The retail industry is becoming increasingly cutthroat. Moreover, the e-commerce boom that happened during Covid gave the digital consumer more choices than ever before, despite the retail becoming more and more crowded. Retailers and brands must therefore devise fresh plans for saving time, increase profits and customer satisfaction.
What should Vishal Mega Mart do to grow in the competitive and dynamic retail sector?
- In order to grow in the competitive and dynamic retail sector, Vishal Mega Mart must focus on customisation; dynamic-pricing solutions must be made to correspond with its goals, business settings, and working methods a shop. Acquiring internal and external data is frequently just the first step for businesses to stay ahead of the competition, hence Vishal Mart must focus on obtaining enough internal & external data so as to serve customers according to their needs and at the right time.
- Technology has become increasingly convenient and autonomous. More sophisticated algorithms that ultimately produce better outcomes are something that customers’ businesses and customers deserve. Therefore, in order to stay ahead of the competition, Vishal Mart should invest in technology and innovate its processes
- Customer retention is, in fact, the top concern for 61 per cent of merchants, and it’s difficult to imagine that number decreasing as more e-commerce stores launch every day.
Hence, Vishal Mart should meet its customers needs and provide after-sales services enhanced so as to ensure customer satisfaction.
Would you recommend to Vishal Mega Mart that it opt for an omnichannel strategy or should it continue to focus on offline expansion as a value brand?
I would recommend Vishal Mega Mart opt for an omnichannel strategy rather than an offline expansion because of the following reasons:
- The retail sector is undergoing rapid changes. Many major retailers are realising that the market has been extremely competitive, in part because of technological disruptors, picky customers, and shifting consumer habits. It is now difficult for retailers to prosper and survive in the sector if they are unable to adapt and respond to these difficulties
- The companies in the sector that are able to prosper are those that are strategically responding to the changing digital dynamics and improving the shopping experience for its clients, constructing contemporary retail supply chains, and, most crucially, utilising omnichannel retail tactics.
- An omnichannel retail strategy enhances the shopping experience for customers and offers more channels for online, in-store, or mobile purchases. Multiple channels for acquiring products and services will enhance traffic and sales for Vishal Mega Mart.
- In addition to raising revenue from online retail, omnichannel retail also improves revenue by driving a lot of people to physical locations.
- Customers can start and finish purchases on many platforms through omnichannels. A consumer can now check online to see if an item is in stock and place a reservation to pick it up from the closest shop location. Customers benefit from a better shopping experience due to businesses’ ability to develop relationships with their client bases and engage with them directly through a variety of purchasing channels.
Hence, by following an omnichannel strategy, Vishal Mega Mart will be able to leverage these advantages.
How can Vishal Mart expand its consumer base across India?
Vishal Mart can expand its customer base across India by doing the following:
- Adding new locations will help Vishal Mart expand its customer base. Since it has been focusing only on tier 2 and 3 cities for so many years, it should now try to venture into tier 1 cities to capture the untapped market.
- Vishal Mart can also expand its product line and provide customers with trendy and unique products.
- Another way to expand the customer base is by partnering with other retail businesses. So that, both businesses can benefit from each other’s network
- In this digital world, the best way to acquire new customers is through social media. Therefore, Vishal Mart can focus on advertising its products through social media influencers, who can create awareness and drive new customers to shop from the brand.
- Finally, Vishal Mart can expand its customer base by improving its shopping experience by paying attention to first impressions and making sure that every customer receives exceptional service as soon as they walk into the store.
Vishal Mart can expand its customer base manifold by focusing on becoming tech-savvy and improving its social media presence.