Cos should focus on solutions rather than products: BCG Report

As both e-commerce and the influence of digital continue to grow, companies that want to maintain their relevance with consumers and increase sales must focus on solutions rather than products.
They should also build networks, invest big in digital and focus on omni-channel, the Boston Consulting Group's report on Decoding Digital Consumers said.
"As their digital maturity grows, consumers will increasingly migrate toward online companies that offer integrated solutions, rather than to companies that simply serve up individual products or services," the report noted.
Companies in India should develop a set of interventions that can engage consumers and influence their decisions and actions based on their online activity the report further said.

It also said that in some areas, it may serve the companies better to network or partner with other companies with allied expertise such as the delivery of products and services, customers may be better served by others.
Companies also recognise the power of digital, and most are building websites, mobile apps, and e-commerce capabilities. However, many companies are basing their plans and investments on the expectation that the Indian digital marketplace will evolve as it did in developed markets.
The report notes that this underestimates the digital potential in India and companies may actually be under-investing for the long-term.

It also advocates that companies should focus on getting the right mix of omni-channel strategy, and should focus on getting the basics right rather than being present all over.