname@example.org.