On behalf of Nitin Lehri
In today's knowledge based society, consumers are aware that products are interchangeable. What has led to this self-awareness? Of course internet revolution and social forums riding on the cyber wave have a major part to play in this. Organizations have gone to a great length to increase the penetration and reach every consumer in its household thereby educating consumers. Thus consumers have gradually migrated from 'hard' shopping to 'smart' shopping. Few years back retail landscape could be summarized as small corner shops or couple of mom-and-pop stores with few scattered supermarkets. Consumers were having few substitutes for a product at any given store. Further there were few options for the stores itself in the vicinity. Now even the supermarkets are getting saturated fighting for a piece of pie especially in developed economies like UK or Germany. Another significant change has been in purchasing power of consumers as they comfortably splash on luxury goods after satisfying their physiological needs. Thus the standard consumer target group "Joe Bloggs" of 1950s has metamorphosed into multiple precise target groups.