NEW DELHI: Around
one–
thirdof
Indian chief marketing officers (
CMOs) participated in a survey said they are hopeful
of
V–
shaped
recovery
of
their
industries on the back
of performance
of the agriculture sector and increasing demand
of the FMCG products, according to a report.
About 23 per cent
of them
expect the economy to likely rebound in two years, said the report by Octane Research conducted with over 250 leading
CMOs and leaders from the
Indian industry.
According to it, only 15 per cent
of India’s
CMOS
expect
their industry to have a delay in rebound with a W-shaped
recovery.
The report was a part
of its research study to gain first-hand insights and perspective on outflanking the impact
of the COVID-19 pandemic, said Octane in a statement.
“As many as 35 per cent
of India’s
CMOs are hopeful
their industry will have a
V–
shaped
recovery and further boost the economy,” the Octane research report said, adding, this relatively positive sentiment for
their industry is based on the farm sector’s performance, coupled with a reliance on
industries catering to essential commodities and FMCG that experience a comparatively inelastic demand.
The report also highlights that
Indian
CMOs responded to the challenge
of the lockdown by steering
their mindset and strategy to a “Digital First” approach.
“They proactively leveraged technology to reach out to consumers online, engaged them with digital marketing — to encourage purchases via self-owned and third-party e-commerce platforms. They also invested in post-purchase redressal systems in order to better serve consumers and resolve
their issues,” it added.
The better sentiments
of
Indian
CMOs on the
recovery
of
their industry may also be driven by increased internet penetration, which is opening up new avenues for marketers to cost-effectively increase consumer reach via e-commerce in urban and rural markets amidst limitations imposed by pandemic, it said.
