India’s consumer market is thriving as the mindset of the consumer makes a defining change from need-based shopping to discretionary spending. Share of wallet towards the latter is expected to reach 70% of total spending by 2015. This changing face of Indian consumerism calls for a radical change towards the way a Fashion Retail brand perceives its customers.
Click Here to examine a Case Study (“Measuring Consumer Stickiness to a Large Fashion Retail Brand”) on how Large Fashion Retailers can benefit from m’loyal mobile customer loyalty platform to build an unparalleled Brand Experience around their products/services.
Customer Lifecycle Management or CLM for a Shopping Center should not be looked at a micro level where retail stores issue plastic loyalty cards in order to woo customers. Mall Management needs to pull out all plugs to ensure they are going that Extra mile to provide Value to customer by converting their Malls from mere Shopping Centers into Experience Centers.
A much broader customer loyalty management program can be looked into wherein the shopping center per se will have to take the lead in translating the visitor experience from good to ‘wow’. This will help ensure footfalls are always on the higher side vis-à-vis shopping centers within a catchment area.
There is no denying the fact that retailers are already besieged with rising retail rentals. An exhaustive CLM program can end up being a win-win for the outlet as well as the Shopping Center. To learn more on how you can transform an existing Shopping Destination to a comprehensive Experience Center, read our Case Study titled: From Shopping Centers to Experience Centers – Managing the Change
The Health & Wellness sector in India is witnessing an exponential growth pattern. As per a PWC-FICC joint report, the fitness and slimming segment is poised to touch the 80 billion mark in 2013. Wellness industry in totality will grow at a CAGR of 20% and touch the 875 billion mark in 2013.
This exciting projection can only come to light if brand owners invest in creating a captivating brand experience for their customers. Key challenges that will confront major players in the Health and Wellness space include:
Read a detailed Case Study on: A Healthy Loyalty Program; Monitoring Customer Pulse.
As per the 2001 India census, youth population or what is also known as the ‘Demographic Dividend’ is remarkably high. Today, as many as 41.05% of India’s total population comprises of people between the age group of 13 and 25 years. Add to that, an ever-rising middle class with higher disposable income and that should explain the buoyancy that is being witnessed in the QSR sector today. India’s QSR market is worth $ 13 billion today and estimated to grow at an approximate 30% every year. [Source: Euromonitor International, a global leader in strategy research]
To cash in on this meteoric rise it is imperative that Indian QSRs try to overcome the following challenges:
To gain further insights into how you can RECOGNISE customers and give them offers that are RELEVANT, read our Case Study on Recognizing Customers & Conducting Relevant Campaigns
Indian footwear industry is growing at a Compounded Annual Growth Rate (CAGR) of 7% and is expected to be worth INR 475 billion by 2025. Expansion of the organized retail sector, rising middle class, growing fashion consciousness and high disposable income have all contributed to the phenomenal growth in this sector.
Critical challenges faced by Footwear brands in India include the following:
In a fiercely competitive landscape, bringing down the churn rate i.e. customer defection is the only way to hold on to your market share and improve your bottom-line. Consumers are fickle and will switch allegiance at the slightest of opportunity. Retaining existing customers by delivering them a strong Brand Experience turns out to be a profitable alternate to acquiring new customers.
Loyalty programs are the need of the hour across every industry. Consumers need to be rewarded on every interaction they have with your brand. A robust loyalty program must aim towards bridging the perception gap that exists for your brand. Today, it is not just the price or the quality of product/service, consumer emotions are taking centerstage.
Drivers that influence consumer behavior need to be identified along with a strong measurement system that can track each consumer spend using insightful analytics. All this information flow must happen in real-time and this is precisely where mobility platforms play a key role.
India Development Center
B-27 Sector 63,
Noida 201301, UP