Swati Bhalla

VM&RD - - CONTENTS -

Swati Bhalla Di­rec­tor, Stu­dio Atomium

Re­tail­ing, or any business for that mat­ter, is of­ten as­so­ci­ated with com­pe­ti­tion. Ev­ery brand is in com­pe­ti­tion with at least one other brand over the same group of cus­tomers. Com­pe­ti­tion stim­u­lates im­prove­ment in qual­ity of ser­vices and prod­ucts. It brings about pos­i­tive change. To im­prove, one has to first and fore­most ac­cept the fact that com­pe­ti­tion ex­ists. Di­rect or in-di­rect, ev­ery brand is chal­lenged by another brand. For those who be­lieve there is no com­pe­ti­tion, mo­nop­oly does not ex­ist, nor does per­fect com­pe­ti­tion. To com­pete is to prove supremacy. What is your com­pe­ti­tion of­fer­ing that you are not? Are they get­ting more foot­falls or are they of­fer­ing a bet­ter shop­ping ex­pe­ri­ence? To an­swer ques­tions like th­ese, brands in­dulge in com­pe­ti­tion bench­mark­ing; to po­si­tion one­self against com­pe­ti­tion to un­der­stand where your brand stands. 1. Anal­y­sis can be done on var­i­ous pa­ram­e­ters. To be­gin with we have walk-in-driv­ers. Here we try to un­der­stand what all is com­pe­ti­tion do­ing to get in more cus­tomers. Var­i­ous tools can be used to at­tract more cus­tomers, the most ob­vi­ous be­ing win­dow dis­plays. A well styled dis­play will most cer­tainly get more eye­balls. 2. In­creas­ing walk –ins is only the first step. The cus­tomer needs to be en­gaged. Another im­por­tant as­pect of un­der­stand­ing your com­pe­ti­tion bet­ter is to an­a­lyse the store

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