Pricing strategies are undergoing a paradigm shift, driven by a synthesis of tradition, innovation, and consumer aspirations as per fashion retail leaders at India Fashion Forum 2024
Bengaluru: The landscape of ethnic wear pricing strategies is evolving significantly, propelled by a fusion of tradition, innovation, and the ever-changing desires of consumers, according to industry experts speaking at the India Fashion Forum 2024 held in Bengaluru on 21-22 February.
Against the backdrop of shifting consumer preferences and market trends, the forum served as a crucible for innovative ideas and transformative initiatives aimed at redefining pricing norms within the ethnic wear segment.
“Ethnic wear pricing isn’t just about numbers; it’s about weaving narratives and crafting experiences that resonate with our diverse customer base,” said Umar Akhter, chief executive officer of Koskii, a Bengaluru-based occasion-wear brand.
Industry titans recognize the need for pricing structures that balance heritage with modernity while delivering exceptional value to customers.
Luxury pricing strategies took center stage, with Sandeep Mittal, cofounder of Solus.ai, Cartesian Consulting, shedding light on the intricacies of creating an aura of exclusivity and desirability through pricing. “Luxury pricing is an art form, meticulously crafted to evoke desire and prestige. It’s about creating value beyond monetary considerations,” he remarked, offering insights into the strategic nuances of luxury branding.
Joseph Paul George, executive director of Vismay, emphasized the need to challenge prevalent discounting practices and adopt value-driven pricing models. “Discounts erode brand value and undermine our commitment to quality and craftsmanship. We must embrace pricing strategies that honour our heritage and build lasting relationships with our customers,” he asserted.
Speaking about the strategic significance of end of season (EOS) sales in driving customer engagement and optimizing inventory management, Sanjay Vakharia, co-founder of Spykar Lifestyles, stated, “EOS sales are more than just a clearance event; they’re an opportunity to renew excitement and reinforce brand loyalty.” He also highlighted the multifaceted role of pricing in enhancing customer satisfaction and brand profitability.
