Updated: Jun 21, 2020
This post is inspired by an online conclave I attended today (20th June).
It has been 90 days since the Junta Curfew. In these 90 days, a lot has changed. While we have been home for most of these 90 days but we have seen so many things
Stock market roller coaster
The (un)availability of 'masks and sanitizers'
Moody's changing India outlook to negative
Aatmnirbharta - people cooking delicacies at home. Not only this? Oh, my bad!
Not just MOODY's, even we have been negative. And we are only reasonable. We have not been able to go office, malls are empty, hotels are taboo, people aren't buying anything beyond necessity, and so much more. We are a consumption driven economy and we are not happy with people buying 'need to have' items only but 'nice to have' also.
But let's look at the positive and find what can help us survive this phase. I believe tech-driven or tech-enabled are only witnessing a temporary slump. If they survive this, they will only rise higher. No I am not hoping, I am sure. I have seen my mother now trying to book grocery via bigbasket. One entire generation which was tech-averse has now experienced tech magnificence like never before and now they will use app to book services or buy products a lot more than earlier.
An interesting point put forth today was end users need state won't change, it will only shift.
Let understand it from an example. If you see the graph below, I have assumed a monthly income of INR 1 lacs and tried to showcase how individuals will have 10k more (i.e. 10% more to save or spend). So with more money, there will be impulse buying not in the categories like earlier, but people will look for ways to spend. All we need to do is grab this share.
Let me use some examples, few were used today
For cafes, people may not be going to a cafe but making specialty coffee available at home can be that sweet spot. A friend sold INR 7600 worth coffee in his society.
For hospitality industry, people won't fly international but now they will spend on experiences within driving distance.
For cab aggregators, people may not feel safe in a share taxi but will be willing to drive on their own
While furnishing is down, but kitchen appliances and home-office furniture can be in demand
While there is lower impulse buying in apparels but at-home comfort wear is the new need
The science is if you are asked to do something which you have never done, you will need something which you have never needed. And while the phase may not last but the demand (if not whole of it) lasts.
So CONCENTRATE on finding the sweet spot and see how tables turn :)
References - An online conclave organised by TOI
The featured image is copied from https://www.perspective-collective.com/find-your-sweet-spot/.