In Retrospect: 2012
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