Vishal Kapoor

Strate­gic Group De­sign Head Fu­ture Group In­dia Ltd.

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

In Ret­ro­spect: 2012

The In­dian con­sumer mar­ket is evolv­ing fast. Con­sump­tion be­hav­ior is strongly in­flu­enced by cul­tural, so­cial, per­sonal, and psy­cho­log­i­cal char­ac­ter­is­tics. The rapid rise of in­ter­net econ­omy and the mo­bile com­mu­ni­ca­tion seg­ment in the last decade has played a huge role in giv­ing ex­po­sure to in­ter­na­tional goods and ser­vices. Or­ga­ni­za­tions need to be sen­si­tive to this dy­namic change and so have we. Be­ing mar­ket lead­ers in mod­ern re­tail and hav­ing a sig­nif­i­cant growth rate, it was time for us to in­tro­spect into the chang­ing con­sumer needs. And we did just that.

Ar­rival of FDI

Com­pe­ti­tion is al­ways a sign of over­all pos­i­tive growth. With FDI, I feel a lot more op­por­tu­ni­ties will grow. As­pects like con­sumer be­hav­ior, com­mu­nity char­ac­ter­is­tics, cog­ni­tive de­sign so­lu­tions, user con­nect etc were al­most alien con­cepts 10-15 years back, but to­day th­ese are es­sen­tial busi­ness feed­ers for strate­gic de­ci­sion mak­ing. The open­ing up of mar­kets would also open up our minds to new nu­ances in the con­sumer-scape. Evo­lu­tion is also ex­pected in the re­tail de­sign space, which is no more just a beau­ti­ful space which an ar­chi­tect or in­te­rior de­signer plays with but an in­te­gral as­pect of brand cre­ation to­day.

Look­ing Ahead: 2013

De­sign and in­no­va­tion would be the key dif­fer­en­tia­tors and de­sign­ers need to smell that op­por­tu­nity. Prod­ucts, prices and features of prod­ucts in gen­eral might not be a big dif­fer­en­tia­tor but add on the as­pect of ex­pe­ri­ence, one can cre­ate a com­pletely new per­cep­tion. Sell­ing from be­hind the counter cre­ates the feel­ing of “I know all about what my con­sumer wants”. With mod­ern re­tail, this sym­bolic sce­nario is bound to change as stand­ing next to the con­sumer in 'his' space would be the ideal way to un­der­stand his/her needs. So from 'I know all' we have to move to 'I would like to know' lan­guage and that’s where real in­sights start emerg­ing, form­ing the ba­sis of fu­ture in­no­va­tion.

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