The Hindu Business Line : ‘Retailers must focus on understanding customers’

Mumbai, May 9 Organised retailers in India will need far more than prime locations and competitive prices in order to succeed in what is shaping up to be a fast growing but extremely competitive retail market.

Retailers have the opportunity to develop a competitive advantage by gaining a deep understanding of their customers using robust data analytics. A new report from Diamond Management & Technology Consultants Inc contends that organised retailers need to build their data collection, storage, and analysis capabilities if they hope to win in the burgeoning Indian market.

Diamond’s report, titled Understanding the Indian Retail Customer – in Bits and Bytes! explains that India’s innovative organised retailers should leverage data-driven analytics to acquire new customers, build loyal long-term customers, and maximise customer value.

“Organised retailers in India today primarily focus on traditional building blocks such as retail space and supply chain infrastructure,” said Mr Vinod Nair, a Partner at Diamond, who leads the firm’s India practice and an author of the paper. “Consequently, these companies often overlook the need to develop a continuous understanding of the Indian customer’s preferences and buying behaviour.”

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