Changing Trends

As Organised Retailing is strengthening its hold in the Indian Territory, what can be implemented next to reach customers and create value for them? According to Mr. Baker, a retail consultant, developing countries like ours can learn from the recent trends in the Retail industry. Some of the significant ones he has mentioned about are - Mobile marketing, pop up shops and customization.

Consumers in developed countries opt into a retailer’s mobile marketing program, by giving him both mobile phone number and explicit consent to be contacted with promotional offers. The retailer thus builds a database of customers with whom he has the authority to conduct real-time communications.

In case of Pop up shops, Retailers, in order to cater to the needs of untapped communities (remote areas in Indian case), set up temporary stores. This practice is followed by renowned retailers like Target, Gucci etc.

Customisation is prominent in USA & European Countries. Retail chains are making a greater effort to tailor merchandise assortments to local markets. For example, US drug store retailer CVS offers customisable gift cards whereby visitors to its website are able to create virtual gift cards with a personalised look and feel, incorporating customer-selected colours, fonts and greetings. This practice is also observed in India where different e-commercial ventures cater to customised photographs, gifts etc.

Lastly, I was going through the articles of a newspaper where I came across this unique practice of Second Hand Retailing. It is an industry in its own with a separate governing body known as the National Association of Resale and Thrift Shops (NARTS) in the U.S. This Trend has been recently observed after recession which saw a change in the psyche of consumers who are now not hesitant in going for Used products which has resulted in an increased turnover of the second hand sector.

So what can be inferred from the above mentioned practices?.......The answer is...there is enough scope to implement different strategies in a country like India which offers varied opportunities to all the players in the Market.