Have you ever seen a business welcoming its competition, much less with folded hands?
When IKEA entered India during Aug 2018, online furniture retailer Urban Ladder did just that. “Namaste @IKEAIndia Welcome to India,” tweeted Urban Ladder along with a gif of its staff welcoming the furnishings giant with folded hands, reported DNA India then.
“The retail ecosystem is one of the most exciting industries today—it’s fast-paced, constantly evolving, and ever so demanding. As the retail sector enters a new phase, home-grown brands like ours need to find ways to stay ahead in the game.” wrote its COO Rajiv Srivatsa, in an article published by Live Mint, in Aug 2018. Here’s the link to that article: An-underdogs-winning-strategy-against-Goliath.
Some of his strategies, as mentioned in that article, are:
- Ear to the ground: Listen to your customers, offline & online.
- Adopt an omni-channel approach.
- Know your strength & exploit it to the hilt.
- Get the pulse of global trends.
- Speed & Relevance will differentiate brands.
- Meet the demands of the consumer.
- Know your customers well.
- Build a strong supply chain with a local flavour.
- Assure Quality & ensure that your product fits the demands of consumers.
- Utilize tech as a key differentiator.
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