How Honey Money Top Retails, with nine stores in NCR, is growing its customer base on the back of customer service
Describe the journey of your store over the years and which new departments you have added to the stores?
Since 1997 – when we started our retail journey – our motive has been to serve the customer with quality products in the retail industry. Over the years, we have expanded our product repertoire and added new departments – imported fruits, fresh vegetables, and the best in grocery products. Our brand Honey Money Top Retails has grown into a large chain with multiple stores in Delhi, Greater Noida, Noida and Gurgaon. Apart from stocking all major category products, our stores are known for stocking specialised products such as Jaipur ki Gajak, south Indian savories, premium Punjab ke sweets to Thandai from Lucknow. We try to deliver the best of all major food products of our country.
Which are the fastest-moving product categories in your stores?
Fruits and vegetables, dairy products, veg and non-veg frozen foods, own brand dry fruits, grocery and personal hygiene products, pet foods, fresh bakery and confectioneries, beverages, south Indian special products are the best-selling and fastest moving products in our stores.
What is your private label strategy? In which categories do you have private labels?
We have own store brands for dry fruits and spices. Our private brands offer the best quality at reasonable prices when compared with other branded products. We also sell high quality and tasty bakery products like cakes, breads & buns.
What do you feel are the marked differentiators for your stores? Which are those elements that have become the hallmark of your stores?
Our stores are known for their high quality offerings in fruits, vegetables, and grocery at reasonable prices. We have been successfully able to sell quality produce at affordable rates as we do our purchasing directly from the mandis. Honey Money Top Retails has a dedicated procurement team that does mandatory tests and quality checks for every purchase based on our policy of maintaining the highest standards. Every range of products in each category is diligently audited for quality checks before they can be displayed for sale in the store.
Another hallmark of our stores is that the staff at outlets is very helpful and very well informed about the products in each of the departments. Our stores are known to maintain stocks across various categories at all times and women find it very conducive to indulge in free-minded shopping at Honey Money Top Retails.
What is the location strategy for your stores?
The location strategy of our stores is based on serving and reaching out to premium quality customers and upwardly mobile professionals. All our stores are
located in the areas, colonies and societies where our target customers can easily reach out to us.
Which interesting concepts or innovations have you introduced at your stores?
We also have a policy of rewarding our loyal customers. These customers get to avail of more benefits with each and every shopping that they do with us. We provide more bonus points benefits to the customers than other retailers and our Loyalty Program features some of the best benefits to our customers under the existing schemes and offers. Then, we also provide free home delivery service and we are the one and only store in the regions we serve to have introduced five different ways of placing orders with us, which shows our commitment to meeting customer convenience.
What has been the impact of your loyalty program on store sales?
Honey Money Top Retails loyalty membership program has been developed to forge a close relationship with our valuable customers. We have kept our loyalty program strikingly simple. Customers can register with their contact details and become our Loyalty Member free of cost. They can use the loyalty card to earn and redeem points for every transaction, including the exclusive schemes and offers. We give our loyal customers four points – equivalent to one rupee – for every hundred rupees worth of transaction. Also, there is no limitation value for redeeming the earned points. So, customers can start redeeming from the second shopping itself after registering with our loyalty program. In F&G retail, we are the best loyalty provider in Delhi-ncr. We have been able to build a large base of loyal customers who shop with us regularly at our stores. We are spending Rs. 1 lakh plus per month per store on building our loyalty program.
Which marketing and promotional activities do you prefer for pushing sales in your stores?
For marketing and promotional activities, we rely on SMSES, e-mailers, leaflet distribution, banner display, and FM radio.
What do you consider to be your strengths and achievements in retailing?
Honey Money Top Retails prides itself on the fact that its stores offer the best quality products at a reasonable price with an unmatchable customer service.
What are your plans for the future?
Our plan is to have 30+ Honey Money Top Retails stores in Delhi-ncr by 2021.