SnackFax, a well-known food media platform, supported by prominent experts from the Indian food and finance sectors, has recently unveiled its cutting-edge market research platform. This innovative service aims to equip businesses in the food and beverage industries, regardless of their scale, with extensive data-driven insights. By providing these valuable resources, SnackFax empowers companies to make well-informed decisions and maintain a competitive edge in the ever-changing market landscape, both in India and on a global scale.
In today’s business landscape, data plays a pivotal role in shaping successful strategies. SnackFax acknowledges the utmost significance of precise and current market information. With this understanding, their Market Research Service is thoughtfully designed to meet the distinctive requirements of businesses aiming to unlock growth opportunities, comprehend consumer behavior, and secure a competitive advantage in their respective markets.
During phase 1, the Market Research platform is specifically tailored for India, providing valuable assistance to founders in prioritizing their offerings and effectively targeting the most suitable consumer base. The platform takes into account the diverse regional nuances and consumption complexities of the domestic market, offering precise operational indicators to brands. Furthermore, it collaborates closely with both local and international brands seeking to establish and expand their presence in the Indian markets.
India, being one of the fastest-growing and underserved markets, boasts significant potential for growth, particularly in urban areas. However, its unique opportunity lies in the untapped potential across tier 2 and tier 3 markets, driven by a youthful population, high savings rate, and increasing credit penetration. The Market Research platform aims to harness these dynamics and facilitate successful market entry and growth for businesses operating in India.
Commenting on the launch, Ashu Agrawal, Founder & CEO of SnackFax, said, “With the consumer preference changing each day, connected markets are extremely complicated to navigate through. Brands have to understand their consumers in a deep way and define the play plan for its products accordingly. Every age group has become aware of their preferences and priorities. Each age group wants to try new products that have sharp & clear communication and are aspirational at the same time.”
He further adds that these these trends are not limited to millennials, or Gen Z, this shift is deep and cuts across all age groups across men, women, elderly, as independent categories.
“Connected markets empower discovery at a phenomenal pace, which require brands to brace themselves with a deep understanding of change in consumption patterns,” said Mr. Agrawal.
“In India these attributes get even more complicated as we start to layer it up with the regional taste preferences. Each brand will have to devise a sharp product strategy to cover the Indian audience,” he added.
For brands that were predominantly operating in the direct-to-consumer (D2C) realm with limited consumer interaction, the next phase of growth necessitates a strategic shift towards prioritizing offline channels of presence. Embracing offline avenues will enable these brands to evolve into significant value-driven enterprises.
In the face of these challenges, SnackFax Market Research is dedicated to equipping food businesses with valuable insights and data to enable them to make well-informed decisions. Through its comprehensive market research services, SnackFax market research assists businesses in comprehending consumer trends and identifying target markets, conducting competitive analyses, spotting new opportunities, developing new products, devising pricing strategies, evaluating consumer satisfaction and reputation, as well as managing risks and forecasting future trends, among many other offerings.
The primary goal of this service is to provide founders and their teams with the necessary knowledge to remain ahead of the competition and consistently delight their customers. By leveraging the extensive resources and expertise of SnackFax, businesses can gain a competitive edge and thrive in the dynamic and ever-changing food industry landscape.
Aishwarya Dev, Co-Founder & COO of SnackFax, said, “The launch of SnackFax’s market research services is a significant step towards helping food businesses thrive and succeed in the ever-changing food industry.”
“SnackFax will provide a suite of specialized Market Research Services, tailored to empower food businesses and entrepreneurs with invaluable insights and data-driven strategies,” he added.
Led by Mr. Dev, SnackFax’s Market Research Service aims to mitigate risks, uncover untapped opportunities, and empower business owners to make strategic decisions based on a solid foundation of data and insights.