India’s FMCG retailers are looking toward omnichannel to compete as online retailers gain market share on the subcontinent, but that will require better use of data, industry figures have said.
These issues were discussed at the ET Retail Forum 2016 held in Mumbai, where K Radakrishnan, co-founder of Mumbai-based online grocery shopping site Grocermax, stated: “The operations people in retail have not invested enough in the intellectual acquirement for reading data.
“So, it’s not actionable data. There is wholesale data – that’s mass data – but it doesn’t tell you anything specific.”
He was also sceptical of how online retail has developed in India. “What happens is that a group of techies get together, with the belief that they can sell anything. But selling anything requires a basic level of understanding of that category, and of that consumer.”
While marketers may have that understanding, they need more education on how to use data insights effectively in order to in integrate these into strategic plans.