India is going through a rapid digitization process that is changing all facets of society, including how people find items, make purchases, and relate to companies. The adjustments have sped up the nation's adoption of e-commerce, a sector that Forbes predicts will expand by 96% between 2021 and 2025.
However, Mensa Brands' founder and CEO, Ananth Narayanan, disputes the idea that e-commerce will eliminate the need for companies to have an offline presence. In speeding e-commerce, technology, marketing, and other business demands for businesses spanning fashion, home, and beauty, his company has emerged as a leader.
Narayanan recently said, "It is not possible to build a significant successful brand in India, so to do so offline."
Narayanan, who has many years of expertise from work at Myntra and McKinsey, identified problems that Indian businesses frequently encounter.
“There are three reasons why brands don’t scale — first is talent, because it is very hard for small brands to attract the kind of talent that is needed. Second is expertise, especially in technology, and third is capital.”
The industry veteran also mentioned how India's changing customer patterns are presenting brands with fresh prospects. Narayanan noted that "the next 100 million consumers are in Tier 2 and Tier 3 cities.