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Online stores become preferred sales channel for emerging brands
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Monday, 02 December, 2024, 15 : 00 PM [IST]
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Our Bureau, Mumbai
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NielsenIQ, the world’s leading consumer intelligence company, has released its latest, ‘An Inside Look’ survey report, showcasing the evolving retail landscape and challenges faced by small, medium, and large enterprises. The global study was conducted across 47 markets, representing approximately $26 billion in FMCG sales value.
The report highlights the growing dominance of online channels, with 60% of businesses indicating that online stores are their most critical sales platform. This trend is particularly prominent among medium-sized companies, where 67% rank online as their top channel, followed by small businesses at 51%.
Additionally, the report notes that convenience stores have seen high penetration in India at 48%, compared to the global average of 18%, with large companies leveraging this channel the most (58%), followed by medium-sized (54%) and small businesses (40%).
As Indian businesses increasingly leverage digital and convenience platforms, the report emphasises that while traditional channels remain important for large enterprises, online and convenience stores now dominate the landscape for SMBs.
Pallavi Suresh, executive director, emerging brands, NIQ India, said, "Indian businesses are recognising the growing importance of digital as a significant operational channel and are now crafting targeted strategies to win in this space. Consumers are embracing the unique benefits of e-commerce, driving increased traction for brands from emerging manufacturers across key FMCG categories. According to NielsenIQ Market Measurement, emerging manufacturers are achieving 1.5x higher growth in e-commerce compared to category averages in noodles, refined oil, biscuits, coffee, and packaged atta. These varied channel preferences across business sizes signal a broader retail shift in India and underscore the critical role of omnichannel strategies."
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