Retail Chronicles May 2020 Edition

Retail

Chronicles Monthly Newsletter | Volume 5 | Issue 3 | May 2020

CONTENTS

03

WITH NOSTALGIA : LET'S RETRO REWIND! Marketing that leverages characters, moods, fashions events of the recent past to create an emotional connection with their audience.

07

HOW TECHNOLOGY HAS BOOSTED TOURISM 74% of travelers plan their trips on the Internet, while only 13% still use travel agencies to prepare them.

12

EFFECT OF SOCIAL MEDIA ON ADVERTISING 50% of Gen Z and 42% of millennials think social media is the most relevant ad channel

16

SENIOR TEAM Bharat Gupta | Sachin Ghosh | Sagar Anam | Surabhi Upadhyay | Onkar Joshi

CONTENT TEAM Shraddha Mishra (Guest Writer) | Parth Reshamiya | Keerthana Sontam | Bhairavi Sawant

DESIGN TEAM Pushpak Holani | Ayush Goyal | Shikhar Gupta | Jeet Doshi

EDITING TEAM Abhishek Wakode

HEALTHCARE IN INDIA: PARADOX OR FUTURE In India healthcare is a fundamental right, but not fundamentally right.

WITH NOSTALGIA : LET'S RETRO REWIND! - SHRADDHA MISHRA PGDM RM

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Guest Writer

May, 2020

What was once considered old is new again. Hitting old fond memories can be an invaluable tactic especially for engaging with versatile millennials. As we all know that “Nostalgia sells” so brands from all industries today are tapping into endearing cultural moments from the past to elevate the modern ad campaigns.

Coco-Cola (Taste the feeling campaign), Boost (Boost is the secret of my energy ad featuring Kapil Dev), Google Assistant (Google aggressively advertised its virtual assistant to the adults who grew up watching Home Alone) are some of the brands who were very upbeat in trying their hands to resurrect passion from the past.

The power of nostalgia in terms of marketing can be defined as relating products or services to a happier time or a throwback to memories from past.

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As customers today are going savvy, so marketers are bound to tweak their marketing strategies. What better way to convince your customers that you’re worthy of their time than to associate your company with something they already love?

An extraordinary example of Nostalgia Marketing done right is with a mobile game “Pokémon Go” that was very successful in hooking millennial gamers to catch their favourite Pokémon. It is a perfect example of connecting the past with the present.

Nintendo was also quick to jump on the Nostalgia marketing strategy idea by creating a mini version of their all time favourite NES. It gave customers a chance to re-experience the reasons that they fell in love with Nintendo and soothe their urges for playing games of the past.

May, 2020

Why does it Millennials?

work

so

well

with

Marketing strategies that play on our emotions are persuasive and hence it works well with millennials to sell a product or service. Millennials are so busy with hectic work schedules and unrelenting responsibilities that fond memories make them smile and that leaves them open to brand messaging.

The two most powerful examples that I can relate are with brands like Spotify and Google with its doodles.

Spotify, along with creating nostalgic campaigns, once very intricately compiled the total annual listening history of each of its users and emailed them a comprehensive breakdown of their 2018 jams. Some lucky users even had their playlists broadcast on billboards in major cities around the world.

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Google’s doodles are a great addition to its marketing strategy. Google also took its users for a round trip with Nostalgia by honouring legendary musician Les Paul by transforming its logo into a guitar as a result of which users could actually strum the guitar, record their performance and send the recording of their favourite songs to their friends.

During this unprecedented time of lockdown period worldwide, Google Doodle is now also running a series where it salutes delivery workers, front line workers and grocery workers who are providing essential goods during Covid-19.

May, 2020

How brands are using Nostalgia marketing during Coronavirus?

Social Media was on buzz with memes and posts when it was announced that Doordarshan would be running reruns of old popular shows like Ramayana, Mahabharata etc.

So, what's the future looks like?

Only Nostalgia marketing will not help the brand maintain its brand presence but connecting the right dots at the right time with timely fusion of the past and present is also imperative.

As it is said “old is gold” it was then Amul came up with a masterstroke to claim its slot in the advertising space again. It began running its old ads in the presentday time slots and with minimum incremental marketing cost it managed to grab the spotlight.

This is what makes it modern and contemporary. Even though some of the products displayed in ads are not even part of the company's product line today, but still it sends a loud message that “Brands should not stop communication during bad times”

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I am eagerly looking forward to how brands will advertise few years down the line on how they made a positive impact in their consumers life with zillions of “Quarantine stories” as presently “Har Ghar kuch Kehta hai”.

May, 2020

HOW TECHNOLOGY HAS BOOSTED TOURISM - BHAIRAVI SAWANT MMS

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May, 2020

In today’s world, nobody doubts that technology and travel are the perfect combination. This combination also plays a crucial role in the way we travel: from the vacation destination we choose, all the way to what we do once we're there and even in the time after we've come back from our trip. It is so common that according to a Google Travel study, 74% of travelers plan their trips on the Internet, while only 13% still use travel agencies to prepare them.

Millennials have also played a significant role in this paradigm shift.

They love to travel and are also passionate about new technology. This combined interest has given way to a

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new context where social media, apps, blogs etc. have an important part to play when it’s time to take a trip.By that same token, the industry, as it becomes increasingly aware of this trend, has followed suit by adapting its business model and product offering to attract this desired target.

Who hasn’t gone somewhere just because some airline company was offering cheap round-trip tickets? If we just feel like going somewhere, we go online and look for what the budget airlines are providing, we see what destination will be the cheapest, and bingo! Let's go! This scenario, so pervasive today, was unimaginable some years ago.

May, 2020

Let us now see some of the effects of technology on tourism : 1.Mobile Apps Almost everyone owns a mobile device today, whether it’s a smartphone, laptop or a tablet. If tour operators are unable to reach their target audience through a mobilefriendly search or display — that’s it, they’re out.

Smartphones are one of the main parts of this development. Today, we use them to buy and show airline tickets at the airport. With them, we book an Uber or Ola to reach the city center from the airport. And based on them, some of us also choose where to go on vacation.

2. Faster and safer with biometrics The inclusion of biometric recognition systems in some of the main airports of the world, on the basis of the eye or fingerprints, has made every trip extremely safer. The Atlanta airport and the Delta airline company have even started an experimental project thanks to which it is possible to travel without documents, with biometric recognition only. This is a solution that will save us up to 9 minutes of time in the future.

The importance of smartphones and photography apps has led to the development of otherwise unknown tourist areas but also a general tendency for airports, airlines, and hotels to offer increasingly smartphone-oriented services. This includes Wi-Fi on flights, charger sockets or the highly innovative payment systems via smartphones.

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May, 2020

3. Fewer hotels, more private homes

4. Lower prices, higher performance

The sharing economy is booming.

Thanks to apps like Airbnb one can book different accommodation solutions, from the cheapest to the most luxurious ones, to satisfy every need. In addition to the houses, one can also book the most varied experiences made available by the locals, to experience the journey 100%.

Nowadays it is possible to manage everything remotely, even from countries where cost of living is lower than the average of western countries.

Moreover, and also, for this reason, we are witnessing the growing dispersal of tourism operators, who have not disappeared as one might believe but have replaced the traditional ones.

Moreover, with a bluetooth speaker, for example, one can listen to his own music and feel at home even in a caravan in the desert. In fact, these are products that offer optimal quality with a minimum footprint, also suitable to take to the beach thanks to water resistance.

And with blue-tooth headphones, one can go for a run or simply a walk, without giving up the chance to listen to his favorite songs.

All this has led to a general lowering of prices, combined with an expansion of the offer.

On the one hand, competition favors the consumer. On the other hand, the possibility of spreading the most luxurious travel experiences via the web has made them attractive to a wider audience and always pushes the luxury market further.

Most importantly, the circulation of review sites and social networks has forced operators to take care of all the phases of the tourist experience. In this way, moreover, the risk of fraud has been reduced to a minimum.

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May, 2020

5. Car rentals with GPS The expansion of the GPS system, now no longer integrated only in navigators but also in smartphones, tablets and smartwatches, has produced a renewed love for car travel. This is also demonstrated by the growing popularity of car rentals, now also included in offers of hotels that provide accommodation.

The awareness of practically never losing oneself, of being able to send one’s exact position in case of need of help, and ever more detailed and tourism-oriented maps, have led people to abandon traditional habits to explore new paths and new ways to visit a destination.

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However, the most striking effect of the positive relationship between technology and tourism is certainly the diversification of the proposals. For years tourism almost always meant travelling to a hotel near the sea, in the mountains or a city of art. The most popular destinations remained the same for several years and players in the industry did not have to try too hard to attract customers.

But things have changed now, and people have begun to choose how to travel, as well as where. They save paper by showing the boarding document on their smartphones, listen to their podcasts anywhere with bluetooth headphones, find the most hidden coves thanks to the GPS and, surely, they are more satisfied as a whole.

May, 2020

EFFECT OF SOCIAL MEDIA ON ADVERTISING - KEERTHANA SONTAM PGDM RM

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May, 2020

Social Media has made a huge impact on not only our day to day lives; but nearly every area of business. It has changed the way the business function; especially the way they treat their customers and the amount of importance given to attract the customers and to satisfy their need.

There is a quote that says “Where the consumers go, advertisers will soon follow�, this is true even in the case of the social media.

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EFFECT ON ADVERTISING: Social media started as a place for people to connect and now it has become a place where advertisers can connect with a bigger audience.

Before social media most of the advertisements was done through TV Ads or billboards and newspaper. The billboards and newspaper reached only a limited number of people and TV Ads can be viewed by only the people in the country mostly. It was difficult to reach a wider audience.

With social media advertisers can reach a huge audience with less investment.

May, 2020

The reality today is that social media is dominated by consumers. Brands and marketers are welcome in this space, but only if they can move from the typical video Ads and move towards movement advertising or meme advertising. And most consumers want brands to be accessible—especially when they have a customer service problem.

While social media was used simply to connect to brands now it has started serving a wider need for advertising companies. Some of these needs are:

The growing popularity of social platforms is why most brands are increasing ad spending toward social.

Because of this we can see that the amount that a company is spending on social media ads has increased and traditional ads like print ads has decreased. Currently companies spend 12 percent of their marketing budgets on social media.

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1.Social media is being used to build social awareness about the brand.

2.It is being used to acquire new customers 3.To introduce new products and services.

4.To retain new customers 5.To deliver brand promotions.

May, 2020

While social media has a lot of advantages there are a lot of challenges for advertisers. Some of the obstacles they may face are:

5.How does each channel contribute to an overall promotional strategy? This question remains unanswered for many brands.

1.Measuring the success of social media initiatives remains a struggle for many marketers. While social shares and impressions can mean success, it’s hard to tell how they influence revenue.

2.Consistently creating relevant content can be difficult for marketing teams, who often face limited resources and time.

3.Many brands are unable to develop a clear picture of how social media impacts business objectives.

4.While there are many social media tracking tools available, not all of them produce reliable results. Plus, many teams lack the expertise needed to make sense of the data.

As social media continues to evolve, successful brands will adapt their strategies to accommodate an everchanging audience. Keeping track of the latest technological and consumer trends will ensure that advertisers can maintain brand awareness and improve ROI.

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May, 2020

HEALTH CARE IN INDIA : PARADOX OR FUTURE

PARTH RESHAMIYA PGDM RM

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May, 2020

HISTORY OF HEALTH CARE The cholera epidemic in the midnineteenth-century, London and the Spanish flu in the early part of the twentieth century made people and governments all over the world realize the importance of public health. The growing realization that germs caused disease and the resulting investments in public health systems involving sanitation and disease surveillance performed a bigger role in improving life expectancy in the twentieth century.Yet, the advances in health systems were not uniform with some of the developing countries.

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India started with a glorious tradition of public health, as seen in the descriptions of the Indus valley civilization which mention “Arogya” as reflecting “holistic well-being”. Today our nation presents a huge diversity, and therefore, an enormous challenge to the healthcare delivery system.

Here are some of the ironies and issues in Indian healthcare.

May, 2020

PARADOXES IN HEALTH CARE

Low penetration, inflated billing, opaqueness in diagnosis and poor quality of service have ensured that most Indians get treated below the standards prescribed by the World Health Organisation.

In India healthcare is a fundamental right, but not fundamentally right.

The Supreme Court has declared healthcare to be a fundamental right under Article 21 of the Constitution.

However, historical public spending of just over a percent of GDP on healthcare has assured that the country’s healthcare need has prevailed, underserved and left for the private sector to service. In India, there is only a primary healthcare center (often manned by one doctor) for more than 51,000 people in the country. So although healthcare is a fundamental right but is not fundamentally right in India.

Indian healthcare is among the cheapest in the world, yet unaffordable for most locallyThe healthcare sector of India has brought a steady stream of investments, albeit at the higher end of the value chain — the secondary & tertiary care. Asia’s biggest healthcare company is slated to emerge as India’s second-largest private sector player. Some of the largest business houses in India are in the healthcare sector.

However, private participation and increased competition have not ensured enhanced quality and efficiency in healthcare performance.

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In India, there is less than one doctor for 1,000 patients, but medical tourism boomsThe doctor-patient ratio in India is smaller than the WHO-prescribed limit of 1:1000. There is a shortage of medical schools and clinicians. Most hospitals in India are burdened more than the capacity, understaffed, and ill-equipped. However, all this has not stopped the private healthcare sector to establish sophisticated medical tourism facilities on the plank of ‘world-class service at low cost’.

Because of this reason, India is one of the most famous destinations for medical tourism May, 2020 February, 2020

Despite the plethora of challenges, The healthcare insdustry of India has made significant advancement owing to the emerging technologies. World over, technology has changed the way medicine is practised. As health, IT tool, powered by artificial intelligence (AI), clinical decision support systems (CDSS), a broad term covering software used to help healthcare professionals make accurate decisions, have become the standard in most large healthcare institutions. In India, the Digital India push has seen more healthcare facilities adopt basic features like electronic medical/health records

Generally, people go to a doctor or a provider when they are sick; it is more episodic. In the future, we can see healthcare being delivered as a subscription where providers are actively involved in your care and reach out to you for intervention instead of the other way round. This can be made feasible with wearables, as providers will have access to realtime data. Access to patients’ digital health reports will also help greatly;

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analytics will help the provider understand and take decisions faster, even predict if the patient is likely to fall sick and, thus, take measures.

Electronic health reports will not only map the patient’s medical history but also allow healthcare institutes and doctors to obtain information without having to sift through piles of paper notes.

Although we are facing so many difficulties, the Indian healthcare industry has done well with the help of technology. Seeing the current rate of penetration of mobile devices and technology. We have helped the world by providing medicines in the current pandemic situation. We can say that the future is near where India can lead in healthcare.

May, 2020

Retail Chronicles is a monthly newsletter of Retail Lab, the retail committee of KJ Somiaya Institute of Management, Mumbai. Images used in Retail Chronicles are subject to copyright.

/retaillabsimsr @Retail_Lab @Retail_Lab

K J SOMAIYA INSTITUTE MANAGEMENT, MUMBAI.

retaillab_simsr@somaiya.edu +91 7838750090 +91 8805789445 +91 8619984820

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