Goafest 2024: Evolving market landscape; navigating the new normal

On day three of Goafest 2024, a knowledge seminar was presented by Google, in collaboration with the ISA and themed Evolving Market Landscape: Navigating The New Normal the panel consisted of Shashank Srivastava, Member of the Executive Committee at Maruti Suzuki, and Sunil Kataria, Chief Executive Officer of Raymond Lifestyle (India & International). Moderating the discussion was Anuradha SenGupta, Founder of @anuradhasays. In this engaging session, the panelists dissected the intricacies of the evolving market landscape amid unprecedented change, amidst digitisation.

During the seminar, Srivastava stressed the need for agility in understanding consumer behaviour. "We have to be on our toes to keep up with the constant changes in consumer behaviour," he stated. He also highlighted the importance of collecting interactional data from all touchpoints and integrating it.

Adding to this, Kataria underscored the varied ways consumers engage with different platforms. "Listening analytically to data is very important," he noted, adding that in-store observations are also extremely crucial. He stressed the value of using first-party data to gain insights quickly and effectively. The discussion highlighted the critical role of comprehensive data analysis in adapting to evolving consumer preferences.

With the assistance of their expertise, they explored strategies for navigating the 'new normal,' shedding light on the shifting dynamics of consumer preferences and market trends. Attendees were treated to a deep dive into the opportunities presented by evolving consumer behaviour through several touchpoints, especially data, gaining valuable insights to inform their strategies in a rapidly transforming landscape.