A brand new local world, the piece by Pradipta Bagchi in Business Standard explains the shifting dynamics at the local markets. It also highlights the significant impact of the pandemic on the local brands.
The market dynamics are significantly affected by the pandemic resulting in the shift of consumer behavior compared to the pre-Covid era. In fact, the marketing strategies of the pre-Covid era might no longer work on the present consumer. This is more relevant when we look at the FMCG sector. Where the majority of the brands rely on their efficient and long supply chains for distribution. So at present, it is significantly affecting the delivery time of their products.
In these changing times, emerged the local brands. Due to their abundance in stock and fast delivery, the local brands are gaining the trust of the customers. As the customers' focus changed towards availability, it caused the death of choice overload. Hence, the local brands’ concern for lack of wide product lines is no more.
This is the right time for customers to show some love for the local brands. Because love will be reciprocated in the form of cheap prices and product availability.