Go For Omni Channel Route To Run A Profitable Business

With the growing need of different kind of customers, Indian retail players are adopting different techniques like catching on the online as well as offline spaces via different ways. Several brands are exploiting medium including apps, own shopping portals, social media websites and tying up with leading e retailers. On the other hand to catch on the offline market, the brands are strengthening their retail presence by opening more and more franchise stores, and running various activities at the outlets to woo the customers, which includes- outlet set up and display, discounts and offers, setting up kiosks, power dressing and others.

Market insight

The overall retail market is expected to grow at 15 % CAGR from Rs 23 trillion in 2011-12 to Rs 47 trillion in 2016-17 over the next five years. Likewise, e-commerce is also growing. According to a recent report, the e-commerce market in the country is expected to quadruple to $60-70 billion in the next five years. The leading online players like Jabong, ebay, Flipkart, Amazon, Snapdeal and others have set an exemplary milestone for offline retail players to come at par with them. The combination of both the segments is resulting in successful omni- channel retail presence.

Shivanandan Pare, Head, Trendin.com says: “Due to faster growing future segment of digital consumerism in retail industry, we came up with our online store in March 2013 for all Madura brands and later for Pantaloons too. E stores have great demand and potential among new generation buyers. Trendin.com works on omni-channel model but digital segment is fast growing and most relevant category that we cater to.”

Omni-channel and its leading players

Omni-channel or multi-channel retailing is helping in customer convenience apart from raising revenues for franchisors and franchisees. The strategy behind omni- channel presence is to allow consumer to decide when, where, and how to shop. The consumer can order anytime, anywhere, and from any device with seamless customer experience.

FirsCry.com, Titan, Being Human, Bata, Babyoye, Greengold, Gitanjali, Chhabra 555 and many others are leading the bandwagon while offline retail giant like, Max India, a division of Lifestyle International (P) Ltd, will be launching omni-channel model and opening click and collect centres next year. “We will launch omni-channel model next year. We are soon looking at opening click and centre collect centres,” says Vasanth Kumar, Executive Director, Max Retail.

According to Sudeesh Varma, Head- Green Gold Stores and Events: “Retailing is tough in today’s era where there are so many new brands entering market each day. To match up with the customers’ need and to sustain our brands’ repute in the market, Green Gold is hyperactive via its omni-channel models and have alliance with other big educational brands. I feel online pampering of the customers is equally important to promote a brands as in the case of offline presence.”