Indian Retail market – Winner – Retailers or Online Retail ?
Before going through Online India Retail Business vs Brick & Mortar , Will share my personal experience with Brick & Mortar and Online Retail.
Even in Dubai, I used to go to Physical Retail for all Items starting from basic needs to luxury Items. But one website changed my whole perception of Online Sales. Markavip.com, After seeing prices of watches like Armani, Cerruti , Amazing sales almost 70 % off and i landed up purchasing around 8 watches.
Another Online experience, Got Nikon D90 from Korea Online. Again, massive price difference between Dubai Retail and Online sales in Korea. But, still i continued my journey with Physical Retail. Got few Rado watches on amazing sales.
India, Journey remains same. Got few stuff from Online with good discount. For me, some times, Physical Retail is for Window shopping or a
reference point. Now the fight is between Online, LFR and Mom & Pop stores , who offers the best price & service.What I feel is, Still, Physical Retail is better for Touch & Feel. Only issue is slight change of View and Customization.
So what’s the survival point for Brick & Mortar Stores :
GTM ( Go to market ) :
Four steps of GTM can do miracle.
– Personal experience
– A knowledgeable Sales person ( This is really missing in Electronics )
– Personal service from experience to purchase
– finally high class after sales service
Location based Marketing : On net, for every geography, Platform is same whether its product or price, but, in physical, its not same. One example, the moment we change region, We immediately get message from Telecom operator. Than why not, from Retailers. The time we reach near a Retail showroom or in same location , immediately get a welcome message with details of Sales / key attraction. This may irritate consumer sometimes but thats the way differentiation can be done.
Price : Though comparing price between Online and Physical store is not possible but this is the simple theory of ” Go with Trend ” or ” Survival of fittest “. You have to give best to the customer. Today, Brand pays for Space / promoter / display , than why Retailers cant meet online Pricing. On side, Retail is paying for Space but at the same time saving a lot on logistics as compared with Online.
Loyalty Program : Online is giving facility of Cash on delivery , what about Physical Retail ? We have to pay upfront. Its same. So where is the differentiation !! I remember loyalty program of Emirates Airlines, amazing. That what, I call as differentiation. Whether in terms of booking tickets or lounge access or up gradation to higher class.
Brick & Mortar stores, can no further take customers for granted. Understand the current Scenario, Traffic jams, parking issues and than struggle for price difference. Why ?? On one side, Customer takes the pain of going to Product and on Other side product is at door step.