The COVID19 pandemic upended human lives, and changed the way we live, we work, learn and unwind. Through 2020, the market dynamics remained uncertain, with operations in various sectors coming to a standstill, and even many of them were forced to shut down. From a consumer point of view, brand trust took a new meaning. The battle between convenience, ease of use and brand trust continued through the year. A key takeaway from the pandemic year is that consumers are considerably more likely to seek out, pay more for, buy more of, recommend and even forgive a brand if they trust it.
Here, in this context, CMR came up with a study Alpha Brands 2021 to find out the consumers confidence amidst COVID-19 pandemic. The Alpha Brands 2021 took into consideration four pillars namely, comprising of brand’s users, key decision makers, NPS score and the overall brand trust quotient. The brand trust quotient was devised from the degree of satisfaction of the consumers and willingness to recommend the brand. The Alpha Brands 2021 probed into the confidence that the consumers entrust on >50 brands extending into nine different verticals encompassing online Grocery, Food, Salon, Electronics, Clothes & Accessories, Pharmacy, Digital Payments, OTT and Automotive.
Through most of 2020, India was in a state of lockdown. In an everything-from-home context, the consumer purchasing demographics drastically evolved. Consumer preferences were prioritized on online food delivery, digital payments, OTT among all others. Restrained in home, the consumer preferred online platform to purchase most of the products / services that they need. Digital Payment was the most sought after online activity. E-Commerce and then the online food delivery followed the wagon. Social distancing is the new way of socializing post COVID 19. So, even when people are in the market, they preferred digital payments instead of cash transaction. Paytm, Google Pe and Phone Pe featured in the top 10 Alpha brands 2021 in that order.
E-commerce emerged as the second priority sector among consumers standing at 58%. Amazon E-Commerce seized the third position in the Alpha Brands2021. Offers and discounts of Amazon paved its way to be the frontrunner in the E-Commerce Sector.
The third sector which gained the priority of the consumers was the online food delivery. Zomato emerged as the number one brand in the Alpha Brands2021. Prior to the pandemic, there was a neck-to-neck competition between Swiggy and Zomato. Post-COVID, Zomato emerged on top.
Online Grocery Delivery grabbed the fourth priority among consumers. BigBasket surfaced as the leader in this category with its offers and discounts, quick and efficient doorstep delivery.
In the year 2020, the COVID19 pandemic changed the way people sought entertainment. Movie halls and theatres were closed and consumers were confined at home. This somehow paved the way for OTT platforms to flourish. Amazon prime is the number one player in the segment, followed by Hotstar and Netflix. Value for money and original content are the vital key success factors for Amazon Prime.
Online Pharmacy has been successful in grabbing its position in top 10 of the Alpha Brands 2021. Med Life emerged as the winner among all others. Online and telephonic orders, door step delivery with digital payments are few key elements to its success.
Alpha Brands 2021 has been done for the first time by CMR. It will be continued every year to foretell the dynamics of brand confidence in consumers. Alpha Brands 2021 has been conceptualised to add value to the consumers and companies. So, we are committed to bring out why and how a brand features in our top 50 brands which will be able to set the market standards with consumers in mind. Companies will be encouraged and immensely benefitted with this brand study and propelled to reconfigure the business to feature in the forthcoming Alpha Brands editions.
Note: The full report is available at http://cmrindia.com/shelf/alpha-brands-2021-most-trusted-brands-amidst-the-pandemic/