Wednesday, November 10, 2010

Business Opportunity and Brand Lesson: 70% of Indian Consumers Say the Products They Want Are NOT Available

Following is a brief excerpt from an article in The India Times, Economic times today. 
"Indian consumers most likely to consider social aspects when making purchasing decisions"
November 10th,2010: 03.57am 1st, Sruthi Radhakrishnan, et Bureau India Times, The Economic Times

"a recent study on brands and sustainable futures...Indian consumers, it points out, are the most likely to consider environmental/social aspects when making purchasing decisions ...

  • 49% in India say they often look at the brand’s sustainability credentials (US 29%, UK 24%)...."
  • indeed today’s consumers are increasingly more careful about what and how they buy....
  • the main barrier to buying responsible products in India is not price, but availability
  • 70% of the Indian consumers say it is due to the lack of information or difficulty in understanding if a product is environmentally and socially responsible....
  • “People are ready to say that they will pay a premium for a brand which is doing something for sustainable development.” 
  • Digital and indirect communication channels ...are becoming pivotal platforms for brands when it comes to sustainability'
  • Appreciation for companies that partner with a charity or an NGO has increased 10% since 2009 (73% to 83%) ...70% 
  • Indian consumers feel that their actions in some way or the other actually affect the companies’ responsibility
  • Brands, therefore, cannot stop at just making products that fulfill consumers’ primary needs. What they do for the world matters just as much. " >>Continue Reading
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