Sunday, May 19, 2024

‘2024 will be about the 4 factors of MORE!’

By Retail4Growth Bureau | December 27, 2023

In his inimitable style, brand guru Jagdeep Kapoor, Founder Chairman of Samsika Marketing Consultantssays 2024 will be a blockbuster year for retail in this exclusive column for Retail4Growth on ‘2024: What’s in Store?’ 

Jagdeep Kapoor

When asked the question of retail and shopper trends for 2024 - ‘What’s in store for 2024?’, my spontaneous answer is ‘ More, More, More.’ 2024 is going to be a blockbuster year for retail and shopper trends. The reason I am so optimistic is because of the following FOUR factors, which leads to MORE!

More Stores 

The first factor is MORE STORES.  Lenskart, which started as an online brand, now has over 2000 offline stores in India and internationally. The shopper behaviour of seeking a wide range, enjoying the comfort of trying out the brand physically, going to the offline store for service support - all these have driven the offline expansion. While online is growing at a steady pace, offline is, in most categories, winning the race. I expect Lenskart to cross 5000 stores and have a ‘whoppingly successful’ IPO .  

Store More

The second factor is STORE MORE.  The aspect of full range selling is growing very fast. While MBOs (Multi Brand Outlets) have good offerings of many brands, it is the EBOs (Exclusive Brand Outlets) which are driving the phenomenal retail growth. Whether it be Tanishq in jewellery, or Nike, Puma, Adidas and Reebok in footwear, the full range of the brand attracts shoppers and makes them spend more time and more money in an EBO store, because they STORE MORE.            

More Service

The third factor is MORE SERVICE.  Global brand STARBUCKS is growing by leaps and bounds. In a single location like Powai and the immediate surrounding areas, the brand has more than four STARBUCKS stores. Proximity, personalised service, great product (of course) with premium image and a relaxed atmosphere make it a winner in MORE SERVICE.

In fact in R City, a mall in the suburbs of Ghatkopar, Mumbai, there are two STARBUKS stores, one on the ground floor and the other on the third floor. The global chain has even spread to towns in Gujarat and I was fortunate to witness an opening at Thiruvananthapuram in Kerala, during one of my market visits. MORE SERVICE more than compensates for the premium price, as evident in the shopper behaviour.  Similar is the case with McDonald’s and Mainland China stores. 

More Well-being 

The fourth factor is MORE WELL-BEING. After COVID, the general awareness on health and well-being has gone up. Pharmacy stores, well-being health and spas and Ayurvedic store offerings have mushroomed. Shopper behaviour has turned its focus on better health, not just wealth. This segment will grow more in the new year, catering to a wide range of segments, from infants to senior citizens. In fact, in the online space, the largest selling product category is diapers (both infant and adult diapers).

Thus, with these FOUR factors, my answer to the question ‘2024- What’s in Store?’ is: MORE, MORE, MORE, MORE!



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