A good brand has to reinvent itself consistently in order to keep pace with time, said Aloke Banerjee, Head Domestic Business, Bombay Dyeing, at the 7th Retail Summit, which kicked off in the Capital on Wednesday. Organised by KSA Technopak, the three-day summit on the overall theme "Delighting the Consumer Profitably," will conclude on February 25.
Senior Consultant of KSA Technopak India, Pavas Bhatia, identified quality, confidence, reliability and consistency as the main characteristics of a store brand. The strength of a brand determines the success of retail, he said. "Location, price, product assortment, communication, technology, service and customer relationship management are essential aspects of building a retail brand," Bhatia said.
Banerjee on the other hand emphasised that brand vision, brand driver and retail identity were important for building a strong retail brand. He said, "It's very important to define your brand, work out on a strategy that will differentiate your brand, and develop an identity to be the cut above the rest."
Banerjee said, "Fragmentation, gate keeping, info flux, scale, inertia and alliances are some of the key challenges for retailers in the future." Bhatia, on his part, envisaged strong growth of organised retailing in India with the emergence of new retail formats.
Banerjee highlighted the various parameters for building brand identity, and summed up the discussion by laying stress on the golden rules of retail branding by Wal-Mart. He cited commitment, motivation, communication, exceeding customer expectations as some of the golden rules by which Wal-Mart has become a giant in retail branding.