RETAILING MILESTONES OVER THE YEARS
Major breakthroughs in the past year: Spencer’s has been redefining the notion of modern trade since its inception. In Indian retail, Spencer’s started the concept of compact hyper-format a few years back and this has become a differentiating element for Spencer’s visà-vis its competitors. The focal point of this format was to utilize each square foot of space keeping the expensive cost of real estate in mind. Per square foot sales and profitability were the key drivers of this concept. Currently, 80% of the Spencer’s store space is in large format. In FY 18, it became profitable at the PBDT (Profit Before Depreciation and Tax) level. Supply chain innovation: Spencer’s Retail, over the past year, has ramped up key areas of supply chain control for its food and grocery retail business. The key innovations include, EDI (Electronic Data Interchange), which has helped Spencer’s achieve accuracy in data exchange by increasing the fill rate and has also improved TAT (turnaround time) of logistics by lowering down the cost of stationary and manual labor. The introduction of Advance Shipping Note is another major breakthrough in its supply chain management. In this process, the invoice of suppliers gets converted through the system automatically and documentation time gets shortened significantly. Its WMS (Warehouse Management System) has been also rolled out effectively to increase efficiency parameter in picking and dispatches while keeping the cost at lower level. E-commerce/ omni-channel initiatives: Spencer’s is functioning as an omnichannel retailer and the company has taken a much differentiated approach to serve its discerning customers with its e-commerce channel. Spencer’s launched the online business in 2016 with the introduction of www.spencers. in where patrons can avail hassle-free home delivery services. Currently, the services of the company’s e-commerce channel are available in Kolkata, Delhi & NCR, Lucknow, Hyderabad, Vizag, and Chennai. With more than 25,000 SKUS to choose from the online platform, spencers.in comprises the widest range of assortment, which includes fresh fruits and vegetables, fish and meat, bakery, dairy products, FMCG, personal care, organic food items, specialty food and other utility products. With its online presence, Spencer’s has now been able to bring all its core offerings to the doorstep of the consumers. The Spencer’s app not only provides the convenience of online shopping but it also promises to deliver assured quality products at best prices within three hours. Customers may download the Spencer’s app from their android and IOS smartphones to avail the best online offers, which are seamless with its offline offerings. One may also subscribe to a periodic list of products and share the curated shopping list with friends and family members. The website also hosts Spencer’s Kitchen, a onestop destination for all food lovers who would like to explore sumptuous recipes from different corners of the world, are enthusiastic about current food trends, and are eager to receive kitchen tips. Customers can share their own blog posts at spencers.in and engage in interesting conversations about food. Customer service initiatives: Spencer’s has moved to Digital YVM (Your Views Matter) and it has reduced the time it generally takes to capture customer feedback on a real time basis. Through its simplified CRM (Customer Relationship Management) registration method, customers can now give a missed call and send their feedback. At the same time, the retailer can also send proactive messages to customers to know their experiences in store and thus create a feel good factor. Product demos/ sampling activities across categories: For any retailer, product sampling and demonstration at the store plays a pivotal role in reaching out to the desired TG across categories. Spencer’s has introduced the concept of trial in many items across FMCG, Fresh Fruits like mangoes, etc. The Nut Counter is also a one-of-its kind section where customers can try a wider range of dry fruits and then purchase as per their choice. Be it making the customers try the product in the food category or in the home section by helping customers select the product of their choice, the staff members are always ready to assist shoppers and drive the sampling activity.