Retail Branding: Knowledge Guide for Business Owners 2021 designerpeople.com/blog/retail-branding
Retail is not restricted to small physical stores selling essentials now in the 21st century. For the most part, the legacy of retailers seems to have finally embraced online and even all-channel commerce. The retail industry in India has undergone considerable changes in the past few years. It is now taking steps towards being properly organized from being unorganized. However, with the entrance of the pandemic in 2020, not only the economy faced an upheaval but the market scenario and the consumer preferences underwent a significant transformation. As per a joint report by FICCI and Deloitte, the Indian retail industry, which is presently growing at 10 per cent, is expected to almost double to Rs.85 trillion (lakh crore) by 2021. The report further states that consumer retail is an essential part of the retail industry and has a current estimated size of more than Rs.45 trillion. It will witness a CAGR of over 10 per cent in 2016-21 to reach a height of Rs.85 trillion by 2021. Additionally, digital marketing spends by advertisers is also anticipated to double in the next four years to 24 per cent of the total expenses. Retail Branding is no from just Branding because here, the store has to match Branding with performance. Thus retail Branding has to deliver both tangible and intangible benefits all in one and all at once.
What is Retail Branding? Retail Branding is a strategy that depends on the brand concept where a retailer’s “products” are his stores that it can promote in a similar way to a branded well. A retail 1/18
brand is a group of the retailer’s outlets which carries a unique brand logo, brand name, symbol, icon or combination. Stores like Foodworld, Spar, Dmart, where there is direct contact with the end-user, must effectively live up to their brand reputation every day. Retailers can’t escape the need to continually sustain the store brand. The entire retail organization is revealed in a store, and one can experience a company’s true nature.
Different Branding Strategies in Retail Branding These are the strategies are plans which are inter-departmental for a brand to achieve objective oriented pre-defined goals. It is well-designed and executed across all business functions, with the capacity to improve consumer experience and gain a competitive advantage.
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1.Integrated Branding Here the retailer is an indirect link with the producer or manufacturer with complete information about the services or product and the possible developments in the product or services in the future. The retailer involves from the beginning of idea generation to the stage of Branding.The retailer ensures the right decision regarding the type of product to be produced. These ideas then formulated into specific designs, which are then discussed and informed to the manufacturer’s agent.
2.Contract Branding The retailer has no direct link with product development while he will outsource work from an existing supplier or external supplier. The retailer’s participation is restricted to share the specifications regarding quantity, quality, brand and price. The retailer takes advantage of the supplier’s experience, network and credibility.
source: jotform.com/blog/agreement-vs-contract/
3.Independent Branding
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Here the retailer procures goods from the supplier in bulk at the lowest possible cost; later, he becomes the owner, and then he will own complete branding investment. The retailer is the owner of the entire responsibility for its performance and success. The retailer is like the brand owner with complete responsibility for its performance, while such brands are known as ‘Private Labels’.
Key challenges in retail Branding With the fast emergence of e-commerce and the evolution of social media platforms, the industry has shifted the focus of retail Branding from physical stores to that of crosschannel consistency. The visual identity, generating perceptions, communication of positioning, and enhancing the customer experience.
Also Read: Product Branding: Complete Guide 2021
1.Online vs offline brand expectations Especially after the pandemic majority of customers prefer sitting at home and ordering online, entering an offline store has become a significant challenge due to the risk of virus and unnecessary investment. We usually sit back home and check online reviews, ratings and videos of customers who have used those products. After all feedback, comparisons we then finally make a purchase decision. But when we talk about offline stores, there are perks attached to them. People love to buy a product when they take trails while feel and touch the product in real-time. It enhances their trust and confidence for purchase, but one thing which needs to be consistent is brand values, quality and message so that customers don’t get confused.
2.Technology and sensory-driven expectations The technological retail revolution is a considerable expansion available to retailers and service providers, increasing their operations and the sensory experience they can provide customers. Fine functionality and convenient usage of online channels is a crucial expectation of consumers, which leads to the need for impressive visual features.
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Convenience by reduced time and effort consumers must exert to buy or use products and services. Due to the assistance of technology the addition of multisensory elements to the retail experience is helping retailers and services providers distinct them. Still, they do not provide enhanced convenience for the consumer or a strong sense of social presence. Examples: Retailers like Amazon is experimenting with grab-and-go options where the technology is based on AI and cameras. They can install cameras on top ceil that capture consumers as they select products.
Best practices for successful retail Branding
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1.Analyze and research the consumer decision journey Consumers have so many choices from where he gets to hear or learn about brands or products before making the final purchase decisions. Keeping a smartphone now, you can buy information about any product from anywhere in the entire world in a matter of seconds. Hence one thing which can create a brand distinct identity is the branding part. It needs to be consistent across all touchpoints, communicate and make unique brand positioning and ensure you handle your target consumer for a more extended period.
2.Stay aware of global branding trends. Global Branding of product or service where the plans for advertising, positioning, tone, strategy, brand personality, emotional aspect and feel are having their same feel from one country to another. It is essential to consider the advantages and disadvantages of such a strategy and the potential requirement of adaptation in international marketing. You can discover trends before they spike in popularity with tools at your disposal, like Google Trends, to catch on to changes early.
3.Embracing Product “Hero” Window When it’s about retail branding here, the ‘Product is always hero’ based on seasonal changes, your traffic window modifications and needs a different brand message to be pulled. Strong innovation brand messages are perfect at the initial stage of a season but a wasted investment towards season end, when 80% of window footfall is looking for special deals. Example: Tommy Hilfiger is aligning window campaigns with merchandise planning. They take a break and check out the gallery to reflect on your practice in window management!
4.Craft for creative and realistic Storytelling Many successful retail brands have an honest story to tell their customers, and that’s how they differentiate themselves from the masses.
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Iconic products, online platforms, videos, wall tattoos, information displays or other features help share appealing stories to grow the consumer’s confidence and engagement. More than 50% of your store footfalls may not have any detailed knowledge of a relationship with your brand in times of pandemic. Hence it is the best time to create the first impression through creative brand story communication.
5.Importance of Personalization As per surveys, 90% of consumers find personalized experiences appealing, while 80% say they will purchase from a brand that offers them. Only 12% of people say they feel their personalization strategies are highly effective; hence the challenge is even more significant. Personalization in Retail is about using personal data to provide tailored experiences to shoppers of products in a retail environment. Personalization will serve each individual based on their needs and behaviours. Personalization is quite challenging due to the number of places and ways a customer can shop. Many brands provide personalization only have a few products and one place to sell them: online. For example, if your visitor has never ordered from you before, offer a discount on their first purchase. If they’ve added a bag to their cart, offer a discount on the bag, like this example:
Successful Retail Branding Examples in India 1.Future Retail Future Retail is Indian Retail with the name ‘Manz Wear Private Ltd.’ in 1987 and ‘Pantaloons Fashion Ltd.’ in 1991. Their flagship unit of the Future Group headquartered in Mumbai, Maharashtra. Its famous retail supermarket chains are such as Food Bazaar, Big Bazaar, Food Hall and eZone belong to the Future Group.
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2.Foodworld It is a 190 crore business-Belonging to the RPG group, which is two decades ago as a division of Spencer & Co., part of the RPG Group, but became a separate company in 1999. The acquisition of the grocery-focused retail chain will strengthen Biyani’s existing portfolio of supermarkets, particularly the smaller stores under the EasyDay brand.
3.Shopper’s Stop Shoppers Stop an Indian retail company founded in 1991 and promoted by the K. Raheja Group that operates a chain of retail hypermarket, departmental, and online retail stores. It is launched in the year 2008. Famous for both domestic and international brands. They have brands like Tommy Hilfiger, FCUK, Mustang, United ColorsOf Benetton, Biba, GAS, US Polo, Levis etc.
4.Pantaloons Founded in the year 1997 in the industry of Fashion & Retail is one of the largest clothing retail chains. Pantaloons Fashion & Retail belonged to the Future Group. Hence at present, it is owned by Aditya Birla Nuvo Limited. The Pantaloons stores across the country sell branded clothing and accessories.
5.Cantabil
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Cantabil Retail India Ltd. is in manufacturing, designing, manufacturing, Branding, and retailing apparels under the brand name CANTABIL. The brand started in the year 2000; they have a network of 250+ exclusive retail outlets. Alfonso, Kenaston, Cantabil are the names of the brands under which the Company does its business
6.Provogue An Indian clothing and accessories retailer launched in 1997 as a menswear fashion brand for contemporary clothing. The brand has expanded for men’s and women’s fashion apparel and accessories.
7.V-Mart Retail V-Mart Retail is an article of leading retail clothing which says ‘Value for Money. Established in the year 2002 and was known as Varin Commercial Private Limited. A complete family fashion retail outlet with a diverse range of products. All the shopping needs are catered to by the V-Mart retail outlets.
SOME INSPIRING EXAMPLE RETAIL BRANDING
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source: sports-insight.co.uk/trends-features/brands-are-becoming-retailers-andretailers-are-becoming-brands source: t3me.com/en/news/virgin-megastore-is-back-at-dubai-mall/ source: t3me.com/en/news/virgin-megastore-is-back-at-dubai-mall/ source: globaladagency.co.in/malladvertising.html source: purplephase.in/portfolio/workportfolios/17 source: khushiadvertising.com/branding/ source: signexprintmedia.com/branding source: blog.pocketstop.com/6-mall-entertainment-ideas source: typemates.com/news/glenfield-mall-identity
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source: purplephase.in/portfolio/workportfolios/17 source: news.abplive.com/news/india/shopping-malls-to-reopen-from-june-8-govtguidelines-sops-for-owners-visitors-in-15-points-1253154 source: 99designs.com/blog/logo-branding/types-of-branding/
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CONCLUSION Now you know how it is essential for any retail store has to match the Branding with performance; hence has to deliver both tangible and intangible benefits all in one and all at once. The “whole branding view” development is by creating a “retail brand” at every point of contact between the target customers and the store. The very essence of this concept is that branding is not merely a synonym for marketing a product. Still, it is instead the whole host of activities that define and deliver a purchasing experience. WOULD YOU LIKE TO GET BENEFIT THROUGH RETAIL BRANDING Connect our branding agency today, and we will help you to better understand consumer journeys and behaviours, providing you with practical analysis and actionable insights.
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