According to the annual report of the firm, Tata Consumer Products Limited (TCPL) considers “digital transformation as a key factor” in the growth of the business and enhances its capability in this field. In view of the coronavirus pandemic the Tata company expecting a long-term change in market behavior, though in the short run rising home use with decreased take-up and distribution orders.
TCPL is innovating with innovative business concepts as part of its approach, planning to play an expanded position in companies in food and drinks, where TCPL expands its portfolio for the long term.
‘We see digital innovation as the main growth catalyst and are expanding our skills in the market, including a global product sourcing network, from production planning to global procurement and incorporation and sales organization decisions,’ said TCPL Managing Director and Chief Executive Officer Suni D’Souza in the company’s annual report.
Recently it has tied with a number of suppliers and e-commerce partners in order to allow consumers to receive direct delivery.
“New marketplace models are innovating. We also speed up our digital agenda to exploit the new worlds, “he said.
In the pandemic and latest lockdowns, he said that there were major shifts in customer convictions, habits, and buying behaviors.
It has marked a new approach for the business with a rapidly extended rise into Rs 6,00,000 crores of Indian FMCG industry, says TCP, which has famous brands like Tata Salt, Tata Tea, Tetley, and Himalayan Bear.
“On the other hand, we look for high-quality, innovative, fun, and well-made items, to be an excellent competitor for all three divisions at the house, at the table, and on the go. “We are undergoing a massive business transformation.
The company has stated that the focus is more on quality and hygiene – leading to a change in consumer choice from unbranded to branded.
“Through their purchases, customers must proactively consider both traditional and preventative safety and wellness steps. In comparison to luxury goods there would be higher growth and demand for staple products (like salt, peas, tea, and coffee – even basic commodities), which is in sharp contrast to the existing pattern of recent years, “said the TCPL.
Furthermore, it is increasing its position in the increasingly developing ready-for-drinking beverage sector, announcing the recent acquisition of major drink equities PepsiCo with its JV NourishCo Products.
“We work on broadening our selection of ready beverages. The acquisition of PepsiCo ‘s stake in NourishCo Beverages Limited is underway, a 50:50 JV between the two businesses. We would further extend the capability and However, our growth in Tata Starbucks has been somewhat affected by the 4th quarter after COVID-19 began, leading to the closure of all our stores for more than two weeks in March, some of our stores are now open to supply and start-up and will gradually normalize over the coming months.
TCPL said that it had 60 shops opened to be taken away and delivered by the end of May 2020 in 10 out of the 11 towns in which we are present while talking about its JV Tata Starbucks. Throughout the year, the report said Tata Starbucks had added 39 new stores.
