With the state of residential realty in the post-Covid world as context, Crompton’s VP-new business Nitesh Mathur explains how appliances are shaping lifestyle and kitchen architecture.
Mathur presented kitchen retailers with this growth strategy during his keynote address at India Kitchen Congress in April 2023.
Mathur stressed how post-Covid the kitchen has taken centre-stage, and that ahead of design, consumers are concerned about sustainability, functionality, and convenience. He emphasised that it was the responsibility of the industry to provide an ecosystem that helps fulfil consumer needs in a better and more efficient manner.
With the rise in realty prices, the sizes of apartments and thereby the kitchen have fallen. “One possible directional flow is the use of multiple appliances combined into one – one which is more precise, and which can help people to use it with greater sensitivity.”
Sharing insights into consumer behaviour, Mathur said they seek a wholesome kitchen buying experience and that there is a dearth of players who focus on offering fully integrated kitchens. While some sellers are heavily focussed on the appliances, others specialise in kitchen furniture. “This is an unmet need that the industry must look into.”
Mathur shared the findings of a study that Crompton had commissioned to gain more insights into consumers’ buying behaviour. Consumers visit a multi-brand outlet to compare prices. They visit a modern trade outlet so that they can get to know the specifications of the products and an exclusive brand store for product experience. Those who are on the upper side of the price pyramid and are clear about their needs visit a modular kitchen studio. People who visit a modular kitchen studio have the highest conversion, approximately 69 per cent.
He exhorted the kitchen industry to build a value proposition – look at insights based on retail experience (realign the retail experience); and plan, promote and execute an effective pricing strategy. “The focus should be on the quintessential marketing mix, the four Ps.”