Think about price pressures, market disruptions, and increased brand fickleness of shoppers and you get the idea why the retail landscape is becoming increasingly challenging by the day. In such a market scenario, the key to success lies in differentiation but taking conventional approaches such as unique pricing or promotions are no longer effective as they can be easily replicated.
Why taking a personalized approach scores over conventional differentiation (pages 44-45), underscores the importance of incorporating personalization in almost every part of the shopper journey and how retail brands can tailor experiences to meet each buyer’s unique preferences.
Alongside personalization, what cannot be overstated is the quality and calibre of personnel at retail stores. Read this insightful account by a seasoned retailer of her personal shopping experience (pages 20-22) at a hypermarket, where she makes some uncanny observations, including why hiring the right people can bring about operational transmutation for retailers while transforming the experience for shoppers.
Our cover story in this issue (pages 26-35) profiles Delhi-NCR based Honey Money Top whose specialization in the perishables category has turned it into a go-to player for other retailers wanting to transform their fruits and vegetables business and looking to generate better revenues from the category.
Apart from running its own stores, Honey Money Top also operates the Shop-in-Shop model by partnering with other retailers in the region who want to sell perishables but do not want to get into the nitty-gritty of managing and maintaining the category.
Read the story to get a full account of how Honey Money Top can help other retailers to turn a tidy profit by engineering higher shopper conversion and category sales.