One of the things that strike during a conversation with Lavanya Nalli, Vice Chairperson, Nalli Group is how fair it is for retailers to make a big noise about every small thing they do. For them, it is thus important that while creating a big bandwagon of their every small USPs, they also have to evolve rapidly with their consumers, reinvent themselves with changing times and focus on their products to create demand among other important aspects. Hence talking about macro perspective and prerogative future steps to be taken by retailers, Lavanya Nalli spoke to Indianretailer.com.
What are the key points that the retailers should follow to evolve with consumers?
One thing that the retailers have to understand is that a consumer is evolving far more rapidly today with the adoption and usage of technology. His expectations are different towards products, shopping experience and the purpose that the product serves in their lives. It is a saying in India that in every five years it’s a new generation and that is certainly true. The generation born in 1990 to 1995 to post 2000 is different in nature.
With changing times how retailers can reinvent themselves?
In the process of reinventing yourself what matters is how agile is your brand. Is it adaptive? Are you willing to constantly reinvent yourself and make yourself relevant to whomsoever is your customer and not to whom your customer was? Retailers should have right processes in place to ensure that you are agile. It’s not just about branding, but what also matters is, are your salespersons empowered? Are decision making people empowered? Can they really act upon on whatever you have requested them for? Whether it’s a small or large retailer, he has to build a strong brand.
What retailers need to question themselves?
Today in a crowded marketplace where everyone makes a big noise about every small thing like they say they have a unique design, but does that assumption hold? These are certain things that retailers need to constantly question themselves.
Why is it that retailers are expanding the product range but somewhere they are failing to create demand for their own products?
We are into fairly unique handloom saree business, so product and merchandise is the backbone of our organization. For a retailer, it is very important to bridge that gap between where the trend and the consumer are moving. He should understand what consumers want and give that inputs to the backend team that they are working with.
We have our own in-house captive design unit where we come out with our designer products. We are the only brand to come out with our own private label and we don’t even put a label on it. But our customers are longstanding who have shopped for the brand for ages. They know our patterns and designs.
What could be your further strategies to make Nalli a future-ready organisation?
We are an iconic brand known for trust and legacy. Our core values will always remain the same. For us the trust means customer should not have bias remorse, he should not think that did I overpay for the product? These things are going to be standard in the coming times.
We are changing timely in terms of targeting the future consumers. Ten years ago marketing meant ATL and BTL activities, but is that the consumer we are targeting today? If not then where are your consumers? Have they shifted? And is their consumption pattern of product and content shifted is needed to be examined constantly. The tactics and the strategies need to be changed but our timeless core values would remain the same.
What will be the retail strategy and revenue projection?
Right now we have a Rs 700 cr business on the back of 34 stores. In the next three to five years we can put up another 50 stores along with doubling the revenue in five years. There is still latent demand in tier I and II cities and it may also come from other channels and diversified product lines.