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Unfolding importance of data-driven decisions at the textile hub of India
by Mansi Srivastava
The FMCG market in India is expected to increase at a CAGR of 14.9% to reach US$ 220 billion by 2025. This is due to the rising digital connectivity in cities and rural areas, which is in turn driving the demand for CPG and FMCG products.
With the third chapter of Chai with CPG Leaders in Ahmedabad, also known as the textile hub of India, we explored one of the keys to achieving retail success and that is to be more data-centric.
Relying on analytics and hard data rather than guesswork enables brands to make smarter decisions toward higher profits and better customer satisfaction.
Chai with CPG Leaders Ahmedabad had a remarkable panel of delegates who attended the event including Dhaval Mankad from Havmor Ice Cream, Tarun Vijh from Wagh Bakri Tea Group, Chandresh Sathishbhai Shah from Khimji Ramdas Group Company, Sujot Malhotra from Beardo and Himal Patel from Satvam Nutrifoods Limited.
The Meet began at 8 am with a breakfast where all leaders interacted with each other.
The roundtable discussion started at 9:30 am, where delegates shared their views on the topic ‘How to balance growth and RTM innovations to be future-ready.’ An informative session where most of the thoughts were around why data is the lifeblood to many CPG companies.
It was amazing to hear from the delegates how data and analytics have begun to play a critical role for brands.
Chandresh Shah, General Manager at Khimji Ramdas Group Company said says digital transformation started in the last two decades and today the technology has integrated all stakeholders of the value chain.
Sujot Malhotra, CEO of Beardo, felt over the past few years with numerous uncertainties like demonetization, GST rollout, and pandemic, the route-to-market technology has helped overcome these hurdles for efficient retail execution.
Dhaval Mankad, Vice President of IT at Havmor Ice Cream Pvt Ltd spoke about how IT has made life easier for consumers and for any CPG organization to be future-ready, it needs to be agile. Efficient route-to-markets depend on the agility to adapt and stay updated with the retail trend.
Tarun Vijh, President CIO at Wagh Bakri Tea Group, said post-pandemic many CPG organizations realized the importance of technology and in today’s technology-driven world, selecting the right tech partner to drive sustainable growth is crucial.
He also added that the buzzwords like D2C, and the ONDC initiative of connecting consumers to retailers will take a few years to get the desired results.
Himal Patel who is Director of Business Development at Satvam Nutrifoods Limited felt the importance and need for data while shifting from a B2B business to a B2C business. Retail tech has benefitted Satvam Nutrifoods during covid with correct data of retailers and that’s how they pushed the sales.
Our goal of bringing together the smartest minds in retail to discuss the need and challenges of building a data-driven retail ecosystem was successful at the Ahmedabad chapter.
Bizom is planning for more such Meets with the CPG leaders in the next year. Keep checking Chai with CPG Leaders for our next Meet. For any queries, write to marketing@bizom.com.
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