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The Detail - Retail Branding

 


The first blog of the series - The Detail, talks precisely about Retail Branding. Widely concepted and curated, it covers the unique relation of retailer and the brand, how a branding agency can turn brand’s profit and revenue x-times through its branding services, and most importantly the Future of Retail Branding which is integrated as the core of this series.

Branding has emerged as a top management priority from the past few decades till now (to the future), as the company’s one of the most valuable intangibles. In particular, branding affects consumer perception that leads to making the choice of the right retail store, to the loyalty which later turns into brand equity.

Retailers (As) Brands

Building the one (brand equity) for self (retailers) is a challenge, often among their competitors, despite focussing on revenue and profit only by selling manufacturer brands. Although many important branding principles apply, retailer brands differ sufficiently to the application of these principles. Retailer brands typically have a wider multi-sensory nature than manufacturer brands and can use, the rich consumer experience to influence their brand’s equity. A branding agency has a major role in creating a brand image and through their different branding services, they are able to attach unique associations of quality, brand policy, a brand story to enhance that image.

Comparing retailer brands and manufacturer brands we witness that in most consumer industries, retailer brand’s image and equity proportionally rely on manufacturer brands they carry and their equity. Retailers use the brands of manufacturers in their stores to generate consumer interest, patronage, and loyalty. Manufacturer brands operate almost like “ingredient brands”, often more so than retailers. At the same time, retailers are competing with manufacturers to increase their relative market power and share of overall channel profit. They can sell their own brands this way. Therefore, it is of fundamental importance to understand how the retailer should position himself and how the sale of the brand by the retailer should scale.

The Future

Trends tend to shape the future of the (retail) industry. Integrating and analyzing (critically) these trends, we can map out the future insights of retail branding. Some of the trends (listed below) are capable of defining the future of retail:

●      Cost-Optimization

●      Digital fusion in Physical (PhyGital Retail)

●      Employment opportunities from modern retail

●      Unorganized to organized retailing

●      A significant rise of tech-driven retail

●      Self-driven/Drone deliveries

●      Shop Local is the Top Vocal

Since this pandemic has struck the world economies badly, many businesses have developed a fear of ‘How to sell’, as many challenges are coming up daily to the Homo Sapiens lives. The situation is the same of the industry and mankind i.e survival. The fittest will, but eyeing the future in the grey matters is not a healthy look point. Yes, the is bright like every other morning, and the search for BEYOND will go on for infinite miles.

Now the questions arise:

●      What’s next to include in retail stores after technologies like VR, AI, AR?

●      Do the robotic sciences take over the manpower in these retail stores?

●      Can we check the nerve-impulse of what consumer is thinking to buy? 

As the future of Automatic Cars (built by World’s Richest), the Retail Stores will look similar in terms of the mapping consumer mind, purchase behavior, stroll-ability, maintaining consumer records, contactless deliveries (that too automated). To be concluded in the nutshell, Consumer perceptions can help the retailer to develop stron and unique consumer relationships. They also have an impact on the utilitarian and hedonic advantages from retailer’s patronage.

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