Retailers need to find new business models and performance matrices different from GMV (Gross Merchandise Volume) and scale. The ever-changing customer expectations and reducing differentiation in terms of products and range would require retailers to compete on customer service, which is beyond just-on-time delivery.
About 75 percent of Indian youth (16 to 21 years old) spend more than Rs. 6,000 on cosmetics, apparels, and mobiles. They are interested in quality and experience at an affordable price with minimum hassle. Retailers would have to find new avenues to meet the expanding and changing demands of these consumers.
Fewer large retail houses and skewed consumer base trends push towards polarization of the industry, creating two types of retail formats. One acts as ‘one stop shop for all’, where consumers can get everything under one roof like Big Bazaar and Amazon. Another format is specialized service providers concentrating on focused offerings.
Growing purchasing power, increasing digitalized consumers and polarization of the industry requires a paradigm change in the way Indian retail marketplace functions. Delivering the best product on-time is a necessity but is not sufficient to gain consumer satisfaction. Online and large format price stores are just a dispenser system where consumers can pick and move. It’s fast and convenient but not enough to reach the consumers’ love bracket.
The concept of maximizing the basket size and value has changed with new formats. Price discounts, reduced or no shipping cost, low or no switching cost make it highly price competitive. Consumers have access to a range of products through various platforms, which heightens consumers’ expectations from retailers.
Consumers look for not just shopping but a personalized shopping experience. For retailers to reach these consumers, they need a focused and customized strategy. Digitalization through internet and technology can be used as an aid to the specialization.
This story is from the May 2019 edition of Progressive Grocer.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2019 edition of Progressive Grocer.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Gurgaon's First and Most Successful Independent F&G Retailer
SINCE LAUNCHING ITS FIRST OUTLET IN THE YEAR 2000 IN DLF GURGAON AT A TIME WHEN MODERN TRADE FOOD AND GROCERY STORES WERE NOWHERE ON THE RETAIL HORIZONS OF THE MILLENNIUM CITY, NEEDS SUPERMARKET HAS GROWN TO ADD 26 LARGE, MEDIUM AND SMALL STORES TO ITS KITTY, CLOCKING AN ADMIRABLE RUN RATE ON VARIOUS PARAMETERS OF RETAILING EXCELLENCE ALONG THE WAY. PROGRESSIVE GROCER SPOKE TO NEEDS SUPERMARKET’S MD AJAY DHAR, AND CEO, ARUN KHATTAR, ABOUT HOW THE GROCERY CHAIN HAS BEEN ABLE TO HOLD ITS OWN AND CLOCK STEADY GROWTH IN A HYPER-COMPETITIVE MARKET DOTTED WITH BIG-BOX NATIONAL RETAILERS AND THE SECRET SAUCE BEHIND ITS SUCCESS RECIPE.
Paras Spices is innovating with unique products to meet new trends in the spices category
CATEGORY WATCH FOOD STAPLES
Brands and retailers collaborate to promote the growth of non-alcoholic beverages
SUPER-HERB INFUSED BEVERAGES THAT BRING THE POWER-PACKED GOODNESS OF SUPERFRUITS ARE TAKING THE MARKET BY STORM. THESE NONALCOHOLIC BEVERAGES CLAIM TO CONTAIN ZERO CALORIES, ZERO SUGAR, ZERO ARTIFICIAL SWEETENERS, AND ZERO PRESERVATIVES AND ARE DESIGNED FOR TODAY’S MILLENNIAL-GEN WHO ARE SEEKING A HEALTHY DRINK WITH A TASTY TWIST.
Just Outside the Box
THE HUMBLE PARKING LOT HAS BECOME A DIFFERENT KIND OF RETAIL DESTINATION AND HUB OF COMMERCE.
Increased Focus on Health, Wellness, and Immunity-boosting Products
SALES OF PACKAGED FOODS HAVE SURGED SINCE THE ONSET OF THE PANDEMIC, AS HOME-BOUND CONSUMERS STOCKPILE FAMILIAR PRODUCTS THAT WON’T GO STALE QUICKLY. BREAKFAST CEREALS, INSTANT NOODLES, RICE AND COOKING FATS ARE AMONG THE PRODUCTS THAT HAVE SEEN THE STRONGEST GROWTH IN RECENT MONTHS.
Consumer focus on hygiene & nutrition boosts packaged paneer sales
THE DEMAND FOR CATEGORIES SUCH AS CHEESE AND PANEER HAS WITNESSED AN ALL-TIME NEW HIGH DURING THIS PANDEMIC THANKS TO THE VERSATILE NATURE OF THESE PRODUCTS. NOT ONLY IS PANEER DELICIOUS TO TASTE BUT DURING THE HEIGHT OF THE LOCKDOWN, THE INTERNET WAS TRENDING WITH UNIQUE, FUN AND EASY-TO-MAKE PANEER RECIPES.
How Hormel Became a Snack Company
ACQUISITIONS, ADJACENCIES AND INNOVATION DEFINE THE GLOBAL BRANDED FOOD COMPANY’S GROWTH STRATEGY
The New Normal for Snacks
THE POST-PANDEMIC CONSUMER WILL DEMAND BETTER-FOR-YOU MEAL SOLUTIONS MORE THAN EVER BEFORE.
The rise of superfoods and ways to mainstream them on retail shelves
WHAT ARE SUPERFOODS AND THEIR BENEFITS AND WHY THESE PRODUCTS ARE WITNESSING A HUGE SURGE IN DEMAND? WHAT ARE THE CHALLENGES OF INFUSING THESE SUPERFOODS INTO OUR TRADITIONAL FOOD PRODUCTS, AND HOW CAN THEIR VISIBILITY AND AWARENESS BE RAMPED UP IN ON-GROUND SHELVES OF SUPERMARKETS AND RETAIL COUNTERS?
What is driving consumers to become more conscious of what they eat?
WITH CONSUMERS BECOMING MORE HEALTH-CONSCIOUS, RETAILERS HAVE ALSO STARTED MAKING SHIFTS IN THEIR OWN MERCHANDISING AND MARKETING TO KEEP UP WITH THE TREND.
