Digitisation is India's big growth driver, says Hindustan Unilever CEO Rohit Jawa

He added, "I think we must recognise that this a vast country of 1.4 billion people — we have to be responsible towards our communities, towards the environment. But we have got to keep in mind that it has to be a positive impact as we grow to a very powerful market and an economy in the next decade or so."

Highlighting the impact of AI, Jawa discussed how HUL leverages AI to create personalized offers for consumers. Through advanced algorithms and data analytics, Jawa said companies can now tailor their products and services to meet the specific needs and preferences of individual consumers. This approach not only enhances customer satisfaction but also contributes to brand loyalty, he said.

"We have now AI signals for our demand forecasting, so we don't need human intervention. In fact, they forecast better. We're using them even in financials," Jawa said.

"When it comes to customers," Jawa added, "we have 2.6-2.7 million stores of which 1.3 million, including some in rural areas, have signed up on our app. A million of those order every month. And now we get data signals from all our customers — what they're buying, what they are ordering. And we're able to market to them using AI; we can create customised offers. And we're doing it with a digital selling hub, control that sits here. So imagine the amount of data that we're collecting and the value-adds we can offer our customers in finance or on managing the shop better,"

Jawa expressed optimism regarding the growth potential in certain segments, predicting a tripling of growth within the next decade. He attributed this projected surge to the ongoing digital revolution and the innovative strategies adopted by companies to adapt to the changing landscape. According to Jawa, the ability to harness technology effectively will be a key determinant of success in this rapidly evolving market.

"Our per capita consumption of FMCG, even in the categories in which we play, is only $50-odd. If you compare that with Indonesia, it has four times as much. China, six times as much. So there's a huge runway for growth. And when we looked at every category, we play in, we see that we are about 10-15 odd years behind these mega markets. In some categories, the journey could be a little faster and in some, slower, but what I'm saying is the next decade, we could be seeing some categories doubling, tripling, or even quadrupling," Jawa added.

Touching upon the Open Network for Digital Commerce (ONDC), Jawa hailed it as a game-changer that will democratise e-commerce in India. The initiative aims to create a level playing field for businesses of all sizes, fostering healthy competition and providing consumers with a diverse range of choices. Jawa believes that ONDC has the potential to reshape the e-commerce landscape, making it more accessible and inclusive.