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
ShortsTV Brings the ‘2019 Oscar® Nominated Short Films’ to Indian Cinemas

ShortsTV, the world’s only TV channel dedicated to short movies (available in India on Tata Sky), is bringing the ‘2019 Oscar® Nominated Short Films’ to Indian cinemas.

MAM Marketing Brands
Edelweiss Tokio Life flags off TVCs directed by Shoojit Sircar

Edelweiss Tokio Life Insurance today announced the launch of its two TV commercials, directed by the well-known Indian film director Shoojit Sircar and produced by his production house Rising Sun Films.

MAM Marketing MAM
Kalyan Jewellers CMD honoured at 44th IAA World Congress

Kalyan Jewellers founder chairman and managing director TS Kalyanaraman has been honoured with a special award at the 44th IAA World Congress being held in Kochi.

MAM Media and Advertising People
Procter & Gamble Announces Newest Commitment to Gender Equality Across the Indian Subcontinent, Middle East and Africa region

Procter & Gamble (P&G) announced a new commitment around a number of initiatives that will promote gender equality across the Indian Subcontinent, Middle East and Africa (IMEA) region.

MAM Marketing MAM
WATConsult ranked in Global MMA SMARTIES Business Impact Index 2018

WATConsult the digital and social media agency from Dentsu Aegis Network, has been ranked among the top 10 digital agencies, globally for 2018, in the MMA SMARTIES Business Impact Index.

MAM Media and Advertising Digital Agencies
Tata Tea Chakra Gold takes Jaago Re (Meluku) campaign to Andhra Pradesh women

For the first time, a Jaago Re (Meluku) campaign developed specifically for the women of Andhra Pradesh has been launched by Tata Tea’s premium brand in the region, Chakra Gold.

MAM Media and Advertising Ad Campaigns
The iconic Dome@NSCI hosts the prestigious Lokmat Maharashtrian of the Year award

Dome@NSCI, India’s premier entertainment and leisure destination, hosted the ‘Lokmat Maharashtrian of the Year’ award yesterday, February 20, 2019.

MAM Marketing MAM
82.5 Creates, ACC launch ‘Karein Kuch Kamaal’ campaign

ACC, the cement brand from Lafarge Holcim group, has launched its new communication campaign ‘Karein Kuch Kamaal’. Created by 82.5 Communications.

MAM Media and Advertising Ad Campaigns
Cornitos to promulgate their Total dhamaal offer campaign with a rousing extra 25% offer

he forerunning brand of Greendot Health foods Pvt Ltd, Cornitos, is collaborating with the movie Total Dhamaal

MAM Marketing MAM

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories