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E-Commerce: Market Entry
A grocery chain was targeting to make an entry into the online domain; the primary objectives were increased revenues and a wider reach. There were multiple models to consider, numerous parameters to factor in, and a variety of decisions to be taken.
Running a grocery chain had challenges and opportunities of its own. On top of this, venturing into the online space involved significant risks and rewards. The resulting synergy of the omni-channel experience was tempting. However, a parameter misunderstood or consumer psychology inaccurately factored would have resulted in sub-optimal ROI. The need of the hour was a right mix of conventional and the unconventional.
From the understanding of customer behavior to reviewing branding initiatives, the steps we followed are listed below:
Engaging with the client to have a broad understanding of the client’s current position and motivations;
Preparing multi-tiered questionnaires, with the target of funneling into the needs – the known and the unknown – of the target market;
Conducting focus groups, surveys, and interviews of the to-be customers, may-be customers, and not-to-be customers via extensive market research across the cities of Pune, Mumbai, Jamshedpur;
Integration of the findings and insights on consumer psychology into the market entry plan;
Deciding on the appropriate discount strategy to be executed at different stages of the lifecycle sustainably;
Chalking out plans for the right sourcing and inventory model; and
Exploring tie-up opportunities with local grocery producers/wholesalers, and unconventional parties with multiple objectives: sourcing, marketing, branding, etc.
The transition into an omni-channel chain has been smooth, and the firm is expected to be a game-changer in the forthcoming months.