The Salon and Wellness Congress 2017 not only witnessed the amalgamation of the best but also took up topics which affect and benefit the industry in more than one way.
Technology has become the ultimate source of connecting India’s high spending consumers with the premium products and services they desire. The times have gone when the only medium available for the consumers to reach their desired products was through either themselves or the advertisements. Now, various companies like Smytten are taking the initiative to connect the consumers to premium products and services and also provide them with the platform to discover and interact. Innovations have made the lives of consumers easy since they have the access to all the categories of services and products with a click of the button.
The age of Internet- Helping Businesses
In the age of technology, the internet is the medium which helps most businesses to run and grow. The development of every small or big venture depends on how efficiently they have used the resources provided by the internet. Businesses need to connect with their right users and consumers and Internet bridges the gap between them.
According to Mr Swagat Sarangi, Co-founder, Smytten, India has surpassed U.S. and has 400 million people on the internet. Out of it 300 million people use Smartphone and had their first taste of internet through it. He further added that an average Smartphone user spends about 3.5 hours every single day on his Smartphone.
The Internet has revolutionised the way we see and utilise resources. It has not only opened new doors but has also defined the meaning of making efficient use of opportunities.
Consumer Space- In terms of Demand
Consumers are the important base of every market. If the base is strong and the market knows well enough what they want, it will never crumble. The Indian consumers have a very different taste when it comes to choosing services and products but once the brands decode what they have to offer, it all becomes smooth. The demand chart moves with what the consumers’ desire. It joins the market and consumers and decides the further steps that have to be taken to play it well in the consumer space.
As said by Mr Sarangi, consumers are divided into upper class, upper-middle class, middle class and HENRY – High Earning Not Rich Yet. They are not the ultra rich category and have not figured out their taste for a particular brand. They have their disposable income at hand and this where the business is lying today. At the end of the day, it boils down to 30-40 million people who are driving the growth in every sector.
He believes that when people from the HENRY category are targeted, it is just a handful of people out of an ocean of consumers but this 40% is good enough to give a push to the businesses.
Online Content- Bringing in Consumers
Content has the power to influence any consumer to at least try the service or product of the brand in conversation. Online content has gained a lot of power and position to reach masses in order to spread the information required by the consumers regarding a particular product or service. Even if the person has not experienced the brand himself, online content is the easiest and convenient way to do that.
Going further with the topic at the Salon and Wellness Congress 2017, Mr Sarangi gave his insights on online content and said that 60-90 minutes of online content is being consumed by the industry. Video content is the most liked among the consumers as it is always available on the go. Independent content writers from beauty and wellness industry on YouTube contribute globally and have the maximum number of views to them.
The industry needs technology to move ahead with the changing times. Digital innovations are need of the hour in order to move and motivate the market and consumers to bring in more growth and development. India is growing digitally and this is helping the beauty, fitness and wellness industry to bring in the required changes which really contribute in the success of the market.