In a packed-to-the-gills conference room of InFashion 2012, the Sam Walton of Indian Retail – Kishore Biyani – enthralled and engaged the industry with his pearls of wisdom and practical approach to business. Answering questions with characteristic candor, Biyani revealed his “fear and greed strategy” that worked to pull in customers. “The three days in a year when we offer the maximum discounts at Big Bazaar thrive on the fear-and-greed principle. We create a fear in the mind of the consumer that if they don’t avail the discount, it may be a missed opportunity. We also create greed for bigger bargains and it works beautifully well,” he said.
Citing the example of Dhanteras when buying gold is considered auspicious, Biyani urged the textile industry to create newer occasions for buying. The second-hand garment market holds immense potential and can be further used to fuel demand, he stressed. “Create more national days and have them promoted aggressively through advertisements,” was his advice.
“We have observed a steady growth of 70-80 percent in the sale of salwar kameez segment and this can be attributed to the television serials. Previously these serials had the women characters sport saris and now it is salwar kameez,” Biyani added.
On a lighter note, Biyani shared his secret of success: “Stay connected to what is popular. It could be a serial, a film or the latest music. Find out what makes it so popular. I make it a point to catch the most popular serials on TV. These days, it happens to be “Bade Acche Lagte Hain.”
When asked to describe a typical day in his life, Biyani replied in his characteristic style: “tension…tension…tension.”
-Nivedita Jayaram Pawar