Retailers address value vs premiumisation strategies with innovative approaches, shedding light on catering to diverse consumer needs effectively
In a panel discussion on value vs premiumisation strategies, industry experts and entrepreneurs shed light on innovative approaches to cater to diverse consumer needs while maintaining a competitive edge. Chaired by Vivek Sethi, VP at Helloverify, the session delved into the landscape of value-driven premium products and services.
Abhay Batra, Co-founder and CFO, Clovia highlighted their customer-centric approach stating, “We focus on a specific customer segment in tier 2 and 3 markets. We start small, with a dedicated team manufacturing products in limited quantities based on customer feedback. This lets us be more responsive to what our customers want.”
Gautam Chaudhry, Chef and Founder, Demiurgic Hospitality, emphasised that catering is different from restaurants because they can partner with multiple restaurants to offer a wider variety of food options on their menus. “Even though every event has a unique theme and style, the overall cost structure for catering is similar. The final cost depends on the additional services you choose, like renting tables and chairs, the quality of the ingredients and how many staff are needed to serve the event”, he noted.
Chaudhry elaborates that the level of customisation at an event increases with the amount spent. For instance, at a Rs 2,000 per plate event, one can expect simpler food options with fewer servers. Conversely, at a Rs 4,000 per plate event, there would be a broader selection of high-quality food and a higher number of staff members to provide table service.
Nipun Kochar, Founder of Jewelbox, shed light on the growing demand for lab-grown diamonds, saying, “We target customers who have always desired diamonds but found them too expensive. Premiumisation is the key, offering high-quality, lab-grown diamonds at a price that won’t break the bank.”
Samayesh Khanna, Co-founder of Beanly Coffee discussed the changing beverage market stating, “Beanly Coffee has seen a rise in offline sales due to changing consumer preferences.”
He explains their decision to enter the coffee market due to the ongoing transformation, highlighting their focus on redefining coffee as a convenient, on-the-go beverage suited to modern lifestyles.
Being a new player in the market, Mahesh Reddy, CEO, Gopizza India, said, “We’re a food tech company and we have developed technology to make delicious oval-shaped pizzas in just five minutes. We are confident that our business model is scalable and profitable. We have designed our operations to be efficient and effective and we’re confident that we can replicate our success in India.”
