The vaccine is the silver bullet to arrest the downfall: Say Jagatpuri Building products & materials Suppliers.
- Market Analysis and Interactions with Retail Counters.
- Impact of COVID-19 in Jagatpuri Building Material Sales.
- Ground zero report of counters in Jagatpuri Building Product & Material market.
Jagatpuri market is known for Building products & material- Cement, Paints, Hardware Sanitary ware, Tiles & Marble is situated in East Delhi, directly connecting Ghaziabad & Noida. It is preferred by Individual Home Buyers (IHB) and Designers for material picking, latest in Home design, décor & improvement.
BMR Research Team visited the market with an objective to understand the market players, preferred brands, stock movement and overall market scenario. The Jagatpuri market has more than 350 stores of Building products & material shops and BMR Research Team visit covered the majority of channel market -Distributors, Dealers & Retailers namely Jagdamba Sales, Amrit Traders Pvt Ltd, Anil Sanitary Pvt. Ltd, Sri Ram Plywood, Rajdhani Timber Trading company and many more. The ground zero report unravels that most of the retail counters are witnessing lower sales and further dip in the months to come. The local market share is divided 60:40 for Branded and Non-Branded sales respectively. However, walk-ins and visits are by genuine & interested customers have assured that they meet the break-even in sales.
The BMR Research Team spoke with Mr. Raghav Sindhwani- Director of Amrit Traders Pvt and enquired about the functioning of his business, factors that matter in closing the sale and what keeps their customers coming back to their store. Mr Raghav informed the Team that, Display Presentation always matters for customers to visit the store. Maximum customers purchased branded products in a low-price range and did not change the price point in their repeat purchase. It was evident that brand promise and product mix has a direct impact on the customer selection and purchase. The market is optimistic with the rolling out of vaccination and will have a direct impact on footfall and sales. The same sentiment echoed with other business owners and the vaccine is the silver bullet to arrest the downfall.
The current footfall in the market is very low approximately, with only 10 to 12 customers coming to the shop. The project or bulk business is myriad with payment issues. Small counters are also facing challenges with the entry of company showroom or franchise. Their presentation and display are attracting customers to their stores.
Concluding our visit and candid interaction with small counters and overall observations give us the inclination that purchases are judicious, customer loyalty is intact to brands which have perform up to their expectations, counters are improving their display, presentation and engaging with customers to give them better experience, success of vaccination is directly proportional to market performance and large format brand showroom is helpful in increasing market share and retaining customer loyalty.
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