Have you ever seen an overcoat and felt as if it was love at first sight? You asked how much it costs and to your surprise, it was dirt cheap for what it was. You checked for major defects - discoloration, abrasions as it was a thrift store but you saw none. Now the only thing left to do was put it on.
Alas, it was a bit too big. You were desperate, you were trying your hardest to rationalize the purchase. “Maybe they won’t notice” “I could just get it altered”
But they will notice. It will never be the same.
Running a retail business in a hyperlocal context is, dare we say, connected. A one-size-fits-all approach only works if you’re selling $1 food on the street. Hyperlocal, on the other hand, is completely different.
With studies showing that 80% of consumers globally are willing to spend on products sourced locally with 53% claiming that they prioritize local businesses, especially post-pandemic, a cookie-stamped strategy won’t work every time just because ‘it worked there, it must also work here’
While keeping a close eye on the retail landscape in general and hyperlocal in particular, we’ve made a list of 3 strategies (read: Consideration) while working with branding consultancy experts that will help you cut through the mush of competitors and they are:
1.) Connecting with the community
With a rising digital economy and shifting living habits, tier-2 cities are witnessing a rise and maturation in factors that were once exclusively visible in the biggest and densest metropolitans, such as work opportunities and alternative culture.
A branding consultancy specialist helps in creating specific strategies that cater to the specific nuances and local characteristics and incorporates those strategies into a specially packaged product and/or service for that area. We can especially see it in the process in China, whose geography is characterized by concepts unique to that area, coupled with a universal trend of growing incomes. Partnering up with hospitality and cultural curators local to that geography will establish a bulletproof regional connection that is craved by the local populace.
In practice, some of the most notable examples can be seen in the UK, with Manchester growing at an incredible, as it’s being considered as a cheaper alternative to London. Brands like H&M and Nike are doubling down by investing in a flagship EBO in Manchester.
2.) Adding local flavors into the mix
We’ve noticed a trend that has been skyrocketing in the recent past and shows no sign of slowing down any time soon. It is the trend of growing national pride, which also extends to a growing sense of local identity within different geographical pockets. Therefore, the brands are expected to tailor their retail strategies to that pocket.
A branding consultancy specialist helps in crafting a ‘sensibly local’ experience by incorporating local traditions and prevalent culture as a prerequisite to starting a conversation with the local populace. And a way of adapting to ‘local sensibilities’ is by speaking their language, their nuanced and their dialects. It helps you come off as authentic in the conversation with the local populace.
IKEA’s entrance, with the help of branding consultancy, into the Indian landscape is a prime example of this strategy in action. By surveying over 2000 households spread across various states, IKEA tweaked its range of products to suit the needs of that geography pocket. As an example, IKEA uncovered an insight, which might sound obvious to an Indian, that living spaces in Mumbai lack space that is enjoyed by other Indian metropolitans. They introduced a plethora of vertical storage as a workaround to that challenge.
3.) Turning your service to 11
Living in some of the largest cities in the world is exciting and overwhelming. You have access to culture and conveniences, all while dealing with the population density of a packed school bus.
Proximity, in such cases, matters a lot. With the advent of eCommerce and the proliferation of high-speed internet, consumers desired a convenient and fast delivery service in tier 2 and tier 3 cities.
Pop-up stores, designed by a branding consultancy specialist, are a perfect resource for testing the waters and gauging the audience responses, without sanctioning a significant budget for a permanent establishment.
The Final Word
“Success in retail lies not in jumping on today's trends, but predicting tomorrow’s trends”
And hyperlocal retail provides one answer. It starts with embedding within the fabric of that community, and eventually so critical and ubiquitous with the community, that there exists no reality, other than the one with your brand in it.