\n
However, once the customer comes to our Point of Sale (PoS), it is our service that keeps him coming back.<\/p>\n<\/div>\n
Rahul Chadha,<\/strong> CEO, Religare Wellness.<\/p>\n
<\/p>\n
$\"05\"$ <\/a>We sell powerful brands \u2013 Loto & Nike.\u00a0 We draw footfall from brand recall and brand values.
\nStudying the customer\u2019s preferences is critical to the business.
\nSince we have a young clientele, the language that we use to communicate is important.
\nIN-store experience has to be consistent with the brand.<\/p>\n
Rishab Soni,<\/strong> MD, SSIPL Retail Limited<\/p>\n
Our reputation as regional retailers has been a great asset.<\/p>\n
Our customers know that we are more dependable than a network-based retailer.<\/p>\n
Relationship-based business model where the customer knows that we are always available to resolve issues.<\/p>\n
Intense knowledge of the local area boosts business.<\/p>\n
Yogesh Jain,<\/strong> Owner, Eye-sense opticians<\/p>\n
How do you overcome huge operational costs?<\/strong><\/p>\n
$\"06\"$ <\/a>We are a gifting based business and one must be prepared for experimentation.<\/p>\n
Right-sizing is the key.<\/p>\n
We have reduced space at some important locations to less than half and have increased business by 90%.<\/p>\n
Optimising operational costs is often about using the normal business cycle to both grow, and down size when relevant. The key is to try and build a flexible cost structure.<\/p>\n
Asim Dalal<\/strong>, MD, The Bombay Store<\/p>\n
<\/p>\n
$\"07\"$ <\/a>Jewellery retail in India still belongs to the unorganised sector. Hence, they are our major competitors.<\/p>\n
Due to high investment in merchandising and inventory, we have taken a conscious decision to rent small ticket sizes.<\/p>\n
We believe in franchising, so we have opened stores in cities as small as Jangalpur in Chattisgarh.<\/p>\n
\n
Smaller cities have latent demand for jewellery,\u00a0 franchising gives us the ability to create a flexible cost base.<\/p>\n
Rahul Vira<\/strong>, CEO, Gitanjali Gems<\/p>\n
Consumer Acquisition \u2013 Innovations<\/strong><\/p>\n
$\"08\"$ <\/a>The Apollo Brand is a powerful force for customer acquisition \u2013 and also has helped as attract franchisees.<\/p>\n
About 60% sales in pharma industry takes place within a medical ecosystem i.e between a doctor, pharmacist and patient.<\/p>\n
Hence we tried to tap into the remaining 40% where educated consumers are concerned about wellness, especially derma cosmetics.<\/p>\n
Our merchandise mix includes supplements and energy management SKUs \u2013 to help with acquisition of new customers.<\/p>\n
We have also introduced a loyalty program.<\/p>\n
\n
60 million people in India suffer from diabetes. So we introduced a karela-jamun juice as a preventive solution.<\/p>\n
Atul Ajuha,<\/strong> Vice President \u2013 Retail, Apollo Pharmacy<\/p>\n
Malls \u2013 fit for specialty retailers.
\n<\/strong><\/p>\n
$\"09\"$ <\/a>Malls have been great for us in terms of attracting potential customers.<\/p>\n
However, choosing the right location is essential. For example, we have ventured into cities such as Surat, Kohima and Patna where we are the only bookstore.<\/p>\n
Rentals have been rationalised in recent times. This allows us to increase our ticket-size in malls.<\/p>\n
\n
As a category i.e book retailers, we are preferred by malls. But we have to insist on the right positioning.<\/p>\n
Kinjal Shah,<\/strong> COO, Crossword<\/p>\n<\/div>\n
What are malls doing to attract specialty retailers?<\/strong><\/p>\n
There is lack of understanding in malls regarding store segmentation.<\/p>\n
Service providers are low on rentals. However, they attract foot-falls.<\/p>\n
\n
Specialty stores are the real income for malls and they need to have better strategies.<\/p>\n
Yogesh Jain,<\/strong> Owner, Eye-sense opticians<\/p>\n<\/div>\n
<\/div>\n\n
$\"07\"$ <\/a>Usually, international brands get the first preference on the ground floor of a mall.<\/p>\n
\n
Although not cheap, I think malls are a great prospect for specialty retailers.<\/p>\n<\/div>\n<\/div>\n
Rahul Vira,<\/strong> CEO, Gitanjali Gems<\/p>\n
<\/p>\n
<\/p>\n<\/div>\n<\/div>\n
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