...we are in the #business of making homes more beautiful and loving 💛
Recently I had the opportunity to visit the 81st Plenary meeting organized by the International Cotton Advisory Committee, in the first week of December at Jio World Convention Centre in Mumbai.
There are several observations that I've learned in the last six months spent at Trident Group India and visiting several such exhibitions and events:
1️⃣ A staggering 90% of the market remains untamed and unexplored:
Have you ever paused to ponder over the brand of the towel you wrap yourself in, the bedsheet that cradles your dreams, or the comforting blankets that beckon you into lazy indulgence? Most likely, the answer is a gentle shake of the heads.
Consumers, especially #women are the major decision-makers and they usually don't stick to one brand. It's like a big blank canvas in their minds, just waiting for a brand to come in and make a mark.
2️⃣ 'Home is the first space and an emotional dream in India':
There are three spaces an individual lives and experiences most of his life - home, work, and cafes/ restaurants. The cost of re-creating the exteriors of a home is usually incurred once in 4-5 years, however, people love and have an innate desire to make the interiors of their home look more beautiful and give a sense of warmth and comfort. In short - give a 'my' touch to it.
Look around your bedroom and bathroom (forgetting about clothes and makeup brands), and you'll probably find less than 10 brands in total. That's a wide-open space for a brand to create nice #experiences and be more visible in people's lives.
3️⃣ 'Growing Together: Where Competition Expands Opportunities and Innovation Leads the Way':
Many businesses focus a lot on outdoing their competition. However, in my view, when the market isn't saturated, winning over consumers isn't something you achieve overnight. It's about meeting their needs in the simplest, most convenient way and gradually building trust.
That's the path to gaining a bigger share of the market. Constantly innovating in your products, how you reach customers, and your marketing strategies should be your guiding principle.
Like always, just impressions from a new boy in a big #retail town. No doubt, there is so much to learn, experiment, and grow ahead.
Indeed excited to be a part of a challenging environment to learn and contribute.
#StayKuriousWithKK
DVP, Relationship Banking Head at HDFC Bank Limited
2moCongratulations! All the very best.