Product Diversification Can Survive Market Slowdown, Say Experts

"It doesn't matter if the business is B2D or B2C, as long as we are able to fill the gap that is satisfying the customer's wants and needs," said Aakash Anand, Founder and CEO of Idam House of Brands and partner with Ananta Capital, to promote the blueprint of revenue growth in 2023 under the unpredictable market conditions.

Anand mentioned that jewelry, personal care, snacks, and fast fashion are some of the evergreen categories that are expected to experience growth in 2023.

Alok Paul, COO and Co-Founder of Berrylush, asserted this fact by saying, "Diversification is very important in any business, especially at the time of market slowdown."

When we first started out, five years ago, we didn't focus on different brands and were dependent on just one brand for 90 per cent of our sales revenue, which is not a good thing, he continued. When we consider the upcoming difficulties and the competition in various product categories. We have zeroed down on the importance of avoiding dependency on a single category, Aakash hinted and emphasised that his company has recently adapted to new product categories such as bags and accessories, which were previously not its strong suit.

Abhilasha Sinha, Chief Marketing & Product Officer at Opensecret, emphasized that building a B2C brand comes with both challenges and upsides. While there are obstacles to overcome, there are also opportunities for growth and success.

She said, it’s always a great excitement to experience a larger basket but at the same time, balancing the complexity, customer demand and the supply chain is a big task and we need to overcome this challenge for larger yields.

Anand commented on the disruption and stated that it could be viewed both as a disruption and an empowerment of business.

He said today quick commerce is the next big thing and companies should integrate B2C products into quick trade.

Companies are encouraged to switch to quick commerce for better visibility and avoid burning through their finances. It is considered a useful hack that businesses should adopt. The emphasis is on doing business to make money and not simply to avoid running out of money.

The session further ended with the panellists’ valuable insights, with Alok stressing the fact that always think from the customers’ point of view, identify the white space, analyse your competitor and stick to your own identity for profits.

The discussion was taking place at the BW Marketing World D2C Summit 2023 in Delhi.