By A Correspondent
KPMG in India has unveiled a new, distinctive customer engagement framework designed to help businesses understand the increasingly complex and multi-dimensional forces that influence decision-making and preferences of today’s ever-evolving consumer. It leverages the Five Mys, Customer Wallet and Generational Surfing that gives businesses fresher and deeper insights on consumer behavior, helping deliver a multilayered view that strengthens the race for the customer.
Said Aditya Rath, Partner, Management Consulting at KPMG in India: “Transactional data, traditional market research and demographic profiles alone cannot give a comprehensive view of what customers are doing and why. Every day, new influences impact consumer motivation, behavior and consumption, and eventually what makes the customer open his wallet. Understanding these multi-dimensional forces is essential and the report shares a new, intelligent, multi-dimensional model that uses predictive insights to help companies understand the journey and who their customers really areâ€,
Giving the India perspective, he adds, “In India, the foundations for a thriving, connected economy are in place, and the shifts in consumer spending power are already underway. What’s following now is a new set of consumer motivations, expectations, aspirations and an evolving customer wallet. Understanding the wide variations among Indian consumers, as well as the cultural context behind larger changes throughout the country, can help businesses understand how to make effective progress in India.â€
Notes a communique: KPMG’s inaugural ‘Me, My Life, My Wallet’, is a global analysis of how the seismic influences of socio-political and economic shifts, accelerated mass adoption of new technologies, and mobility are upending fundamental beliefs around what drives consumer behavior. The Five Mys focus on five key dimensions, or behavioral drivers: My Motivation, My Attention, My Connection, My Watch and My Wallet. Each of the Five Mys in isolation tell only one aspect of a customer’s story. Together they enable companies to navigate the complexity of consumer decision-making, and build a richer understanding of what affects changing customer preferences and needs.
Other key findings specific to India are:
– 41per cent of people in India trust online reviews and 80 per cent of people in India like technology and apps to automatically filter information for them in handling info overload
– 51 per cent of people in India glance at their phone without being prompted by a notification at least every ten minutes and 57% of people in India would rather lose their phone than their wallet
– 72 per cent of people in India open their phone to relieve boredom and 88 per cent of people in India use WhatsApp
– Percentage of boomers that use devices regularly: 88% use android phone, 73 per cent use laptops, 62 per cent use desktops, 21 per cent use mobile Wi-Fi hotspots, and 15 per cent use iPad
– 68 per cent of Indian total wallet share is spent on necessities rather than luxuries
– 57 per cent of people in India feel a need to keep stress under control to stay healthy
The baby-boomer echo effect in India is often referred to locally as “reverse mentorshipâ€. Culturally, Indian consumers aren’t wired to question their elders and aren’t expected to teach or instruct them, but there is an expectation of sharing, facilitating and introducing. When demonetization was introduced in November 2016 and the country experienced a short-term cash shortage, the flight to digital payment methods was rapid and significant, and the adoption of this new technology was very heavily influenced by millennial children reverse mentoring their parents.
Companies that identify and engage the digitally progressive millennial, and create locally relevant and intuitive experiences that are primed for sharing across the long tail of generations in the same households, have the opportunity to be a part of what’s set to become an accelerating period of technologically fueled change across the nation.