INNOVATIVE STRATEGIES FOR TRADITIONAL STORES AMID RETAIL BOOM.
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By: Er.Purabee Purnasha Mishra
AB ST RA CT; “I shop weekly”, A statement by a customer while I asked him this question in Shopper stop, Mulund, Mumbai during a project Consumer behavior in the catchments analysis. There was a series of questions in my mind, what do you shop? Is it day to day house hold shopping bread and butter,, he smiled and told,, No check my first citizen card I shop from Shopper stop only that too lifestyle products. Now To work further on it question 2…. Is today’s shopper rich? No but he has a reason to shop it can be fast life and less involvement in family and so he enjoys shopping to coin this it can be “Shoppertainment”. This is absent in traditional stores so it works on face value and location. But a successful store needs high-end service to cater to “Shoppertainment”. And which will generate a strong customer database. Volume of business and customer database are interdependent. Innovation is a change in thought process for doing something or the useful application of new inventions and discoveries. So a Traditional retailer can use innovative strategies in the following: A traditional store lacks a Proper layout, Proper category adjacencies, Merchandising solution, Proper fixtures, Plano gram, Information and technology and thorough training of the employees.
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( Word to PDF Converter - Unregistered ) http://www.Word-to-PDF-Converter.net When we talk about innovation in Retail it is no rocket science it is Plano Gram that is planning each gram of the store, which can be worked manually as the traditional stores and small and with expansion software, is used. To show a small example of improper display
The above display is the most pathetic alignment of products, phenyl kept with skincare and hair care products. This is something which at traditional store has to work on. While making any display the adjacency of products is to be maintained and accordingly arranged. A proper prior layout is necessary so that I as a retailer know every inch of my floor and contribution of it. Live examples can be done and presented. Big retail players who are traditional by nature are working on the layout to know what they are selling from where and where what can sell well. To give examples we have “THE WORLD”, a shopping arcade where a part of this project is done. To talk more we need to work on store discipline in mall culture so the traditional stores should be able to cope to the mall culture and fill the criteria of the malls. Introduction: Can we delay the growth of our children, curb the aspirations of the youth, go back to the days of Fiats and Ambassadors, fly only Indian Airlines?” Says: BS Nagesh, the vice chairman of Shoppers Stop,
( Word to PDF Converter - Unregistered ) http://www.Word-to-PDF-Converter.net a leading domestic chain of department stores. “Rising aspirations … create demand for new products and new services. The assortment required to fulfill these desires cannot be fitted into a small … store.” This thought has made big international players are entering into tier 2 and tier 3 cities this can be a threat to traditional retailers so they need to be par with the minimum innovations which will help them sustain in the market. In developed markets like the US, large formats such as hypermarkets and super centre stores work well. However, considering the Indian customer’s shopping patterns, small to medium store formats such as convenience stores and supermarkets would be able to drive customer traffic in the city centre and developed localities of Tier-I and Tier-II cities. While mid-segment and price-sensitive customers purchase their grocery on daily or weekly...