Anway india- Turning the tide of gig economy in the country
Chandigarh, (Aditi) : Amway India, one of the country’s leading FMCG direct selling companies is making significant strides towards strengthening the gig economy ecosystem in the country. The organization has a stated global A70 multi-year growth strategy which is focused on unleashing the power of entrepreneurship with social commerce. As part of this multi-year growth strategy, Amway India has identified the rise of the gig economy as a key global megatrend. In-line with this and in its endeavor to support the revival of the Indian economy, Amway India is focused on enabling growth for its Direct Retailers/Sellers and creating new sources of business generation for their profitable, sustainable success.
Commenting on this, Anshu Budhraja, CEO, Amway India said, “Currently, India has one of the youngest populations in the world, with 65% of its population below 35 years. According to a recent ASSOCHAM report, India’s gig economy is expected to grow at a CAGR of 17% and is likely to hit a gross volume of $455 billion by 2023. As the job market undergoes a tectonic shift, Amway India has witnessed a tremendous upsurge of interest in its business model from the U-35 category, who would otherwise opt for flexible roles in the gig economy ecosystem, a trend as per the present peculiar circumstances. Today, we have witnessed a significant surge in people exploring the business opportunity in the second quarter alone, of which 64% of the new registrations are under the U35 category, showing a strong affinity towards our product range and business opportunity. Additionally, at present 53% of the Amway customers are under the U35 category, keen to consume our high-quality products. We are committed to helping our direct sellers succeed and grow their business through continuous upskilling initiatives and world-class quality products.”
64% new registrations are under the U35 category
Currently, 53% of the Amway customers are under the U35 category
Furthermore, adding to this Achinta Banerjie, Senior Vice President – Sales, Amway India, said, “Historically, direct selling has played a crucial role in fueling economic growth and offers an alternative to traditional employment for those wanting a flexible opportunity to supplement household income. Today, while the traditional employment landscape is witnessing disruption, the gig economy has been observing a contrasting trend. This surge is owing to the organization’s unique business model that allows members to own and operate their own business and have a steady source of income, through guided entrepreneurship. As the Indian employment landscape undergoes massive changes, with work-from-home and flexible working hours becoming reigning trends, the gig economy is all set to become the preferred model of choice.
As per the Deloitte’s ‘Future of Work Accelerated’ report, three in five organizations (60%) are gauging increasing share of micro-entrepreneurs to reduce the dependence on the full-time workforce. The FMCG industry, one of the most dynamic sectors in India today, is witnessing a surge in micro-entrepreneurs. Amway has witnessed higher consideration and participation, as it provides better reputation, quality products and services people can believe, an opportunity to follow their passion and a sense of community. In line with the emerging trend.
There has been a paradigm shift in consumption, with holistic wellbeing at the core of consumer demands today. Amway India has been witnessing an increased preference for its new categories including Nutrilite Traditional Herbs Range, Premium Cookware, and Home & Car Air Purifier products representing the growing demand for health and wellness solutions by consumers.