In an interview with ETRetail, Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip, shares insights on building consumer brands that can stand the test of time. Magow believes that it is essential to understand the secrets of successful offline retailers in order to create online brands that can last for the next 100 years.
Magow starts by highlighting the importance of customer trust and loyalty in building a long-lasting brand. He notes that offline retailers have been able to establish strong relationships with their customers through personalized experiences and face-to-face interactions. Online retailers must find ways to replicate these experiences and build trust with their customers.
One key aspect that Magow emphasizes is the role of technology in creating a seamless and convenient customer experience. He explains that online retailers must invest in cutting-edge technology to provide their customers with a frictionless shopping experience. This includes features like fast and secure payment options, personalized recommendations, and easy navigation on their platforms.
Magow believes that online retailers can learn from offline retailers in creating a sense of community around their brands. He explains that offline retailers often organize events and engage with their customers on a personal level, fostering a feeling of connection and loyalty. Online retailers can replicate this by creating online communities, hosting virtual events, and providing forums for customers to engage with each other.
Another important lesson from offline retailers is the art of storytelling. Magow explains that offline retailers have mastered the art of storytelling to create an emotional connection with their customers. Online retailers can leverage this by creating compelling narratives around their brands and products, and effectively communicating their unique value proposition to customers.
Magow also stresses the need for online retailers to have a strong offline presence. He believes that having physical stores or collection points can enhance the trust and credibility of an online brand. Additionally, physical retail stores can serve as an opportunity to engage with customers and provide a personalized experience.
In terms of building a successful brand, Magow advises entrepreneurs to have a clear vision and purpose. He highlights the importance of staying true to the brand’s core values and consistently delivering on the brand promise. He also suggests being open to feedback and continuously evolving the brand to meet the changing needs and preferences of customers.
When asked about the challenges faced by online retailers, Magow acknowledges the competitive landscape and the need to constantly innovate to stay ahead. He believes that it is vital to anticipate customer needs and provide solutions before they are even aware of them. He also stresses the importance of building a strong team and fostering a culture of innovation within the organization.
In conclusion, Magow’s interview offers valuable insights for online retailers looking to create consumer brands that can last for the next 100 years. He emphasizes the importance of building trust with customers, investing in technology, creating a sense of community, storytelling, having a strong offline presence, and staying true to the brand’s vision and purpose. By incorporating these principles into their strategies, online retailers can build brands that transcend generations and leave a lasting legacy in the digital economy.