1001 Stories hosts India’s first Business Summit on Applied Behavioural Science

Bengaluru : The “Businesses That Behave” Applied Behavioural Science Summit was recently held in India and was hosted by 1001 Stories (https://1001stories.in/), a prominent insights and interventions consultancy in the country.

The goal of the summit is to facilitate discussions regarding the advantages and disadvantages of incorporating behavioural science into business practises from the perspective of customers, workers, and other interested parties by bringing together relevant stakeholders under one roof. The Central Business District of Bengaluru played host to the elite invitation-only event.

There is a certain reputation for the field of Behavioural Science. Each year, thousands of Indian students enrol in degree programmes in Behavioural Economics in India and abroad, and eager Indian business leaders, equipped with knowledge gained from seminars and conversations with industry experts, have begun instituting change at various levels of their respective organisations. However, many are still confused.

Fifty of the brightest minds in the nation were invited, representing the BFSI (banking, financial services, and insurance), Fintech (financial technology), FMCG (fast moving consumer goods), Retail (stores), and E-commerce (online stores). Attendees at the summit included CEOs, CMOs, VPs of Product, VPs of HR, and other C-suite executives who have used Consumer Insights to improve their companies’ bottom lines, product lines, and employee pools through the strategic application of data and machine learning.

In the West, both the public and corporate sectors have adopted behavioural science at large scales. India’s early phases of development on the same are being closely observed by the rest of the globe. Expectations are being pushed in both directions by India’s size and development narrative and its inconsistencies and complexity. “Behavioural Science in India is at The Tipping Point right now,” stated Jez Groom, founder of Cowry Consulting UK. Businesses that Behave has the ability to make context-specific interventions that will propel the industry forward and make India the world’s leading market.

The summit also analysed the advantages, traps, problems, and how to navigate through them from the perspective of the applied practitioner and decision maker to ensure that the insights convert into solutions. The art and science of return on investment (ROI) and expanding the reach of behavioural science inside an organisation beyond consumer behaviour analysis were also covered.

However, adopting any new idea, product or technology follows what experts call the diffusion curve and the creation of the right ecosystem. Speaking on adopting Behaviour Science in India needing a unique strategy, Prakash Sharma, co-founder at 1001 Stories, said, “Whatever is true of India, the opposite is also true. Forget WEIRD vs non-WEIRD, behavioural solutions that work in one part of India can backfire in another. If you are a trading platform, you will soon realise the Mumbaikar and the Chennaiite have two opposing points of view on stocks. One interprets it as an investment, and the other probably sees it as no different from gambling. This is why context must reign supreme while applying Behavioural Science based interventions. Especially in a complex country like India”

Experts from over the world, like Cass Sunstein, look at India as the next possible powerhouse when it comes to applying Behavioural Science to solve its problems. Commenting on Indian companies exploring behaviour science, Dilip Soman, Director of BEAR, Canada said, “It was exciting to see the innovative ways in which Indian companies use behavioural science to create customer value. I am very much looking forward to seeing how each of the participants will use the insights from the event to create even better programs and products.”

Some of the prominent dignitaries who were present at the event, included Mr. Vara Prasad, Head of Consumer Insights at ITC Food, Mr. Subeer Bakshi, Head of Talent Strategy at PhonePe, Mr. Nishant Agarwal, Head of Digital Business at Kotak Securities, Jeet Marwadi, Founder MD of 1Finance and Pramod Ghorpade, CEO of Dvara Money among others. Co-Founders, Mr. Prakash Sharma and Reshma Tonse played perfect hosts to the innovative summit and ensured it was of great value for all guests and participants.

About 1001 stories:

1001 Stories is an insights and interventions consultancy dealing with the behaviour of users and consumers. The team uses Behavioural Science and Context Architecture™ to understand, analyse and influence human behaviour. 1001 Stories works with startups as well as blue chip companies, within India and outside, and designs behavioural interventions to create better products, brands, and people. As part of Diversifi Global, 1001 Stories also keenly understands how Behavioural Science based interventions have brought ROIs across categories in Global Companies.

1001 Stories is bullish on the India Growth Story as well as the adoption of Behavioural Science in India. Whether it be Marketing, Consumer Research, New Product Development, UX/CX, Brand Communication Strategy, or HR departments, Behavioural Science finds its application everywhere.