Indian organised retail must see customers in a new light to stay ahead of the curve

14 May 2008

Mumbai: Organised retailers in India will need much more than just prime locations and competitive prices to succeed in what is shaping up as a fast growing and extremely competitive retail market, says consulting firm Diamond Management and Technology Consultants Inc.

The firm says that these retailers have the opportunity to develop a competitive advantage by gaining a deep understanding of their customers using robust data analytics.

A new report from Nasdaq-listed Diamond Management and Technology Consultants, Inc. contends that organised retailers need to build their data collection, storage, and analysis capabilities if they hope to win in the burgeoning Indian market.

Diamond is a management and technology consulting firm. Recognising that information and technology shape market dynamics, Diamond's small teams of experts work across functional and organisational boundaries to develop new strategies, improve operations, and deliver results.

Diamond's report, entitled "Understanding the Indian Retail Customer - in Bits and Bytes!" explains that India's innovative organised retailers should leverage data-driven analytics to acquire new customers, build loyal long-term customers, and maximise customer value.

"Organised retailers in India today primarily focus on traditional building blocks such as retail space and supply chain infrastructure," said Vinod Nair, a partner at Diamond who leads the firm's practice in India, and is also an author of the paper. "Consequently, these companies often overlook the need to develop a continuous understanding of the Indian customer's preferences and buying behaviour."