Retail segment where 'Customer is the King' requires astute judgment of the shopper's mindset in terms of purpose and shopping budget. Understanding these key factors, and serving the customer accordingly, proves the key for success.
has become a challenging business, with competitions popping out of the blue.
Retailers who are able to create a distinct identity for their stores in the
minds of consumers will be able to sustain in the market profitably in the long
run. This requires building a customer-centric culture and monitoring the
global trends on a continuous basis. It seems a distant memory to believe that,
with all the available money, people just spend and buy everything they want. Every
single cent is more valuable, and consumers are more focused on how they spend
the money, and what they buy. Today's customer wants to be proactive, rather
than reactive. Shopping on a budget has become popular. The key for successful
retailing lies in three factors:
- Generate customer value,
- Provide perceived value and,
- Be difficult to copy.
and customer segmentation is a management concept that keeps continuously
evolving. This ever changing nature of retail makes it mandatory for the
retailers to alter their selling modals so as to stay relevant in the market. Retailers
need to predict their business performance accurately, and plan their
strategies over a period of time.
Spending pattern of customers during periods of financial concern