| |DECEMBER 20208Consultants ReviewIN MY OPINIONCREATING A BRAND IMAGE IN A PRICE SENSITIVE MARKET - WHERE THE CONSUMER LOYALTY IS TOWARDS THE PRICE & NOT THE BRANDWith over a decade of industry expertise in diverse verticals under his belt, Shripal has successfully taken Swipe from being a nascent organization to the apex market leader in several states in the country, with its vertically integrated play of hardware, software, apps, vas and own enhanced android, FreedomOS.By Shripal Gandhi, Co-Founder & CEO, Sensing Self Pte Ltdn a developing country like India, the most important factor that affects the consumer is value for money deals. Majority of the consumers are highly price sensitive who responds negatively to higher than average prices and prefer to shop with budget-friendly brands. It can't be always assumed that such customers have low income or their budget is low. Price sensitivity is less related to customer's income and more about their personal beliefs and upbringing. Price, promotions and brand perceptions are the most determining factors that help consumers to arrive at a perception of value. Today's generation is a lot more attracted towards the newest technology available within the budget rather than just the brand as compared to the previous generation who were brand loyal. Aggressive marketing and entry of many low range brands have created a lot of pressure amongst the competing brands to reduce their selling price.But, finding a productive path forward, keen retailers are capitalizing on the fact that price matters more to shoppers than ever before. Some ways market leaders are shaping their price strategies to win customers' hearts are:I
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