Consumers now have a greater knowledge and awareness of various product
Picture used for representational purpose. (Photo: DC/File)
Mumbai: With the advent of social media and increasing competition intensity, retail and FMCG players believes that meeting the expected quality in products and services is the only way forward to retain customer loyalty in the long run.
Unlike in the earlier decades when the options were limited, consumers now have a greater knowledge and awareness of various products and services.
“The awareness levels of consumers are changing. Their expectation levels too are changing. So it is necessary to introduce changes in products and services that meet their requirement to retain customer loyalty,” said Adarsh Gupta, executive director, Liberty Shoes.
“The customer loyalty is no longer static. This makes it more important for companies to closely monitor the pace of change in consumer expectations and preferences,” noted Utsav Seth, managing director and chief executive officer of Pavers India, while speaking at a seminar organised by FICCI in Mumbai.
The industry participants admitted that social media has now emerged as a double-edged sword that could make or break a brand.
“Social media has the ability to cut both ways. With the proliferation of social media, consumers are getting back to the company in a big way. Their numbers are quite huge. Companies in the retail and FMCG industry should have a planned strategy to handle the social media,” said V.L. Rajesh, chief operating officer, food business, ITC.
According to him, social media has become one of the powerful mediums to build customer loyalty.
( Source : dc correspondent )
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