From spreading their business in the metro cities to tapping the potential of the rural market, Rajendra Moroju, director of undergarment manufacturer Crystal Knitters, shares the intricacies of his innovation and growth strategy
What trends are you inspired by in the modern retail segment?
What is your pricing strategy?
Price intelligently emphasizes the utility of a value-based pricing strategy. We believe that a customer won’t pay a penny more than what a product is worth so we don’t believe in over-pricing or under-pricing.
Where do you see yourself in this competitive market?
We want to be different than any other and we see our business growing with our franchise outlets all over the country. We are already shaking things up by simply offering certain assurances. Our aim is to open at least 500 outlets.
What kind of franchise partners are you looking at for expansion?
We expect that our franchisee should be a person who involves actively and can offer active participation and be an owner of the property. In case he doesn’t own the property then he must have the lease which should be long enough and the property should be secured for a longer period because our brand is sustainable for a longer period. He or she should also have sufficient finance to invest in the present and further requirements.
What innovation are you bringing in to cater to both metros and small town consumers pan-India?
A large chunk of India’s population stays in the rural areas. Though it is clear that the rural market offers huge potential on account of the huge population and growth of economic conditions, it remains largely untapped. We decided to tap the rural markets by opening smaller format stores with very low investment of around Rs 10-12 lakhs. To cater to these outlets we are appointing state-wise master franchisees who can replenish the stock in smaller quantities in a quicker manner. For metro cities we are going ahead with the combination of larger and smaller format stores. These outlets can be catered to directly by the company.
How do you intend to pulse your growth in the retail space?
We are creating an identity that differentiates our business right from the first day of creating our brand. Our brand is different from the existing markets in our category. We don’t need to do different things, just need to do things differently. We stand apart from our competitors and we are trying to differentiate ourselves in the market space as well as in product offering and service too.
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