The Hindu Business Line : ‘Retailers must know consumers’ needs’

“There are two strategic globalisation questions, which geographies to enter and when to enter. It is crucial for the retailers to understand market situations, market attractiveness and the risks.”

Our Bureau

New Delhi, June 29 The consumer today is more empowered, aware and seeks attention, thus making it important for retailers to understand the consumer’s needs, said Mr Rajeev Karwal, Founder and CEO of Milagrow.

He was speaking on the first day of the three-day Delhi chapter of the retail summit, The Shop.

Mr Vipul Sabharwal of Nokia said, “India is witnessing a boom in retail. Gone are the days of one- size –fits-all theory. According to our recent survey, 70 per cent of the actual decision of buying a mobile handset is taken inside the store, which clearly indicates the importance of retailing. The consumers’ demands have become far more specific and customised and in order to grow, the retailers today need to understand them.”

Mr Vikram Bakshi, Managing Director, Mc Donalds India, emphasised on the potentials of the growing industry and said, “Retail is not about making money, it is about creating consumer choices, benefiting them and finally ensuring consumer satisfaction. India has tremendous market potential and it is up to the retailers to leverage upon it which can only be achieved by understanding the consumer and the market.”

Mr Hemant Kalbag, Principal, ATKearney Ltd, said, “There are two strategic globalisation questions, which geographies to enter and when to enter. It is crucial for the retailers to understand market situations, market attractiveness and counter the risks involved in retailing.”

“Organised retail in India is indeed growing fast and events such as this and its zonal versions, have received global appreciation for the initiatives to support this growth in organised retail,” said Mr Amitabh Taneja, Chief Convenor, India Retail Forum. “The Shop is aimed to addressing issues concerning millions of small retailers, middlemen and vendors who somehow fear losing their businesses in the wake of the evolution of organised retail,” he added. The summit also introduced products, services, spaces, ideas and innovations to retailers, retail concepts to potential franchisees to equip young entrepreneurs with necessary support and knowledge.