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Monday, 13 May 2019

Marks&Spencer re-strategizes its price points to target Indian youth

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British retailer Marks & Spencer has revised its price points for the Indian Market aiming to attract more younger customers. A brand that has catered to consumers for over 35 years, M&S has decided to change the strategies in order to cater to the millennial Indian crowd.

India being the biggest market for the brand outside UK, the starting price points have been revised and have become affordable for the customers. The price of women’s dresses has been reduced by 20 per cent whereas price of men’s shirt has been reduced from Rs 1299 to Rs 999. Also the brand has registered a CAGR of over 15 per cent since 2014-2015 and the last fiscal saw a growth of 10 per cent.

Apart from designing, the retailer has shifted most of its sourcing to India and Bangladesh thus, passing on the benefit of reduced cost to its customers.

In addition to this, the UK based retailer also launched a rethink campaign where stylists are available on the floor to help customers pick clothes and offers bespoke services to the customers.

The Wi-Fi analytics tracks the customers’ preferences to make their shopping experience hassle free and enjoyable. The stores are enabled with Kiosks where out-of-stock products can be easily ordered online and delivered from other stores within the country. As of now in India, M&S is operating through 75 exclusive stores.

Source: https://in.apparelresources.com