Images Retail - - MARKET DYNAMICS -

City Cen­tre Mall is a five-sto­ried shop­ping mall com­plex lo­cated in Bhubaneswar. Spread over a floor area of a 1,20,000 sq. ft, the mall opened to the pub­lic in 2012 and is the largest mall in Sam­balpur. It houses ap­prox­i­mately 50 out­lets, in­clud­ing cafe­te­rias, food courts, res­tau­rants, mul­ti­plex, park­ing space and a hyper­mar­ket. Kan­war San­jay Ku­mar, Part­ner,

City Cen­tre Mall, Sam­balpur talks about how malls are chang­ing the for­tunes of Odisha’s re­tail mar­ket.

How are malls chang­ing the re­tail land­scape of Odisha?

Ac­count­ing for over 10 per­cent of the coun­try’s GDP and around eight per­cent of the em­ploy­ment re­tail­ing in In­dia is grad­u­ally inch­ing its way to­ward be­com­ing the next boom in­dus­try. To­day, the largest firm is not a man­u­fac­tur­ing or­gan­i­sa­tion; rather it is a re­tail firm. The mall in­dus­try in Odisha owes its growth to var­i­ous fac­tors:

Prod­uct Fea­tures: It in­cludes brands and flavours fo­cus­ing on cus­tomer’s global taste. To gen­er­ate a re­tail mar­ket that pro­vides unique­ness in the prod­uct. The qual­ity of the prod­uct is an­other crit­i­cal fac­tor in mak­ing the re­tail mar­ket suc­cess­ful.

Rev­enue Col­lec­tions: For a good rev­enue col­lec­tion, re­tail stores need to have an ac­cess of good lo­ca­tion hav­ing po­ten­tial to gen­er­ate the right clien­tele. The idea should be to main­tain a spa­cious and well planned ar­chi­tec­ture. Thus, lo­ca­tion and busi­ness at re­tail mar­kets are needed in equal pro­por­tion.

Be­hav­ioral Pat­tern:

Un­der­stand­ing the need and prob­lems of the con­sumers and to pro­vide favourable cus­tomer ex­pe­ri­ence to make the shop­ping ex­pe­ri­ence seam­less. The tar­get cus­tomer can be seg­mented into hard loyal, shifters and nascent cus­tomer. A good CRM should be main­tained to re­tain them. Pric­ing Pol­icy: Re­tail stores usu­ally ap­ply var­i­ous pric­ing strate­gies like dis­counts on the printed MRP for they want to of­fer the best / op­ti­mal as­sort­ment of goods and ser­vices to at­tract cus­tomers.

What are the chal­lenges and bot­tle­necks which the in­dus­try is go­ing through? How do you think to over­come it?

De­spite the struc­tural chal­lenges and bu­reau­cratic bot­tle­necks that the In­dian re­tail mar­ket suf­fers from, global re­tail­ers have been queu­ing up to en­ter and es­tab­lish their foot­print in the mar­ket, as they are aware of its po­ten­tial growth op­por­tu­ni­ties. Growth has al­most plateaued in most de­vel­oped mar­kets, pro­vid­ing lit­tle room for re­tail­ers to drive their busi­ness ex­pan­sion amid grow­ing com­pe­ti­tion across seg­ments. The In­dian mar­ket be­ing largely un­der­pen­e­trated, of­fers sig­nif­i­cant op­por­tu­nity for growth – espe­cially in seg­ments such as F&B, fash­ion ap­parel, and lux­ury goods – due to fac­tors such as an ex­pand­ing mid­dle class, ris­ing dis­pos­able in­comes, and a grow­ing ap­petite for in­ter­na­tional qual­ity goods and ser­vices among In­dian con­sumers.

The In­dian mar­ket, how­ever, con­tin­ues to face sig­nif­i­cant chal­lenges to growth in the form of in­ad­e­quate qual­ity re­tail real es­tate space, re­stric­tive leg­is­la­tion poli­cies, MRP con­straints, FDI norms and oth­etr in­fra­struc­ture bot­tle­necks. These chal­lenges tend to im­pede In­dia’s re­tail story, and re­strict the mar­ket from at­tain­ing its true po­ten­tial.

Tell us about your mar­ket­ing and dig­i­tal strat­egy?

Ob­tain­ing new cus­tomers is what keeps ev­ery busi­ness alive. To achieve this, nu­mer­ous tech­niques ex­ist whose ef­fec­tive­ness heav­ily de­pends on im­ple­ment­ing them strate­gi­cally. The best meth­ods on how to at­tract cus­tomers and get the most out of it are as fol­lows; Re­spond to the con­cerns of the pub­lic for lat­est prod­ucts and in­for­ma­tion, abil­ity to of­fer and feed­back. Take ad­van­tage of per­son­alised au­di­ences of Dig­i­tal me­dia in­clud­ing Face­book, Google+, In­sta­gram etc. Im­ple­ment email mar­ket­ing cam­paigns. Use con­test and dis­counts to gain clients and use of brand am­bas­sadors.

How are you in­te­grat­ing dig­i­tal and so­cial me­dia to the over­all mall ex­pe­ri­ence?

We have a 3 Step So­cial Me­dia Adop­tion Plan. First we de­vise an ap­pro­pri­ate, tac­ti­callyag­nos­tic so­cial me­dia strat­egy , sec­ondly we au­dit our cur­rent mar­ket­ing and add so­cial me­dia in­gre­di­ents and thirdly we add new so­cial me­dia pro­grams where nec­es­sary.

Is there a need of smart malls in Odisha?

The fu­ture of re­tail is Om­nichan­nel. The trend to­wards an Om­nichan­nel strat­egy will cer­tainly en­able us to grow in the busi­ness. It will tap the best of both worlds and max­imise on foot­falls in the mall. We are work­ing to­wards be­com­ing the smartest mall in Odisha.


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