Tuesday, July 15, 2008

Shop till you drop . . .

Modern retail formats have mushroomed in the metros and mini-metros, and over the last few years have also begun to establish a presence in the next rung of cities, exposing shoppers to varied shopping and entertainment options, all under one roof. Consumers are now seeking the convenience of one-stop shopping, speedy and efficient processing, for best utilization of time. Shopping needs are influenced by factors like family situation, disposable income, time pressure, the attitude towards shopping and the personality of the shopper. It is also said that all consumption activities involve the stimulation of thoughts and/or senses. Cognitive consumption is related to rational thinking and behavior to utilitarian values. Sensory consumption is associated with the intangible benefits that pertain to the emotive and experiential aspects of experience.

Retailers are aware of the importance of the consumer's store choice process. They realize that consumers can buy the same or similar merchandise in any number of outlets. Thus, they undertake a number of activities to attract and keep consumers coming back to their stores. Many retailers, however, are not as aware of the broader "shopping mode choices" of consumers. Retailers consider the store as a way to differentiate themselves and manufacturers see the point-of-sales as a platform for brand activation. However shopper behaviour turns out to be complex and unpredictable, which makes it a tough challenge to effectively address the shopper in-store. Thus, a unique retail outlet image can be one of a retailer’s most valuable marketing assets and is a strategic component in retail marketing.