Kanvic helps retailers across categories to develop effective omni-channel strategies, gain unique customer insight, build powerful marketing capabilities and deliver superior customer experience.
With mobile internet use facilitating shopping anytime anywhere, brick and mortar players need to re-think their strategies for engaging, converting and retaining customers both offline and online, and seamlessly integrating the entire experience.
Indian retail is undergoing a unique and unprecedented transformation. The industry is simultaneously transitioning from traditional retailing to modern formats and from brick and mortar selling to a multi-channel world. This is creating opportunities for new and innovative retail strategies for the Indian market.
Retailers have a huge opportunity to leverage their growing resource of customer and transactional data to generate smarter and faster insights through advanced analytics.
Retailers’ greatest source of advantage in the face of competition is the quality and consistency of the experience they provide their customers. Investing in delivering an effortless and personalised customer experience will reduce defections and increase share of wallet.
The rise of e-retail
E-retail has captured substantial market share in a short time by offering wider choice, greater convenience and lower prices. Although modern retail is still in its infancy, many brick & mortar players are having to re-evaluate their growth plans and business models.
Weak business models
Many Indian retailers are struggling with low profitability as a result of the high cost of goods sold, low sales density and intense price competition from traditional and online retailers.
Supply chain inefficiency
A major challenge for Indian retailers is leveraging their scale to achieve efficiencies across what remains a highly fragmented and unorganised supply chain.
Retailers are failing to effectively leverage their customer data to deliver greater value to highly value conscious Indian consumers and, as a result, they are struggling to gain their loyalty.
The real advantage of physical retail is the ability of sales staff to exert influence over customers at the key decision point. However, the paucity of skilled retail professionals in India is a major impediment to realising stores’ sales potential.
India’s evolving regulatory regime provides ongoing challenges for retailers - particularly international players who are seeking to grow their brand in the Indian market.