Initiatives
The business strategy has been transformed from solution based to experience based, the selection of customers is based on attitudinal behaviour rather than demographic, development of a brand which spanned across B2B and B2C categories, initiated diversification into Marine, Healthcare and Laboratory furniture
Marketing initiatives
Godrej Interio has moved to franchisee model to enhance pre-sales experience of the consumers in both franchisees and COCO stores; all the retail outlets, which include the wholesale dealers’ outlets across the country, have been branded as Godrej Interio stores and deploying of fashion designers to enhance product appeal. In the B2B segment, the expertise in ergonomics and commitment towards green is covered through Wellness Tips and participation in various forums such as IIID, IOAH meet, etc.
Brand proposition
Godrej Interio brand was developed with the objective of creating a youthful and vibrant brand while keeping the core brand values of Godrej of trust and reliability.
The challenges overcome
Major challenges have been to achieve consistent profitable growth, maintain market leadership, create differentiation especially in view of high cost of retailing space, ease in imports of “look alikes” from low cost destination. Also, the low entry and exit barriers in this category lead to unorganised competition for short term gains. Godrej Interio has been constantly developing products with embedded technology, which is supported by an efficient back-end and front product supply management to make the products competitive
Expansion plan
Interio brand is poised for growth in the B2B and B2C segments and targeting at a CAGR in excess of 30 per cent in the next three years. On the retail front, it has a plan to appoint 200 franchisees across the country.
His understanding of the retail business and his learning in this process
“Retail business is highly dynamic and continuously evolving. It requires constant innovation to attract the customers. In the consumer durables space, retailing requires communication of both expertise as well as aspirational elements. It is important to understand consumers, both functional and emotional needs and create a pre-sales experience which would facilitate and reinforce the purchase decision.”
