Description
The retail sector in India has come of age, it’s not what it used to be. The profile of customers have changed, the brand propositions have changed. Now, the customer is no more loyal to a brand; that is the reason why predictive analysis, data crunching on consumer buying behavior have become the nucleus of retail strategies. The technology has taken better of us, it has taken over our lives– our thinking prowess — zeal, zest and everything in between — it is omnipotent! Retail has became omnichannel — for good, better or ugly is not the question; it has become omnichannel to meet with the demands of the discreet customers. The time pressed customer wants everything at a click, and retail sector has spoilt them with choice and convenience.
A few years ago, EOSS dates were blocked in calendars. Today, the sale is akin to a race, or so most retailers perceive it to be. There is competition as to who starts fi rst and who ends last, though in my opinion, finishing last is not such a bad place to be in. Sales are spread all through the year, so does it really matter which part of the calendar you are in? In the process, tenets like brand loyalty have been completely eroded, especially by online retailers who ply their business on deep discounts and predatory pricing. With offline retailers also attempting to follow suit, it is difficult for any player to build his value or loyalty on the power of the brand.
In our cover story, we have tried to delve deeper into the subject –t with a sale happening virtually 365 days of the year, does EOSS makes any sense to consumers anymore? Today’s retailers need to focus on creating value for their customers, one which will build loyalty and bring them to their doors even without tempting discounts and offers. At a time where the customer journey has changed, and retailers are talking about service, engagement and experience as strong differentiators, it is time they also devised new interesting ways to put these into practice and reinvent the marketing calendar
