Managing Director, South Asia, Fitch
In Retrospect: 2012
The major impact we have experienced over the last 12 months has been the potential arrival of FDI in the Indian marketplace. This in particular has impacted a lot of local Indian brands who recognize the reality of the increased competitive threat this poses. In addition to this is simply the opportunity an Indian consumer will have to compare and contrast an established local brand with a new arrival and resultantly reappraise their options. This has led a lot of proactive local retailers to start to focus on their retail experience – to be ahead of the game and ready to effectively compete. We’ve also identified an interesting evolution in the consumer mind state in India. So much so that we actually researched into it and our hypothesis was proved correct. Shoppers in India are looking to be inspired by their shopping experience – more so than in any other BRIC country and infinitely more so than in the traditional developed economies and marketplaces.
Look at these stats: - A 31 year old Indian woman is the most fashion conscious and, according to our research, is the happiest shopper in the world. - 80% of Indian women would like to have more product information when shopping for groceries - An astounding 87% of Indian men enjoy shopping for electronics and a high percentage of these actively want to learn something new while shopping.
Arrival of FDI
By leveraging our global network and experience we will continue to bring our clients state of the art, world class brand and retail design solutions for India. Our focus is on starting with the consumer, understanding what appeals to them in organized retail and designing unique retail experiences to fulfill those aspirations.
Looking Ahead: 2013
There’s a lot to get your head around. Any retailer needs to understand what makes their brand unique and how to capture that as an experience that in turn meets the needs and aspirations of their customers. And it’s no longer about traditional brick and mortar retail – although almost 70% of Indian consumers still think the brick and mortar store is the most important retail channel, an increasing number spend time online browsing and shopping. The journey consumers now take to purchase is increasingly complex and diverse.