Mastering new channels for enhanced shopping experiences
Shopping has never been more exciting than it is now for the modern Indian consumer. There is a lot more to shop for, a larger choice of products and services, as well as different ways in which we can shop. We are moving away from the traditional and are looking forward to new shopping experiences. […]
Simple ways to make shopping a pleasant experience
Over the weekend, I decided to visit a few stores of different formats, looking for situations that could put me off shopping or even make me feel like never visiting those stores again. I’ve always believed that it’s much less expensive to retain existing customers than to attract new ones. Identifying negative shopping experiences is […]
‘Value-for-money’ is acquiring a new meaning
I learned the most valuable lessons in retail by spending time in stores. A great way to enhance that learning is by attending conferences. I try to attend as many as I can afford (since I never seem to get any free invites!) and my most favourite events are the NRF Annual Convention and the […]
Customer joy, not sales is the key to retail success
Most modern retailers rely on simple logic to measure their success: if sales are up, business must be doing well. What they don’t consider is, you don’t have to do much to grow in India today. Modern retail accounts for 4-5% of overall trade while the number of consumers who want to shop in this […]
Rising online shopping, and not FDI, is the real threat to traditional retail
I am a big advocate of FDI and feel that the impact of FDI in India will be much larger than just benefiting farmers or adversely affecting small traders. So, when I was told that in my last piece my views on the subject seemed ambiguous, I thought I should make them more clear. Two […]
India’s retail story: 15 years on still groping in the dark
It’s been more than 15 years since the start of modern retail in India and by now, it should have attained maturity. Unfortunately, it’s nowhere close to the global standards. This could be because of lack of skills or expertise, but it could also be because the Indian market is so big that major players […]
CRM (customer relationship management) is more than technology
Retailers understand in theory that customer relationship management (CRM) is the foundation of profitable retailing. Key aspects of this are customer value, customer care and customer retention. Most modern retailers have formally adopted loyalty schemes, and consumers are likely to have a collection of loyalty cards in their wallets. However, loyalty is an emotional bond, […]
Retailers need a consumer-centric business strategy
The current global economic slowdown seems to be creating panic across industries, no less in retail. Like all other sectors, retailers also seem to be working on controlling operational costs.The downturn has given them a great opportunity to enhance basket value and the shopping experience of consumers Recruitments are frozen; organisational structure and business strategy […]
A smile can make all the difference
Store staffers should be more focussed on their customersThe decision by the Jet Airways management to sack thousands of customer-facing staffers justifies the perception that the Indian service industry is driven by sheer numbers rather than competence and aptitude to deliver quality service to customers. When service sectors face growth challenges, companies begin to focus […]
Missing in modern retail shops: Convenience
Better parking, faster check-outs and smart floor managers are an imperative Call it good fortune or coincidence, but almost every brand is represented in my neighbourhood — Food Bazaar, Spencer’s, More, Reliance Fresh and Subhiksha. So I decided to hop across to each one and check out the ground reality. And here is what I found […]