Retail TNT

The Fashionista Dream Is Alive And Kicking. But It’s No Longer Strictly Elitist! With The US And Europe Still Grappling With Recession, Global Luxury Apparel Retailers Are Eyeing Markets Like India, Which Has Put Itself Firmly On The Path Of Recovery.

Reworking Their Business Model By Focusing On Affordable Luxury, International Majors Are In Talks With Indian Players To Target Aspirational But Value-Conscious Consumers.

While Retail Chain Major Shoppers Stop Is All Set To Launch Playboy Brand Of Unisex Wear, Textile Conglomerate S Kumars Group Is Bringing In Three International Brands By The End Of This Fiscal.

Several High-Priced International Apparel Brands Were Earlier Forced To Close Shop Due To Sluggish Demand. Few Other Brands Like Jimmy Choo And Bottega Veneta Changed Hands From The Murjanis To Genesis Colors And Springfield In Order To Sustain Growth.

Now, Global Brands Are Relying On Indian Retailer’s Understanding Of The Local Market While Indian Retailers Are Reworking The Price In Accordance With Preference Of The Consumers.

“Indian Retailers, Tying Up With International Brands, Are Giving Them An Insight Of The Indian Market And Taking The Responsibility Of Marketing On Franchisee Basis, Which Is Being Preferred By The Overseas Brands”, Says Rahul Mehta, President Of Clothing Manufacturers Association.

Shoppers Stop, Which Had Launched Foreign Brands Like MAC, Mothercare And Austin Reed Among Dozen Of Global Brands, And Now Plans To Add About Half-A-Dozen International Labels Soon.

“We Have Recently Introduced European Jeanswear Brand Mustang And Will Be Launching Playboy Apparel (Avinix Fashion) And Luxury Cosmetic Brand Guerlain (Baccarrose),” Says Govind Shrikhande, Chief Executive Officer Of Shoppers Stop. India Is Seen As A Key Growth Market And Is Getting Positive Response From Several International Brands, Added Mr Shrikhande.

S Kumars Group, Which Tied Up With Italian Brand Oviesse This Year, Is In Talks With Other International Brands. Nitin Kasliwal, Managing Director Of S Kumars Nationwide (SKNL), Said, “We Are In Advanced Stage Of Talks With International Apparel Brands Keen To Tap The Indian Market Soon. Some Of These Brands Are Top-End Luxury Brands.” Brandhouse Retails, Apparel Retail Arm Of SKNL, Will Look After The Retail Expansion And Marketing Of These Brands In The Country.

Arvind Brands, Which Has A Licence To Market Premium Segment Men’s Wear Brands Such As Arrow And Gant, Has Launched ‘Izod’ In India, A Label Of Global Apparel Firm Van Heusen. In Line With Others, Murjani Group That Brought Brands Like Calvin Klein, Tommy Hilfiger, Gloria Vanderbilt And French Connection Funky Wears For Youngsters FCUK, Has Also Launched An On-Line Sales Service For The Brand.

Industry Analysts Contend That Earlier The Global Luxury Brands, Which Came In India, Were Highly Priced For The Indian Consumers. Now, In Order To Sustain In The Market, Most Of Them Have Started Discount Selling.The Big Brands Mega Carnival In Mumbai Recently Offered Almost 80% On International Brands Like Roberto Cavalli, Givenchy, Davidoff, Chopard And Calvin Klein, To Name A Few.

“Market For Luxury Brands Is Yet To Develop In A Country Like India, Where Demand Is Rising With Consumer’s Purchasing Power,” Said Tarun Joshi, Managing Director Brandhouse.

According To Industry Analysts, The Market For Luxury And Premium Brands In India Is Estimated At About Rs.6,000 Crore- Rs.7,000 Crore And Growing At About 25-30%. However, Luxury Is Still In Its Nascent Stages As Only 8-10% Of The Indian Population In Metros Is Exposed To Such Brands. Overall, Organised Apparel Retail Contributed More Than 35 % Of The Entire Organised Retail Market Aggregating Over $ 60 Billion.

Internet technology and retail innovation have brought about a significant change in the consumer behavior. Todays consumers are smart, intelligent and conscious buyers. They are aware of the product or service they are investing in and also on the mode. Therefore, enterprises and retail brand needs pay attention to the consumer buying experience than merely selling a product.

Gone are the days when a retail transaction would have been all about a salesperson to consumer purchasing act. In addition to that, with the advent of the social media platforms such as Facebook, Twitter and advanced mobile devices such as Smart Phones, the retail industry is today completely driven by consumer behavior trends and economic vitality. The only way retrial brands can successfully cater to this ever changing consumer behavior and trend is by adopting consumer service solutions that makes the retail customer experience intelligent, streamlined, loyal thereby adding value to it. In order to achieve this, retail enterprises need to offer services keeping in mind solely the consumer perspective.

Industry Solutions For Successful Retail Customer Experience

Today eminent service providers have realized the importance of customer experience in the retail and B2B vertical. These companies specialize in advanced customer experience solutions and help the retail brands to make their consumer service experience simple, easy yet meaningful. These companies have a clear understanding of a customers journey and creates specialized applications, to assist customers to navigate their communications with retail enterprises. This application can successfully anticipate user requirements and learns from every complete interaction. In addition to that, these applications help retailers maximize sales and offer excellent customer service to shoppers and members. Selected applications include the following:

Inventory Check
Product Troubleshooting
Returns and Exchanges
Rewards Program

That is not all. Each application is provided to the client or end user as a cloud based service and features:

One or more than one channel
Quick execution
Assistance from managed services
Complete integration with back-end databases

Advanced retail customer experience solutions streamline the service flow by asking the consumer whether they need assistance online, over the phone or through a chat messenger. Furthermore by enhancing sales through support experiences it helps to make this service model a revenue generating model. This means that the retail brand earns returns in quantity as well as quality. One of the major factors that contribute to retail success is positive word of mouth publicity. By offering a satisfying customer experience retail brands can successfully make the most of it.

Retail Management is a dynamic field and offers lucrative opportunities to those who are willing to study for it and learn the ropes. What makes it more exciting is that you dont need to finish a college degree to get started or become a successful retail manager. A short online course which you can take while you are working full-time can pave the way to a new and rewarding career in this industry. Since you will be dealing with different types of people, you must have good communication skills, be able to lead and motivate your staff, patient, keen attention to details, able to multitask, willing to work long hours and a problem solver. Running a retail store is very challenging but if you overcome the pressures, it can be very fulfilling too.

A retail management diploma may be helpful if you want to climb up the corporate ladder. It will also introduce you to the basic and technical concepts of running a business especially how to make your store profitable, hiring personnel and monitoring staff performance. After finishing a course, you can already apply for entry level positions. Some of the positions that you can apply for are store assistant, sales clerk or cashier. This is usually a first step to reaching the top. Observe and learn how the business works. Request to be assigned in different positions and shifts. Opening and closing shifts offer different insights so this will be helpful for you to become a retail manager later on.

While you are gaining experience, dont forget the importance of continued education. Though it is not required to have formal college education, taking up retail management courses even through distance learning is important not only to update your skills and give you competitive edge over other candidates for retail managers but to establish contacts with key people in the industry as well. When you keep yourself updated with business trends and skills, it wouldnt take long to qualify for managerial positions not only in retail but also in merchandising, sales, operations, accounting (if you take up accounting courses) and marketing. Choosing an accredited and recognized retail management institute is crucial in facilitating your shift to this field. Schools with good reputation often assist their graduates in applying for jobs by helping them create a solid resume and providing references. Make sure you take advantage of on-the-job training or internship. If you have friends who own stores or businesses, volunteer to work there even for a few hours a week. This can give you valuable experience and let you develop important skill set that you can use when you are ready to run a business or manage a retail store.

You had a great idea when you decided to open a home-based Internet retail business. You became a power seller, as people in the online retail business world call you. Your goal is to move tons of merchandise through Web auction sites and classifieds services without ever leaving the comfort of your home office. Drop shipping gives you the opportunity to accomplish your dreams and more. The sky is the limit if you know how to get your business off the ground.

Drop shipping can launch your business into successful orbit, but it isnt rocket science. With this unique way of doing business, you enlist the services of a wholesale merchandise company. The wholesale company takes care of the stockpiling and storing of your product. It even covers the shipping and handling charges when one of your customers orders an item.

This means you dont have to rent thousands of square feet to warehouse your inventory, and youre free from the liability that comes with direct delivery to your customers. Your only expenses are the membership fee of your particular wholesaler, along with the fees and percentages you lose to advertising and auctioning online. If you play your cards right with these fees, you can build yourself a very cost-effectiveand most importantly, profitablehome-based business.

Experienced online retailers have learned the tricks of the trade to do just that. Here are the key secrets that they, your competitors, dont want you to know. These three tips will stack the deck in your favor, helping you to grow your clientele while avoiding the pitfalls of doing ecommerce.

Get sold on your wholesaler. Nowadays, wholesalers are a dime a dozen, so dont settle on the first one that comes your way. Let wholesalers compete for your business, instead of the other way around. Many companies may offer specials to new prospective retailers. They may waive the minimum order requirements, credit check, and prepayments if you sign up with them. Top-notch wholesalers could also offer international delivery or special net payment options. Avoid high expenses at the get-go by taking advantage of such specials, and turn a profit a lot quicker.

Sniff out whole-scammers. For every honest wholesaler looking to build a successful relationship with you, theres a crook out there looking to do nothing but build his bank account at your expense. Avoid any wholesaler, for instance, who demands you pay an advance fee before you sign up with them. Be wary of wholesalers who claim to have thousands of items in their selection. These might not be wholesalers at all, but middlemen who are trying to bluff you. Instead of actually stocking these thousands of products, they actually buy them from a wholesaler, or another middleman, and resell them to you at a jacked up price, thereby cutting into your profits.

Get wired to the Web wisely. You now have a trusted Wholesaler and outstanding products to move, but so do thousands of other Internet retailers. How can you stand out to attract customers and save money doing so? One way to make a mark online is to design and write your own ads for your products. Many wholesalers provide complimentary stock product photos and descriptions that you can use in your online ads and classifieds. Then again, they provide the same thing to all their retailers. Most retailers use them. So you shouldnt.

An online store can bring completeness to your retail business. Through your online store, you can both mobilize your physical marketing resources to promote your retail business and streamline how your customers interact with you to purchase the product. However, the mindset of the customer becomes entirely different when it comes to purchase something over the web. In his sub-conscious mind, the customer usually looks for a better deal as his physical movement is confined (his shopping notions are somewhat pre-programmed when he visits the online store). Naturally, as an online retail store owner, onus is on you to present things in your store as per your customers psychological orientations.

A few things that govern customers psychology when it comes to online shopping and where you as an online retailer can take benefits are:

Neuromarketing techniques Brain-research studies show that online shoppers are greatly influenced by the color of the background, location of the product on the screen, display of pricing etc. The shoppers decision to buy a product or his spending limit is determined by these factors. For example, researchers suggests that a greenish pattern in the background of a product in an online store selling furniture, may help in firing the online customers neurons in a way that would make them sensitive to the price of the item. On the other hand, a blue-colored pattern may help in stimulating the online shoppers neurons towards the comfort-angle of the product. In simpler words, for a low-priced product keep a green background and highlight the low price, similarly, if your product is highly-priced, use a blue background and highlight the comfort features.

Affinity for free-shipping The phrase free-shipping is one of most sought-after characteristics of a any product sold online; at least a large section of the online shoppers just run for it! Consumers prefers free-shipping offers as they compare it to the shopping experience in the physical store; you take out your car, drive to the store, burn gas, buy the item, burn gas again, move through traffic, reach home, park your car and finally open the box on your living room table well, the retailers mind compares all these with the phrase free-shipping. Even a $20 discount weighs less than a $10 waiver in the name of free-shipping. Discount? Well, its ok; everybody gives. Free-shipping? Why, I will buy it! This is the psychology of major chunk of online shoppers.

Comparative pricing of products Online shoppers psycho-analysis report shows that most buyers give precedence to mid-range comparative pricing of a group of similar product. For instance, if you place two similar items on the category page of your store (showing brief details of both), one priced at $100, and the other at $150, most customers will purchase the cheaper one. Now, add a third item priced at say, $200 (the one that you are not even interested in selling); you will be amazed to see that most people will purchase the item selling for $150! Moral of the story always give your buyers something to compare!

Online shoppers also prefer the pricing in their local currencies (if you are selling globally) and they have a great love for coupons also. Moreover, the buying pattern also varies with various demographic parameters like age-group, income-group, sex, education, community and so on. So, while you sell observe and know your customers!