Retaining customers by adding experiential value

India’s retail sector has seen a lot of progress in Tier-I cities, especially in metros. From unique store design concepts to product placement, importance is given to all the minute details to make shopping a wholesome experience for consumers.
A company’s value proposition has to be flexible and adaptable. The value it offers consumers changes constantly, sometimes even without the company meaning it to change.
A large percentage of customers, particularly those critical to a company’s long-term success, view value proposition consistently. The customer’s perception of value is individualized and dependent on context and circumstances. Companies today are consistently revamping themselves to provide the consumer with a healthy retail experience.
In Tier-II and Tier-III cities, the consumer still looks for personal attention despite visiting technology-driven and smartly-designed stores.
Director, Business Strategy, Kirtilals, Suraj Shantakumar, says “When consumers come to a store they inevitably expect to be received properly. Stores should employ and train people to address all needs and desires to consumers.”
There has been a welcome change in the pharmacy sector in particular, which has tremendously grown. Today, the total domestic sales of the sector amounts to Rs 80,000 crore. Small retail pharmacy outlets cramped within 200-300 sq ft have now been replaced by 1,000 – 1,200 sq ft outlets.
MD, Thulasi Pharmacies, M Ramakrishnan, says, “Good ambiance is definitely a positive thing but may not be as important in pharmacy sector as in the case of textile retailer or jeweler. But good ambiance definitely helps in building the brand.”
Apart from designing the concept-based store, experiential value can also be added by providing trained and quality staff.
President, Group HR, Landmark Group, B Venkataramana concludes, “We need to bring down the helping staff and hire better quality people to give consumers a better shopping experience.”