An exclusive event, focused on discussions around best practices for launching and scaling omnichannel strategies for consumer brands, took place recently in Bangalore. The event was organised jointly by Firesideside Ventures, Accel Partners and Redseer Strategy Consultants. Founders, builders, and system enablers alike found valuable insights as the event delved into how an omnichannel approach can help brands meet rapidly changing consumer demands.
Industry leaders like Varun Alagh (Mamaearth), Ramneek Khurana (Lenskart.com), and Bhaskar Bhatt (Tata Group) shared their expertise. Leading technology enablers from Google, RIPPLR, and LiteStore also participated, alongside founders of successful retail brands like NEWME, The Sleep Company, and BlueStone. Participants engaged in a productive dialogue, sharing valuable knowledge and perspectives.
The report, titled “Decoding Omnichannel for New-Age Brands,” was unveiled during the event.
The focus of the event was on how brands can leverage the Omnichannel opportunity to tap in the next 1 Tn $ growth in this space.
The event hosted panel discussions around the following three key areas:
1.Omnichannel behaviour of the Indian consumer which is expected to increase over the next decade
Indian retail is expected to be huge, reaching $2.2 trillion by 2030! While most shopping will still happen in stores, the internet will play a big role in influencing what people buy. In fact, Indians do a whopping 24 billion online searches every year to learn more about products before they buy them. This shows that Indian shoppers are increasingly using both online and offline channels to make decisions. To build a successful brand, you need to be present wherever your customers are looking for you.
2.Digital first brands which are well poised to scale omnichannel, examples of new age at scale brands
Being online first has many advantages such as instant access to retail channels, minimum requirement of inventory and immediate customer feedback. Ex: Newme, Pilgrim
On the other hand, offline expansion can fulfill demand in certain categories which need assistance/ trial/ security during purchase, drive conversions in geographies/ customer segments where online experience is broken, build brand salience where purchases are emotional/ involve building trust . Ex. Homelane, Wow Science, Agrostar
3.Key building blocks of an omnichannel business, launch and scale strategies for different channels
It’s important to consider when opening a physical store might be most helpful for your business. Understanding what your customers like can help you choose the right offline channels.Running small-scale trials (pilots) can help you figure out the best way to run your physical stores and prepare for larger growth.Omnichannel marketing helps people find your products online and in stores, and it can convince them to buy. Brands can use many different omnichannel marketing techniques to get people interested and drive sales.
With us working in enabling the omni channel ecosystem at DAIOM with our data and growth marketing strategies, there were a lot of learnings and networking during the event.
We had the opportunity to contribute to the report around Omni Channel Marketing and Offline growth strategies. We would like to thank Fireside Ventures and Accel Partners for this opportunity. Saurabh Agrawal and Alibha Behera attended the launch event in Bangalore.
You can contact us if you are looking for effective strategies to drive omnichannel growth for your brand.