Indian players should also consider exploring markets like Iran, the Middle East, Malaysia and Indonesia before expanding to regions where product, brand and price synergies may not work for India.
Commodity suppliers from India who primarily supply to the United States of America and Europe can consider expanding to new markets like South Africa and Australia.
"To up the overall growth, product extensions, channel expansions, consistent innovation and service enhancement are the key. It is a foolproof way to build customer equity and sustain growth in the domestic market," Mahaldar told Fibre2Fashion in an exclusive interview.
"Rather than falling prey to putting all energy in competing in the same space to take the maximum share, market leaders need to focus on product categories and market segments that are not catered to by organised players. These distinct segments have seen vast growth in the last few years," he added.
Talking about India's retail sector, Mahaldar said that it is a booming market and entry of foreign players is inevitable. The advent of foreign retailers like Marks & Spencer, Guess and Next has upped product innovation and distribution strategies for domestic players.
"In terms of quality, technology, performance and efficacy, both Indian and global (retail) entrants are on par. It is the perceived value of the product co-factored with changing consumer lifestyles that is making the difference. However, this proliferation is limited to a niche audience – they may not be able to cater to local needs of diverse geographies," he summed up. (KD)
Click here to read the complete interview
Fibre2Fashion News Desk – India
| On 22nd Jan 2022
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