With information spreading to all corners, marketers need to understand the consumer as an information data bank, which will never exhaust in its resources. The quest to acquire additional information will only grow and this growth will be omnipresent.
Easy access to information is changing the business models and forcing companies to formulate new strategies that combine rich sources of personalized data into consumer required activities. Most companies hope that they will control their customers' information assets. But are customers ready to give companies their information? Can companies build counter strategies on this information? Are we prepared to live up to the iCON evolution?
For a long time, grocery stores were the only choice available to the consumer. One had to walk miles to buy a kg of sugar. The Kirana Kaka selling sugar, salt, etc. for as little as 20ps or 50ps is now competing with rich formats like FoodWorld and Nilgiris. Kirana Kaka became a victim of the law of the junglesurvival of the fittest. He struck back with vengeance. He started understanding the customer and offered a highly personalized service, wide product range, free delivery and competitive prices. These kakas, by introducing self-service formats have tried to redefine themselves. They offer value-added services in the basket too.
The store decor appeals to the affluent class as well as to those who aspire to be a part of this class. Hence, one can assume that the retail revolution is emerging along the lines of the economic evolution of society. The industrial boom has led to an increase in household income and growth of the middle class with increased purchasing power. |
