Building a strong consumer awareness campaign is the only solution to economic development

Safeguarding the rights of consumers is critical, and our consumer policy expert provides an in-depth study of the ways in which a National Consumer Policy can protect consumers' health and safety.

A National Consumer Policy to protect the consumer from unfair trade practices is an urgent need to cover the interest of all the stakeholders while protecting the various dimensions of citizen-consumer welfare. The policy documents were attempted on several occasions, but never took the form the way we expected. Our hope is it might happen in this set of political reforms.

The best friend of a consumer is healthy competition and in order to make it tangible, all the existing laws needs to be revisited and harmonized. Regulations cannot be outdated and unrealistic. We must encourage and promote the fundamental rights of the citizen-consumer as enshrined in our Constitution and if need be, bring appropriate amendments to make our laws unbiased and neutral.

People in developed economies are free to make informed choices based on credible information and had a robust regulatory oversight that was not compromised by any outside interference. In both public and private organizations, the ‘mantra’ is to promote innovation, quality and global best practices as well as advocate a citizen-consumer-centric culture (C4). In our country, led by Prime Minister Modi, we have started moving in that direction with the implementation of ‘The Consumer Protection Act 2019 and Rules 2020’. In order to reach the target of a $5 Trillion Economy by 2025, we must fast-track the implementation.

We cannot compromise or negate the health and safety of consumers. As such, we should refrain from utilizing the garb of protection as an excuse for irrational and discriminatory bans, which, in turn, promote unfair trade and disadvantage consumers. The National Consumer Policy will ensure improved access to quality products and services, as well as the right to be heard and represented for quick redress and dispute resolution.

We are in the throes of the biggest human crisis – emerging not from inter-country hostilities, but the unexpected frontier of biological warfare. The world is no longer the same as we knew it. The unprecedented disruptions caused by the lockdown, social distancing mandates and accompanying anxiety have forced us to look at things through a completely divergent lens.

Incredible uncertainties have catapulted into massive changes all around, right from our attitude and behavior to our work and purchasing preferences. There are sharp shifts in consumer perceptions, expectations and preferences which are expected to sustain as permanent changes in consumer behavior. This ‘new normal’ is here to stay and we are unlikely to go back to things as before.

[box type=”shadow” align=”” class=”” width=””]As consumers drive markets, an irrevocable transformation in the market dynamics is on the cards that will impact all the players in the supply chain, right from the farmers, raw material suppliers, manufacturers, traders and retailers up to the end-consumers. Experts uphold that the Covid-19 pandemic has merely accelerated the ongoing evolution in the global consumer trends in the space of a few months.[/box]

Tracking consumer sentiment and the associated repercussions has become imperative as the vaccine rolls out across the country. To gain a competitive edge in the market, businesses must understand how the virus will reshape the market trends in the near future to develop marketing strategies that address the changed consumer mindset and attract new customers, retain existing customers, and develop new products. In short, tuning in to the new consumer is essential for sheer survival!

Today, people play it safe – the reputation of a brand is more important than convenience and quality mark when buying a product. Consumers seem unconcerned with endorsements, while advertisement recall has become zilch. It doesn’t mean that companies should dispense with marketing, but advertising needs to be supported by credibility, assurance, and ease for the product or service to succeed.

[box type=”shadow” align=”” class=”” width=””]Consumers will find value the main reason to try new brands post-outbreak with after-sales service featuring at the bottom. During hazardous times, despite consumers’ obvious price sensitivity, health and hygiene factors still get the upper hand when it comes to packaging the goods they purchase. So, in the future, a health-based strategy that complements an overwhelmingly healthy lifestyle will win hands down.[/box]

Uncertainty is shaking up the world, but it is definitely not the time to lay down your arms in the face of the turmoil. Chaos has its own way of setting things in place that spurs heights of commerce and societal transformation. For instance, today’s heavyweights like General Electric, IBM, Microsoft, Disney, Hyatt and Netflix made shortchange of the most troubled economic times to emerge as the world’s most iconic brands in their own right. Take this as an opportunity to innovate, incorporate technology and deliver real value.

 

Recreate and reposition yourself to make the most of the days to come!

 

[author title=”Author:” image=”http://”]Prof Bejon Kumar Misra, International Consumer Policy Expert, Hyderabad, INDIA bejonmisra@theawareconsumer.in[/author]

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members