With stiffening competition among different brands, it has become pivotal for retailers to focus on creating a differentiated brand experience for the consumer. Packaging of the brand, working on its placing in the store, and offering seamless services to the consumer are some of the factors which, if kept in mind, can go a long way in affecting the consumer’s purchase decision
In a business scenario marked by fierce competition, brand value is becoming an integral part of every sector. Retail industries across the globe continue to overwhelm with their unrestrained growth, even in times of turbulence, in comparison with other sectors. International brands forayed into the Indian market with a revenue growth of more than US$ 700 million. A majority of this is because of the evolution of the service sector and the packaging of brands for the consumer. The packaging of the brand should reflect the brand value perceived by the consumer. The look of the brand, the way it is placed in the store, convenience to the consumer, and the overall brand experience together make a significant impact on the consumer’s purchase decision. These are factors that help consumers evaluate the value of the brand, and which may eventually lead to business success.
Over the years, the traditional approach of making purchases from the local kirana stores has undergone a sea change. These stores have also started turning themselves into multi-utility destinations with a wider variety of brands on offer. When two retailers are offering the same product to the consumer, it is vital that they delight the consumer during their shopping experience.
The Indian consumer gives prime importance to the ‘value for money ideology’ where they tend to compare the given services and benefits with the monetary value related to it. The information-rich consumer prefers to shop in an environment indicative of the brands offer.
Indian retailers cannot duplicate the international trend in their local business as is, but need to understand the local flavour and consumer while adapting these trends. The availability of the brands and convenience being important factors for the Indian consumer, retailers should adopt the international trend and adapt it with the local flavour to give a comfortable environment for the shopping experience. Engaging the consumer in this whole experience is an art, and retail stores must excel in it to build a successful brand.