2013 sounds and seems promising. The year that went by is also something we need to reflect on. It was action packed with lots of twists and turns. On the whole, a roller coaster ride which we would not forget. Consumer behaviour changed and we saw the swift from going to the local grocery or kirana store to more plush and large retail stores opening throughout the country.
Polls reveal Numerous polls conducted by organized and non-organized bodies reveal that 2013 will be more about spending money. Consumers would be spending more on things that bring in happiness and health to them. They would be spendthrift on frivolous items and make more practical buying decisions. Holiday sales is something retailers wait for with a lot of eagerness and this year too it will increase by a mere percentage.
With the number of consumers taking their buying online, retailers will have also focus more on ramping up the in-store experience. The retail experience is all about entertainment in the store. Consumers not only see the brand but they touch and feel the products. The interaction will have to be tailored to increase consumer delight. This will result in increased sales beyond the forecasted numbers.
New & Old retailers Every year, the count of old and new retailers entering or leaving the industry keeps varying. But with the advancement of technology, there is a new crop of retailers who believe that they can run their business completely online and find it more affordable since the real estate costs come to the minimum. Consumers are being pampered with sales almost every day by the small group of e-commerce sites. Big brands also find this favorable to them as the brand awareness among customers increase not only through their concentrated efforts but also through the small retail players with massive online presence.
For budding entrepreneurs, this will be a potentially fruitful year if the new product or service introduced is packaged well and affordable to the growing middle class population. 'Being unique' will be the mantra for the year. Definitely, this would be good news for all who want start their own retail business. Investors will have a lot of lucrative options to fund. Going ahead, big brands will have to keep increasing and improving their customer interaction and in-store experience to retain their loyal customer base.
The time to develop and market new products is very favorable. Consumers are open to experiment and spend on items which may not be still very useful but could afford luxury or unique experiences to them. The products that match well with their demands and if well positioned, it will turn out to be the perfect fit for them.
It is time, retailers who still function the traditional way should increasingly become more adaptable to latest technology and increasingly consumer driven. They need to invest time to retrospect and gather their resources for the next act before it's too late.