8 steps to ensure the success of international retail brands in the Indian market, Retail News, ET Retail

The retail sector in India was hit hard during the covid peak, but saw a surprising 24% jump earlier this year compared to the pre-pandemic period. The market has again paved the way for the entry of international brands or the expansion of existing brands. Just last week, ABFRL announced the opening of several exclusive company-owned and franchise stores for their recent acquisition of Reebok. 2021-2022 has seen several international brands paving the way to the Indian market, Westinghouse Corporation is another big name that wants a piece of the pie.

Despite some factors such as border disputes, conflicts, changing export conditions and rising costs, India offers growth opportunities for many international brands. India is seen as one of the best investment opportunities, in the words of Mckinsey CEO Bob Sternfels, “This is not India’s decade, this is India’s century” , in the world. Here are some steps that would allow international brands to succeed in India:

1. Brand stories get an immediate connection with the consumer: When Pepsi decided to launch its clothing collection in India, it decided to do so through a partner, who could not only match the vision but also keep the essence intact. Pepsi primarily connects well with young consumers, it is a fun, vibrant and colorful brand, after much careful consideration Arvind Brands was finalized as a partner considering they would be able to carry the ethos of mark as needed. which was indeed a fantastic choice. Living up to expectations, Arvind Brands made the best launch Pepsi could have had, it was also well received by young people. This implies that any brand entering the Indian market if the heritage, vision and ethos of the brand are carefully conveyed to the people, the chances of getting it wrong are rare.

2. Focus on product quality: A very good example of this can be Page industries who launched Jockey in the Indian market in 1994, since then the company has extended the term of its license with the brand ensuring that the quality of the product is never diluted . This may be the reason that marked the growth of the brand in India as the partner insisted on maintaining quality.

3. Brick and mortar is essential: More than 80% of Indian shoppers prefer to shop at a store. Upon entering India, Louis Philippe, Van Heusen, Polo Ralph Lauren, Ted Baker, Hackett London, H&M and many more were welcomed with open arms, with long queues in their stores. The brick-and-mortar store still holds a significant share of clothing segment sales via shopping malls. We love the idea of ​​walking into the store and having this amazing shopping experience. The touch and feel of the shopping part can never be redundant.

4. Curb violation: Copyright is no longer just about novels or the art of painting. It’s also about protecting your design, content and newsletters. Companies must have a strict legal policy against counterfeiting that affects everything they use to promote their brand or communicate with the public. Think about your unique ideas, out-of-this-world graphics, and amazing strategies copied and pasted elsewhere, because everything these days is just a few clicks away. It is therefore a very important part of the inclusion policy before going into retail.

5. Be alive with compelling marketing: With 3D ads, story-based promotion, and targeted marketing, all of the above steps wouldn’t have an impact if not marketed well. We have all heard of people flooding the IKEA store on the outskirts of Bengaluru or the rumble of traffic on the opening day of the LuLu mall in Lucknow. A similar experience has been seen with the launch of Starbucks and now Tim Hortons in India. It is not just about the brands but also the promotion, one of a kind, with a story to appeal to the young Indian Shopper.

6. Innovate and plan for the long term: You’ll never believe it, but Lego, the toy and lifestyle brand currently loved by all age groups, suffered huge losses in 2003. Thereafter, the revival began, based on the premise direct engagement with the customer. They also started asking their fan community for ideas, which resulted in the launch of a brand new Ninja series, Ghostbusters, which kind of gave the public a sense of belonging and the rest, as you know. know, is history. Therefore, not having a successful startup does not mean that you cannot be successful in the long run.

seven. Collect and analyze data: How would you know what sells the most, what the customer wants, what is the ideal price for details such as what day your sales day should be, when to start offers to attract customers and many offers of More detailed demand-driven products can be reached by following the data. This gives you a competitive advantage as well as a way to deliver a personalized experience and curated assortment to your loyal customers. It can definitely go a long way in setting a long-term vision and improving the shopping experience.

8. Experiment with Limited Edition Offers / Collab / Exclusive Range: Reliance retail, ABFRL, Bestseller group, Arvind brands, all the big houses have experimented with collaborations and limited edition ranges for different brands. This gives you quick design leverage and a new audience for your partner brand. These days, brands take the route of licensing and collaboration to establish themselves, launch a new collection or expand the audience base. This gives the required freshness and overhaul to the otherwise existing lineup and strategy.

Comments are closed.