The resurgence of in-store shopping and the rise of omni-channel platforms are proving to be key advantages for businesses, according to Titan’s MD, CK Venkataraman. In a recent interview with NDTV Profit at Mapic India 2024, Venkataraman emphasized the importance of the physical retail experience and the professionalization of customer touchpoints across various industries.
Venkataraman highlighted how even small local businesses are recognizing the value of setting up physical stores to cater to customer preferences. He mentioned that the curated customer experience offered by physical stores goes beyond product availability, creating a strong appeal for consumers. This trend is not limited to global giants but is also being embraced by independent local retailers who excel in providing a localized experience.
Moreover, Venkataraman stressed the critical role of omni-channel capabilities in today’s retail landscape. Companies that successfully integrate digital and physical retail strategies are seeing benefits, especially for high-value purchases where customers prefer to browse online but make the final transaction in-store. This hybrid shopping model is becoming increasingly popular, with customers starting their shopping journey online and completing it in-store for certain products.
In addition, local and regional players in ethnic categories like food, retail, jewellery, and women’s ethnic wear are not only competing with national brands but are also setting new standards in professionalism and customer engagement. Venkataraman noted the importance of meeting customer expectations in the shopping space, which is driving retailers to enhance their standards, regardless of their size.
Looking ahead, Venkataraman expressed confidence in Titan’s prospects, particularly with the festive season approaching. He mentioned that Titan’s categories are optimistic about the next few months, hinting at a strong end to the year for the brand.
As businesses continue to adapt to changing consumer preferences and technological advancements, the blend of in-store shopping experiences and omni-channel platforms is proving to be a winning formula for success. By focusing on customer satisfaction and seamless integration between online and offline channels, companies can stay competitive and meet the evolving needs of today’s shoppers.
Furthermore, the shift towards a hybrid shopping model emphasizes the importance of providing a personalized and professional customer experience across all touchpoints. This customer-centric approach not only enhances brand loyalty but also sets businesses apart in a crowded marketplace.
In conclusion, the evolving retail landscape presents both challenges and opportunities for businesses of all sizes. By embracing the trend of in-store shopping and leveraging omni-channel platforms effectively, companies can stay ahead of the curve and deliver exceptional value to their customers.