Are there enough brands in the Indian market? How strong are they, and what is the consumer's attitude towards it? How potential is the Indian market for building foreign brands?
Drastic growth in the retail segment is boosting the necessity for the businesses to build a strong brand image about their products in the minds of the consumers. Already established businesses are pushed to sustain or expand their presence in the market, boosting the existing image. As far as the apparel segment is concerned, manufacturers attempt to differentiate their brand from that of others thus giving a promise to the consumers that they are offering real value for money.
To transcend into a higher level, and move from an ordinary product and get transformed into a brand, any product needs to have some virtues.
- It needs to have a set of values that people aspire.
- Secondly, it should have a definite personality that people love.
- Last but not the least, it must induce an intense, and positive emotion in the minds of the people who know it.
Indian Market for Branded wears:
Menswear segment consists of higher number of apparel brands comparatively over womenswear. Next is the kidswear segment. Womenswear segment has a lot of untapped market potential both in ethnic and westernwear. However, a recent survey states a surprising fact that womenswear segment is expected to be one of the fastest growing apparel segment with a 13% increase while menswear segment exhibited a growth of only 12%.
Lucrative growth figures in the apparel segment attract big brands into the market both at the domestic and international levels. Prominent international brands seek tie-ups with domestic branch to launch their brands in the country. Gruppo Zambaiti's tie up with Raymond, Esprit and Armani with Madura Garments and Tommy Hilfiger with Arvind Brands are a few to name. Each brand is positioned differently, catering to a different market.
International brands are sold in the Indian market just because of its label. They command a very small share in the Indian market. Indian consumers are more sophisticated and have gained the wisdom to differentiate between clever talking from the real value of the brands. On the contrary, there are also shoppers who overlook the quality aspect of the product. Their mindset is that, they are ready to shop for pay for foreign brands with a hefty price tag, without enquiring about its quality, just because it is an international brand.
An accomplished business looks at the target segment and acquires inspirations for their products. Innovation, and appropriate distribution channels are the two key drivers for boosting the apparel business. Most of the businesses today are well established in the market, but are not strong and vibrant. They are able to create association with quality, reliability and execution capability. They stir up a positive but vague value. With the arrival of better benefits and cut-throat competition, it needs to evoke its brand power so as to inhibit the growth of its competitors and expand itself in different directions. Even some of the international brands have not reached up to the standards.
Despite these drawbacks, apparel manufacturers have put their best efforts in building a good brand image for their products. They invest a huge sum of money for consistent market research, publicity, promotions and advertisements. They are able to develop a high quality human capital conceding to China. They have associations that are specific and sharp, and have a distinctive and layered personality and evoke strong emotions.
The 'Mall' Experience:
Shopping in a mall is a preferred experience for the consumers of today. It is a current hot trend. Malls can be segregated into two; destination malls (for branded products) and neighborhood malls (for utility products). Industry experts predict that consumers will grade malls on bass of factors such as brands sold there, interior, in store environment, and parking. Low as well as premium brands co-exist in the same mall. To give a further boost to malls, renowned brand owners have chalked out a plan. According to it, approximately 300 malls are proposed to spring in India within a span of next three years. Plans are being initiated for making a typical mall with a space of around 1.5 to 2 lakh sq ft, and with a good brand mix.
With foreign investments being opened up for malls, organized retail sector is all set to boom in the coming years. With this kind of growth further developments are anticipated in the retail segment. With the increasing competition, brands are now required to differentiate and innovate. A differentiated brand cannot be copied.
- The Global Brandwagon', Rama Bijapurkar, &sec=article&uinfo=<%=server.URLEncode(2255)%>" target="_blank">http://www.businessworld.in
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