In Ret­ro­spect: 2012

VM&RD - - WHAT'S IN STORE? INDIAN RETAILER -

The re­cent eco­nomic slow­down has re­sulted in growth de­cel­er­at­ing across sec­tors and mar­kets. Cus­tomers have started de­mand­ing more value for the money they spend, thus driv­ing re­tail­ers to in­no­vate on prod­uct and ser­vice propo­si­tions con­stantly. In the ap­parel busi­ness, we have seen that cus­tomers seek sharply priced, fash­ion­able ap­parel to ex­pand their wardrobe both at the work­place and oth­er­wise. Whilst on the other end, the slow­down has ad­versely im­pacted re­tail in­fra­struc­ture. Sev­eral mall projects are in limbo across the coun­try, im­pact­ing re­tail­ers’ ex­pan­sion and growth plans.

Look­ing Ahead: 2013

There can­not be just one ef­fort that re­tail­ers will have to ini­ti­ate in 2013 to sus­tain and grow their busi­ness. It would be a com­bi­na­tion of all re­tail el­e­ments that would as­sure sus­tained growth namely:

In­creased fo­cus on prod­uct devel­op­ment and in­no­va­tion in line with emerg­ing con­sumer needs Ful­fill­ing the “Value” de­mand by con­sumers Pro­vid­ing bet­ter con­sumer ex­pe­ri­ence at stores Cre­at­ing a dif­fer­en­ti­ated but rel­e­vant iden­tity for the brand’s re­tail en­vi­ron­ment Iden­ti­fy­ing the im­por­tance of mod­ern re­tail and strength­en­ing their pres­ence Im­prov­ing the sup­ply chain and sourc­ing to en­sure timely de­liv­ery, bet­ter cost man­age­ment etc Pro­vid­ing new prod­uct so­lu­tions and propo­si­tions to cus­tomers to keep them en­gaged with the brand con­stantly

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