One-third of Indian CMOs expect V-shaped recovery of their industries, says report

Approximately one-third of Indian chief marketing officers (CMOs) who took part in a survey have expressed optimism about a V-shaped recovery for their industries. This positive outlook is based on the strong performance of the agriculture sector and the growing demand for fast-moving consumer goods (FMCG). The report, conducted by Octane Research and involving over 250 prominent CMOs and industry leaders in India, reveals that 23% of respondents anticipate an economic rebound within two years. In contrast, only 15% expect a delay in recovery with a W-shaped trajectory. The purpose of this report was to gain firsthand insights into overcoming the impact of the Covid-19 pandemic, according to a statement from Octane.

The Octane research report states, “As many as 35% of India’s CMOs are hopeful that their industry will experience a V-shaped recovery, which will further bolster the economy.” This positive sentiment stems from the strong performance of the agricultural sector and the dependence on industries that cater to essential commodities and FMCG products with relatively inelastic demand.

The report also highlights that Indian CMOs successfully tackled the challenges posed by the lockdown by adopting a “Digital First” approach. They proactively leveraged technology to engage with consumers online, utilized digital marketing to drive sales through their own platforms and third-party e-commerce platforms, and made investments in post-purchase customer service systems to enhance consumer satisfaction and issue resolution.

The improved sentiments among Indian CMOs regarding the recovery of their industry may also be attributed to the increased internet penetration in India. This has opened up new opportunities for marketers to expand their consumer reach through cost-effective e-commerce strategies in both urban and rural markets, despite the restrictions imposed by the pandemic.