Retail sector has seen some innovative Brands which have given impetus to retail sector with new dimension.
This general awareness article on a growth story of ‘croma’ will help you in WAT/Essay/GD and PI also.
Read: Croma... A Growth Story
Croma is the consumer and electronic durables retail chain store promoted by Infiniti Retail Ltd which is 100% subsidiary of the Tata Sons. It has 101 stores in 25 cities and small kiosks in high traffic malls. Croma offers wide range of products which include home appliances, computers and peripherals, gaming software, mobiles phones, home entertainment systems and the white goods.
Croma has also launched its tablets based on Android operating system and various other products like vacuum cleaners, LCDs, refrigerators and hard disks under its brand name. Croma has a turnover of around 3000 crores with 6000 products and still plans to increase its presence in the country in future.
Established in 2006, Croma has shown a remarkable growth rate in seven years. It has shown a growth of 55% in the financial year 2012-13 and was awarded as the ‘most admired retailer’ for the fifth time by India Retail Association.
To increase the credibility of the company and please its customers, it also launched its e-retail store which brings 24*7 accesses of its products to the customers. The e-retail portal cromaretail.com has leveraged the strong distribution of its outlets in various cities.
Croma has shown decent growth in the past years of its private label. Despite of the factors like food inflation and presence of other major brands it has shown a whopping growth rate of 30 percent last year. Changing profile of customers like younger generation getting savvy, spending more on gadgets and woman’s inclination and decision in purchasing power have increased the number of products in electronics, personal grooming and household appliances under its brand name.
It has been an innovator and a leader in terms of offering new gadgets and has even brought inspirational and the latest gadgets in the country by tying up with Apple and Amazon creating a high number of footfalls and hence high end profits for it. Other than these, it has set up round the clock customer care centre with Tata Business Support Services. The products and the outlets have been considerably increasing with time.
Croma has expansion plans in the future. The target is to capture 20 percent of the consumer durables and information technology with further penetration in it. Even they are ready to welcome Foreign Direct Investment. Being tied up with Woolworth, Australia, it is ready to collaborate with foreign companies.
It has also changed its promotion style. With the increase in use of Internet and social media, the company has laid emphasis on newer platforms. Online events are introduced to create passion, exposure and building fans.
Croma has partnered with ESPN and is looking forward to tie up with the Star and the Zee Network keeping its footsteps in media sector. Having 101 outlets, it still plans to add 10-15 outlets every year. It is planning to expand its private label range and bringing high quality products to its customers. With so many plans, Croma has eccentric future and growth prospects.