Are there enough brands inthe Indian market? How strong are they, and what is the consumer's attitudetowards it? How potential is the Indian market for building foreign brands?

 

Drastic growth in the retailsegment is boosting the necessity for the businesses to build a strong brandimage about their products in the minds of the consumers. Already establishedbusinesses are pushed to sustain or expand their presence in the market,boosting the existing image. As far as the apparel segment is concerned, manufacturersattempt to differentiate their brand from that of others thus giving a promiseto the consumers that they are offering real value for money.

 

To transcend into a higher level,and move from an ordinary product and get transformed into a brand, any productneeds to have some virtues.

 

  • It needs to have a set of values that people aspire.
  • Secondly, it should have a definite personality that people love.
  • Last but not the least, it must induce an intense, and positive emotion in the minds of the people who know it.

 

Indian Market for Brandedwears:

 

Menswear segment consists ofhigher number of apparel brands comparatively over womenswear. Next is thekidswear segment. Womenswear segment has a lot of untapped market potentialboth in ethnic and westernwear. However, a recent survey states a surprisingfact that womenswear segment is expected to be one of the fastest growingapparel segment with a 13% increase while menswear segment exhibited a growthof only 12%.

 

Lucrative growth figures in the apparelsegment attract big brands into the market both at the domestic andinternational levels. Prominent international brands seek tie-ups with domesticbranch to launch their brands in the country. Gruppo Zambaiti's tie up withRaymond, Esprit and Armani with Madura Garments and Tommy Hilfiger with ArvindBrands are a few to name. Each brand is positioned differently, catering to adifferent market.

 

Shopper's Mindset:

 

International brands are soldin the Indian market just because of its label. They command a very small sharein the Indian market. Indian consumers are more sophisticated and have gainedthe wisdom to differentiate between clever talking from the real value of thebrands. On the contrary, there are also shoppers who overlook the qualityaspect of the product. Their mindset is that, they are ready to shop for payfor foreign brands with a hefty price tag, without enquiring about its quality,just because it is an international brand.

 

An accomplished business looks atthe target segment and acquires inspirations for their products. Innovation,and appropriate distribution channels are the two key drivers for boosting theapparel business. Most of the businesses today are well established in themarket, but are not strong and vibrant. They are able to create associationwith quality, reliability and execution capability. They stir up a positive butvague value. With the arrival of better benefits and cut-throat competition, itneeds to evoke its brand power so as to inhibit the growth of its competitorsand expand itself in different directions. Even some of the internationalbrands have not reached up to the standards.

 

Despite these drawbacks, apparel manufacturers have puttheir best efforts in building a good brand image for their products. Theyinvest a huge sum of money for consistent market research, publicity,promotions and advertisements. They are able to develop a high quality humancapital conceding to China. They have associations that are specific and sharp,and have a distinctive and layered personality and evoke strong emotions.

The 'Mall' Experience:

Shopping in a mall is a preferred experience for the consumers of today. It is a current hot trend. Malls can be segregated into two; destination malls (for branded products) and neighborhood malls (for utility products). Industry experts predict that consumers will grade malls on bass of factors such as brands sold there, interior, in store environment, and parking. Low as well as premium brands co-exist in the same mall. To give a further boost to malls, renowned brand owners have chalked out a plan. According to it, approximately 300 malls are proposed to spring in India within a span of next three years. Plans are being initiated for making a typical mall with a space of around 1.5 to 2 lakh sq ft, and with a good brand mix.

 

With foreign investments being opened up for malls, organized retail sector is all set to boom in the coming years. With this kind of growth further developments are anticipated in the retail segment. With the increasing competition, brands are now required to differentiate and innovate. A differentiated brand cannot be copied.

 

References:

 

  1. The Global Brandwagon', Rama Bijapurkar, &sec=article&uinfo=<%=server.URLEncode(2255)%>" target="_blank">http://www.businessworld.in
  2. &sec=article&uinfo=<%=server.URLEncode(2255)%>" target="_blank">http://www.businessknowhow.com/
  3. &sec=article&uinfo=<%=server.URLEncode(2255)%>" target="_blank">http://www.performancesalessystems.com