Finance Friday: Now buy Jeans on Instalments
Is there any good that tragedy brings with it? Yes, it does!
Opportunity in the form of innovations. The retail sector is sure going through a paradigm shift of sorts with the marketers coming up with crazy but innovative ideas to increase the footfalls in their stores and increase declining sales.
Levi Strauss & Co, maker of the iconic 501 jeans brand, has introduced an instalment plan, by which shoppers paying for their purchase with a credit card can choose to pay the sum in three equal parts over three months at no extra charge.
Another one doing the rounds is the Levis (apparel maker) coming up with an Installation option.
Installation option for a pair of jeans? Sounds crazy right, but it is true !
Call it desperation , but the retail sector is not leaving any stone unturned to ensure that they stay in the market. The buying power of the customer has taken a hit in the recent slowdown and Credit seems like the best option to enable the customer to get back to his/her buying habits.
According to marketing director Shyam Sukhramani, the reasons for it are simple ,
"While the reasons behind wanting to access the value and convenience may be different for different people, the underlying calls-to-action are the same"
Levis is the not the only retailer going in for path breaking alternatives, apparel maker Dockers’s khakis is coming up with a new line of jeans being planned with reputed designer Tarun Tahiliani, which will also be made available through the instalment plan.
If You thought retailers were the only one’s thinking innovation, hold on. The ever growing ART sector of India is getting its share of technological breakthrough too.
A new mobile application at art auctioneer Saffronart, allows patrons to bid for art and fine jewellery through a text message.
The application, which chief executive Dinesh Vazirani claims is a first for a fine-art auctioneer, allows collectors to preview sales, make bids and view auction results.
With the stock markets getting softer and the real estate sector a little uncertain, auctioneer’s like Saffronart might be hopeful for some increased investment in art by Investors.
While at first these initiatives might look a little off track and in-effective, they sure signal the need to cater to the market conditions and make it easy for the customer to spend.
Have you come across any other unique initiatives recently by the market players? Do you think these initiatives can provide the much needed fillip to the shrinking cash registers of retailers?
This is new idea in marketing today market is competitve so each every person is trying to do something new in market.
@madhav you r right in pointing out that the credit options are already provided in the west.The striking thing here is that LEVIS is considered a luxury brand meant for the upper middle class.A niche brand offering credit options shows the desperation to get the inventories moving in times like these.
And as u said, since t downside is limited, they can always take t offer back if it does not yield results
I know that many developed countries provide this option. So nothing new… but an experiment in marketing is always worth a try, especially if the downside is limited.
@mrugesh i second your thoughts.
Crazy it may sound, but if it helps get the customer buy their product, the job is done.
Market dynamics are too dynamics these days and call for these innovations
Its really sounds crazy but now a days credit seems the best option for everyone. Really its an innovative idea buying your cloths on installment…lol
ROFL man.. Neva thought it like that :D
But then, I presume levis has a relatively upper class target customer.So this move is in line to get people buy more stuff.I am not sure if they will be able to attract the first time levis buyer.The strategy is to get more revenue per customer, i presume
So if they cant pay the installments, they will be stripped off their dignity (literally)? :)