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Brand guru Paco Underhill at Kolkata CII Conclave

18 November, 2017 12:45:03
Home / Brand guru Paco Underhill at Kolkata CII Conclave
Brand guru Paco Underhill at Kolkata CII Conclave

“Historically, we sold women apparel and cosmetics and now we are selling them cars and electronics and houses,” that’s how brand guru Paco Underhill explained the paradigm shift in the consumer graph of India at a CII Brand Conclave meet held recently.

The legendary brand expert believes markets are largely controlled by female consumers as they are earning in many instances more than men and have cash at their disposal. “Women shoppers are considered critical, and important too, because they buy for the entire family, unlike men who buy only for themselves. The change in shopping pattern is not only gender specific but also age specific in countries like India where money is fairly young,” he said.

There are indeed many changes in the retail pattern. Globally, status of women is changing. There are now more women with money in their pockets who are spending on a broader cross section of goods. According to Mr Underhill, shopping is not about how much one spends but about how creatively one spends. “Making customers buy, largely depends on your creativity. First, you must know the nuances of shopping and the customer’s psychology,” explained Underhill, who has also authored the famous book: Why We Buy: The Science of Shopping and What Women Want.

There is a difference in what we say and what we do. The social perspective is undergoing a tremendous change. About 80% of the global wealth now is in the hands of people who earn it during their lifetime. However, Underhill had a word of caution. “Displaying too many products tends to overload the customers and confuses them,” he said.

According to him, research is an essential component of a company’s marketing plan. “Not only does it help devise strategies and plan resource allocation, it also helps brands understand and connect with customers,” he said.

Peeyush Gupta, Co-Chairman, Marketing & Retail subcommittee, CII Eastern Region, also agreed, “In today’s fast changing world, an advanced understanding of the consumer is needed to predict his action in the marketplace.”

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