Reverse Pitch | Consumers are increasingly being non-committal to legacy brands: Akshay Mittal1 min read . Updated: 30 Jul 2019, 11:14 PM IST
The consumer sector is vast and many new brands are being created in categories such as food and beverages, and fashion and beauty
A favourable ecosystem around digital marketing, distribution and manufacturing is developing in India. This, coupled with favourable demographics and increased consumption, has created an opportunity for entrepreneurs to build consumer brands.
The consumer sector is vast and many new brands are being created in categories such as food and beverages, and fashion and beauty. We are keen to look at entrepreneurs creating brands in what we call the ‘better home’ category. This category comprises consumer durables, home décor etc. In the better home category, the entrepreneur has to identify the needs of the consumer that available products are not able to satisfy. The challenge has been that the engagement not only needs to be with the end-consumer, but also the strong influencers (such as architects, contractors, plumbers etc.,) whom the end-consumer trusts.
The needs could be related to quality, design, functionality, personalization, or other areas. Consumers tend to research a lot more on this category, given the high cost of getting it wrong. Also, most of these are not regular purchases and, hence, requires knowledge. We are also seeing consumers (especially millennials) increasingly being non-committal to legacy brands and venturing out to explore something new. While this opens the door for newer brands, it also means that the product, packaging and communication has to be superior to make the consumer spend. Consumer experience and connection with the customer is key to building a sustainable brand.
It’s just a matter of time before new brands are created for building products, paints, crockery, tiles, kitchenware, home décor, etc. We will love to participate and help in building some of these brands that make “every home say something".
Reverse Pitch is like a normal investors pitch, but with the roles reversed. That means the startup doesn’t present its business to investors but investors and companies pitch their business concept, challenges and the like to startups.