The New Trends In 2021 For Reshaping The Retail Market
Amidst the pandemic, the health industry has been at the forefront. The Covid-19 has accelerated the rate of change for the pharma industry. In India, the pharma retail market is dominated by grocers; Chemist shops still have a small share in the Indian retail ecosystem. We see the year to be dominated by two major trends in retail, the first being expanding the e-commerce horizons in the Tier and rural markets. There are instances when certain medicines are not available at every kiosk, medical shop and it becomes difficult in rural areas to access such medicines. We can see e-commerce bridging the gap, and becoming a primary source of purchase.
Also, we could see mainline Grocers chain taking up or setting up pharma chains as well. In the market, there is a lot of potentials to set up pharma shops, and a need to serve the population. Hence, the market will grow and will see new entrants-retailers, digital health providers to expand the industry footprint. Retail and supply chain was halted during the pandemic period which led brands to focus on the e-commerce model.
E-Commerce Segment Role In The Overall Business Strategy
Going ahead e-commerce will play a crucial role in the value chain of our products. The role of e-commerce depends upon the product portfolio and the customer it caters to. The e-commerce value chain favors high-value items. We are witnessing a trend where many players want their online shop to avoid the undesirable cost incurred by the e-commerce value chain. The Deeping of e-commerce penetration and large acceptance of e-commerce as the primary source of purchase is a reality now. The option of online delivery represents a significant strategic opportunity for players like us to gain a market share, and the consumer base is steadily increasing on these channels. However, the retail pharma has relatively entered late in the system, and issues like government regulation, privacy concerns caused a hurdle, but a lot has been resolved in the past few years. Companies are aware of what kind of potential e-commerce has in today's time, and all want to leverage it.
Retail and supply chain was halted during the pandemic period which led brands to focus on the e-commerce model
A Strong Appetite - Multiple Cuisines And Opened Gate For Antacid Brands
It is not about the situation-based requirement in our country people are always keen to explore multiple cuisines which creates issues like acidity, gas, and indigestion problems. During the lockdown, the spike in these problems due to a sedentary lifestyle. We need to understand the demand of people that customers are looking for Ayurvedic and natural solutions instead of having antibiotics. Gas-O-Fast is an Ayurvedic antacid with the goodness of natural Jeera gives a complete solution to acidity, gas, and indigestion. In the last year, we have seen positive growth in sales among different age of consumers buying Gas-O-Fast, and has received tremendous response from market. We are expecting the same trend to continue, and thus we are quite optimistic that will see a jump in the sales this year also.
Pandemic has become a period of learning and self-introspect for both marketers and customers' point of view. The way of greeting, commuting, and even eating has been changed drastically over the last few months. By the time the pandemic ends, these habits might become a norm. The pertinent challenge is to find these new modes that can arise in the upcoming time and make them available through your brand. Digital knowledge search has now become an integral part of the customer purchase cycle. The challenge is to make our product available at the searches via different portals and e-commerce with the right pricing, product stories, and product integrations. The Demography of India is new and equipped with knowledge available on the internet.
New Emerging Trends In The Condom Industry
The rising awareness about the benefits of using condoms, how it prevents sexually transmitted diseases, the availability of a wide range of products, rising disposable income, and rapid increase in population are fueling condom market growth in India. However, people especially females are still reluctant while buying a condom. We hope that we shed this stereotypical mindset through our awareness programs and campaigns. Our Positive intention is to witness people purchase a condom without hesitation as a new trend that will drive growth in the coming years.
The overall condom market has witnessed double-digit growth in the first quarter (2020). And Manforce continues to be the largest selling condom brand in India.
Beauty Brands/Products Performance
As far as the decline in revenues of beauty brands are concerned, we did not face any decline. A few products like face wash, soap, and other products are always in demand and have become a generic need to use. Even customers usually order these products in advance while making their grocery list. As per category trend, while people were sitting at home, they became more cautious and utilized their time and developed their skincare routine. Hence consumption of beauty products increased. At least in our anti-acne segment, products like Acne Star Facewash, Gel & Soap have seen a great spike in the sales figure.