Global experts advise Indian retail industry to 'lead change'

NEW DELHI: On the second day of the KSA Retail Summit, global experts advised the Indian retail industry to 'lead change.' The Indian customers today look for solutions rather than products; and customisation and personalisation rather than generalization. They have an expanding spending basket and are reassigning spends. In such a scenario, brands and retailers in India have to be creative to attract the rapidly evolving Indian customers and build a profitable business.

The second day saw leading international and Indian retailers sharing their experience and thoughts on this challenging new prospect.



Talking on 'Spotting Winning Concepts', KSA Technopak, India chairman Arvind Singhal said, "Indian retailers today need to invest heavily in understanding the emerging needs of the evolving Indian customer. There has to be a mind shift towards offering innovative and time/cost effective 'solutions' that go beyond retail formats."



Singhal elaborated that the Indian customer can be segmented into five genres, which are also rapidly evolving:

a) Demography: Rapidly evolving market for retail concepts that cater to tween/ teen demands and women/ infant needs,

b) Trading up/trade down: Retailers need to aggressively tap rising lifestyle spends on mobile phones, cars, etc while insuring themselves against a trade down that will affect regular spends on grocery, eating out, apparel, etc.,

c) Ethnicity: The celebration of cultural diversity in money terms. Customers will seek out authentic and ethnic experiences e.g. The popularity of Dilli Haat as a mini India;

d) Time starvation: Need for products that 'do the rest' for time starved consumers

e) Around my needs: Big potential for hot retail concepts that micro target i.e. provide products and experiences that are customized to suit specific tastes and preferences.



Addressing a question from the audience on whether the entry of foreign players will hurt the domestic market, Esprit, Asia regional director Peter Hammond said, "The entry of international brands will positively impact the market by helping increase the size of the retail pie. International brands are looking at creating new customers and won't eat into the existing customer base of the domestic players."

Ethan Allen, USA chairman, president and CEO Farooq Kathwari emphasized that the rules of retailing need to be written continually for delighting the consumer. He emphasized that change should be seen as an opportunity to realize greater potential.

Latest Reads
Essence hires Sonali Malaviya as VP - client partner

Essence, a data-driven global agency and a part of GroupM, has announced the appointment of Sonali Malaviya as the vice president - client partner. She will be reporting to Anand Chakravarthy, managing director, Essence India and will lead the Google relationship, based in the Gurgaon office.

MAM Marketing MAM
Bridge Music Academy launches the racist keyboard

MUMBAI: Earlier last month, Bridge Music Academy has launched the racist cover campaign aimed at educating children about racism and its effects. Conceptualised by Dentsu Webchutney, the campaign is supported by Culture Fox and Roland.

MAM Marketing MAM
QuikrHomes releases consumer sentiments report for 2018

MUMBAI: Leading digital real estate business QuikrHomes has released a comprehensive report that captures consumer sentiments for the year 2018. The report was conceptualised to understand consumer sentiments post regulatory changes in the real estate and what it means to the industry in 2018. 

MAM Marketing MAM
Law & Kenneth Saatchi & Saatchi appoints Delna Sethna as CCO

MUMBAI: Law & Kenneth Saatchi & Saatchi, Publicis Communications’ full-service creative agency, has named Delna Sethna as its chief creative officer across all its businesses. Prior to this, Sethna was leading some key global businesses such as P&G brands and Mondelez.

MAM Marketing MAM
2018 will be a year of video campaigns: WATConsult's Rajiv Dhingra

MUMBAI: If you see an advertisement on a website or your app, you are a well defined consumer of digital advertising. Thet ads on the website you visit are primarily revenue source for internet companies.

MAM Marketing MAM
Mother's Recipe undertakes initiative for war heroes

MUMBAI: India’s homegrown pickle brand Mother’s Recipe initiated a new campaign called, tribute to our motherland to salute the supreme sacrifice and selflessness of our brave men in uniform. Under this initiative, the company will contribute Rs 3 from the sale of every special edition Mothers...

MAM Marketing MAM
Is India ready for the impact of AI on marketing?

MUMBAI: From self-driving cars to voice assistants Siri and Alexa, artificial intelligence (AI) is expeditiously becoming popular. While one may think of AI only as intelligent robots or technology, it encompasses everything from Google’s search algorithm to e-commerce to geo-target and...

MAM Marketing MAM
Kajaria Ceramics touches patriotism with Akshay Kumar

MUMBAI: Kajaria Ceramics has launched another new ad campaign with its official brand ambassador and Bollywood actor Akshay Kumar. The company recently launched a TVC for its bathware solutions brand KEROVIT with Anushka Sharma.

MAM Marketing MAM
Duroflex launches sleep marathon with Milind Soman

MUMBAI: We are living in the time of the gig culture where staying up all night to meet project deadlines is celebrated. However, long term effects of lack of sleep are hardly discussed. Keeping this in mind, Happy mcgarrybowen, the creative agency from Dentsu Aegis Network, has conceptualised the...

MAM Marketing MAM

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories