By Disha Dembla
Is consistency the driver of success and guarantor of customer retention? Perhaps, not anymore.
Gone are the days when consistency helped companies lead a market. Today, in the world of stiff competition, companies need more than just consistency to sustain, and ironically, “Modification” has become the new mantra for success– that is, how quickly and smoothly a company can introduce variations in its products, which appeal to the minds of the consumers. The new, competitive market is a virtual rat race of companies striving to be increasingly creative and innovative to be able to stand out and show their presence. Here’s looking at some strategic moves made by indigenous and international companies in India, to align with changing demands, and innovate, and, consequently, gain a lead on competition.
Evolving to cater to the growing impatience and expectation on quick turnaround time, BigBasket, the online grocery provider, has devised a major move to ensure the customer does not have to wait for the delivery time! Kwik4, a smart vending machines startup, is set to give BigBasket a majority stake in it [source: The Economic Times, 19th June, 2018]. What next? BigBasket plans to install the vending machines in strategic locations across Bengaluru which will enable consumers to collect their orders, like FMCG products, directly, on their own and instantly.
Reliance, that last shook the telecom industry with the massive launch of Jio, is gearing up to send ripples across the e-commerce industry. To compete with online giants like Amazon and Flipkart, Reliance is coming up with an online identity of Reliance Trends. With its inventory based model and a large selection of internal Indian brands, the competition is likely to heat-up, as the customers will get a pool of affordable choices to shop from. The Flipkart Walmart deal is another disruptive move, anticipated to become the next big shake-up in the e-commerce space.
Amazon is diversifying into home services like house cleaning, TV mounting and more – a move adopted by companies to stay in the market and explore the sectors which present a scope to establish dominance.
ITC, a tobacco major, leads the way in diversification and innovation, by entering industries as diverse as FMGC, agriculture, hospitality, IT.
While most F&B outlets in India down shutters before the stroke of mid-night, Dominos thinks it wise to test waters up till dawn, and has ventured into late night deliveries – till 3am.The move has helped Dominos attract customers who are hungry at odd times, thereby keeping its customers happy and maintaining good customer relationship.
The cut-throat competition might be tough, though mostly healthy, on the competitors vying for the same target group, but the customer is benefited greatly – spoilt for choice with a plethora of options, price points and unimaginable deals, and great service. All of this, interestingly, makes the business mantra “Customer is King” ring true, and hammer its mark in the test of time. The real question, now, is, “Is the ‘King’ ready to keep pace with the growing facilities?”
Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of IndusGuru Network Partners