Retail Industry And Its Efforts To Get Over The PandemicJune 15, 2021 2022-09-20 8:32
Retail Industry And Its Efforts To Get Over The Pandemic
Mr. Ritesh Ghosal is the Chief Marketing Officer of Croma, the largest retail chain in India that sells electronics and durable goods to meet a range of customer needs.
Ghosal, an IIM Bangalore alumni, has over 25 years of experience managing businesses and brands in the fields of brand management, advertising, consumer insight, and general management. In the past, Mr. Ghoshal has launched businesses like Minute Maid, reinterpreted classic names like Thumbs up and Mazza, and modified popular international brands like Coca-Cola, Fanta, and Sprite to Indian settings.
Upscale In Demand For Electronics
We were asked to shut shops; this created huge losses for us.
Mr. Ghosal starts off by describing how marketers from all sectors had to navigate a different atmosphere after the COVID pandemic. It’s because all industries have had difficulty with the operational aspect.
He claims further that electronics have benefited from the shift in demand due to the ability to enable individuals to work from home or enjoy an extended amount of time spent at home. On the other hand, categories including clothing, grooming, and cosmetics were battling with demand.
Make-In-India Initiative After Pandemic
Like many other nations, India launched the Make-in-India endeavour in an effort to lessen its reliance on China as a supplier of raw materials and finished goods. This resulted in supply chain problems for a few months, according to Mr. Ghosal. Otherwise, learning to support ourselves was a sensible move.
Significance Of Keeping The Conversation Alive
The first thing that any customer-oriented brand should do is to keep the conversation going because consumers like hearing messages of affirmation from their favourite brands.
Mr. Ritesh Ghosal highlights the need of keeping consumers engaged following the COVID pandemic. He continues how social media and digital assets were used to maintain the interaction with the customers. According to him, it’s crucial to ensure that customers feel safe visiting the establishments as they begin to reopen.
In addition, he talks about how more digital initiatives must be implemented so that customers may conveniently contact store managers and make purchases from the convenience of their homes.
Evolution Of Marketing As An Industry
Brands are not by advertising but by fitting into the customer’s life and solving their problems be it functional or therapeutic.
The outbreak has provided an opportunity for the marketing sector to advance to a completely new level. Mr. Bajaj explains towards the end that people have made a significant shift to the digital world across all ages, locations, and cultures. The COVID pandemic has just sped up the process and made digital far more significant than it was previously.
The COVID pandemic was without any doubt a huge blow to the economy of the whole world including India. In that kind of situation, the way various industries and sectors dealt with it became really important. And, the way the retail industry came up with numerous initiatives to get over the effect of the pandemic is appreciable.
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There is no denying the fact that the retail sector has put a lot of effort into fighting against the COVID pandemic. But, listening to our expert, Mr. Ritesh Ghosal, will help you understand the dynamics in a more comprehensive manner. You can watch more such videos on our website of Icons behind brands. Subscribe now and stay updated.