Another year is coming to a close. 2005 has been one of the more memorable years in the last 20 -- one that has brought a lot of hope and optimism for the country, and most of its citizens. It has been a truly momentous year for me personally and professionally, and this makes me wish for some more!
What I would love to see in 2006? As a consumer, and speaking on behalf of most middle and upper middle class consumers, I would like to believe that in 2006, most of us would have about 10 per cent more discretionary spending money than what we had in 2005.
This should be good news for all businesses having any consumer product or service to offer to this large group of consumers. What I would like to see in 2006 and beyond is an acknowledgement by such businesses that the consumer is indeed the king (or the queen
As a consumer, we are all increasingly pressed for time. I would love to see more innovation from Indian retailers (and consumer goods marketers) to offer "customer centric" format, choice, and value proposition solutions.
Even today, despite spending some money on carrying out consumer satisfaction surveys and market segmentation exercises, most retail businesses continue to consider consumers as one large mass rather than different groups of individuals having unique product and service needs.
I would certainly like to be pampered more if the retailers wished to capture any of my money. A good start would be not to be treated like a thief every time I enter a department store or a specialty store with another shopping bag or package in my hand!
Nowhere else in the modern world is a customer considered a shoplifter by default and made to deposit her belongings to the custody of some security guard at the entrance of the shop or, worse, leave the belongings outside the shop in some cases!
Retailers must recognise that losses in the store usually happen on account of the store staff themselves, and it is only an isolated customer that indulges in shoplifting. Likewise, in most parts of the world, consumers have a right to make choices and then change their minds. Liberal returns and exchange policies are an accepted best practice internationally but yet to be implemented in spirit by Indian retailers.
Finally, as a consumer, I would like to get more choice both in terms of products as well as retail stores--it does not matter to us (consumers) whether the business is owned by a group of Indian investors or international ones!
As a professional engaged in the consumer goods and retail sectors, I would love to see an end to the meaningless debate on the merits/dangers of FDI in the retail sector. If at all there is any issue to debate on, it is on the likely impact of large format stores on smaller ones (irrespective of ownership pattern) since we do not seem to have any policy on zoning, unlike many other developed countries where such policies have been put in place to provide a supporting business environment to small as well as large retail businesses.
I also believe that India has a very unique opportunity to attract very substantial foreign investment in various sectors including consumer goods and services.
I would love to see the government of India creating a policy framework that looks more holistically on the subject of attracting investment for the benefits of the nation rather than be influenced by the need to preserve the domain of select local businessmen who in many cases are using the bogey of Indian versus foreign ownership merely to keep competition away and create more individual wealth rather than make the nation more prosperous.
I would also like to see pragmatic, futuristic urban redevelopment policies put in place in 2006 that allow for more planned growth of shopping, residential, and commercial space in our cities rather than the haphazard one currently being observed, leading to the mushrooming of illegal construction or land-use activity all over India.
As the economy expands, and consumer spending increases, India will need hundreds of millions of square feet of additional office, retail, and residential space. China recognised this almost 20 years ago, and started working on the same immediately. In India, we have yet to even acknowledge the need for such a plan!
Finally, what would I not like to see more of in 2006 but will probably end up seeing anyway? At least in the industry that I operate in, it is amazing how many seminars and summits and conferences are now being held not only in the major metros but even in towns such as Ludhiana, Coimbatore, Indore, and the like.
I wish the major chambers of commerce in India were more circumspect and got involved more seriously in policy making, and did not get too carried away merely by the revenue generation potential such events offered for them!
On the whole, I believe 2006 would be another stellar year for India, and for most Indian and Business Standard readers. Let us raise a toast to this!