Resurgence Of In-Store Shopping, Omni Channel Platforms Have Critical Edge: Titan MD
The allure of a physical store isn't simply about availability of products but about the curated customer experience, he says.
(Source: Company website)
From global giants to small local businesses, brands are realising that customers continue to value the immersive experience of physical retail spaces, CK Venkataraman, managing director of Titan Company, told NDTV Profit at Mapic India 2024. "The joy of shopping in a store is getting stronger and stronger, and even the smallest of firms will be setting up stores, finding that people are loving that. That's having a cascading effect across all categories."
The allure of a physical store, he explained, isn't simply about availability of products, but about the curated customer experience. As consumers seek high standards in both product and service, companies are professionalising their networks to meet these demands. This trend is evident across all industries, from jewellery to fashion, as businesses invest in improving customer touchpoints.
Traditionally, independent jewellers or local retailers, who did not operate as part of a national or regional chain, were classified as unorganised. However, Venkataraman opined that this distinction called for a revision. "There are independent jewellers who are single-city based, whom we may call unorganised because they're not part of a national or regional chain, but they are very professional in their overall customer value proposition."
Local and regional players, particularly in ethnic categories like food, retail, jewellery, and women's ethnic wear, are not only competing with national brands, but often excelling by providing a deeply localised experience, and are raising the bar in terms of professionalism and customer engagement, he stated.
Venkataraman also emphasised the critical importance of omni-channel capabilities in today’s retail environment. He elaborated on how different product categories and customer preferences are driving companies to adopt a seamless digital and physical retail strategy. "Companies that have created a smooth omni-channel platform are benefiting from that. If I'm buying a diamond necklace worth Rs 1 crore, I'm actually browsing and looking through the website, but I will not buy it online. So the store is important."
This trend reflects a larger shift towards a hybrid shopping model, where customers may begin their journey online, but finish in-store, especially for high-value or complex purchases. Conversely, more casual or low-risk purchases, such as a pendant for gifting, are increasingly being completed entirely online or through mobile apps.
"Organising is happening because customers want a certain minimum standard in the shopping space," he noted, indicating that as customer expectations rise, so must the standards of retailers, regardless of their size or scope.
Venkataraman expressed confidence in the company's prospects, especially with the festive season approaching. "Titan's categories are very gung-ho about the next two months," he said, hinting at a strong end to the year for the brand.
