Brands should differentiate what they stand for: Raghu Lakkapragada
In an exclusive interaction with Raghu Lakkapragada, COO, Voonik.com talks about importance of brand loyalty.BY Sunil Pol | February 28, 2017 | comments ( 0 ) |
While it is correctly said that keeping up with consumer loyalty is much difficult for the online retailers than the offline ones Raghu Lakkapragada, COO, Voonik.com focusing on earning more of consumer loyalty along with creating love for his online platform among consumers. The company is deeply focusing on keeping its promise with the consumers of offering seamless consumer experience starts from what consumers is looking at and delivering its commitments to the consumers in terms of offering. Also the company doesn’t much focus on deep discounting instead offer products at low prices with adding value to it to keep consumers intact with the online store and the particular brand.
What retailers can do to let consumers stick to the brand?
Now consumers have so much of choice that the moment there is another guy who is offering better service they will go and that’s the world we are in. The essence is to constantly innovate, constantly provide services to the customers who are actually much better and then rest of it is taken care of.
In online buying how consumer loyalty changes with different product segments?
At a premium level there is a loyalty towards brand because there is a snobbish value attach to it. When it comes to mid-premium like value segments it is only matter of the promise. If it’s a branded segment and people are assured of quality of it then that is pretty much they are looking at. It is important for brands also to differentiate across what they stand for. Some brands are appealing to youth some of them are not.
Voonik is focusing on consumer loyalty or creating love about the brand?
To me it is not either or because it’s a progression or a journey. When you first get a consumer to try first thing I need to make sure is what he is looked at, what I have promised and I deliver on it and that’s a basic hygiene factor, next thing is consumer loyalty with making sure that I am actually showing him something that is so attractive that he keeps coming back and finally making sure that there is something more that is available there and actually make them love it. So it’s basically a journey as oppose to either or. And there is always cost to doing that part and that is very important. In today’s world there is a lot of demand on that particular cost aspect.
For online retailers how sustainable the consumer loyalty attached with deep discounting is?
If I basically give free returns or deep discounting people will come. If one want to acquire customer in that way he can do it but he cannot sustain it without actually providing constant consumer experience for a longer period of time. We don’t actually focus on discounts but our sellers do offer discounts but that’s the nature of the game anyway in the fashion world where there are end of seasons and they have to discount. But overall what we believe in is everyday low prices and making sure that consumer is getting more value.
24 Nov 2015, Hotel Pullman, Aerocity, New Delhi.
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