Mr. Radhakishan Damani, founder of retail giant Dmart was a famous investor and shareholder for trade before he became a big entrepreneur figure in the market.
From trading in stock markets to India's biggest retailer.
The Story of DMart.
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Attractive discounts and goods at affordable prices without the need to bargain were key factors behind the supermarket’s success. But before we dig into Dmart’s ‘success mantras’, let us explore the biography of its ambitious founder:
Radhakishan Damani was born on 15 March 1954 to a Marwari family, in Bikaner, Rajasthan. He dropped out of a commerce degree after the first year of graduation and later joined his father’s ball bearings business. He started investing in stocks when he was 32 years old. Hereby, he ended up becoming one of the biggest stock investors of the 1990s. He had already made millions out of Dalal Street’s BSE before launching Dmart.
The first store was launched in Powai in 2002, and in 19 years, the company has successfully launched 234 stores across various cities around the country.
Dmart has been quite successful vis-a-vis its competitors due to a mix of strategies focused on consumer affordability and location. Most retail chains at that time leased their stores for their market, and Dmart chose carefully to do its research and opened its own stores outright in various corners around India.
Dmart offers a range of quality products in different packaging and sizes. It also has an easy return policy that allows consumers to exchange defective goods easily.
The next big move was regulating pricing, as price is the most important factor for Indian consumers. The retail store tries to attract this price-sensitive group by keeping the price range within the customer’s reach. Dmart also lets the consumers choose a payment option that they trust the most, but doesn’t provide any additional allowances on payments via credit/debit card.
The company also uses the best marketing strategies and promotional activities to woo consumers. It also provides additional discounts on specific products during festive seasons like Diwali and Holi. It also creates brand awareness with the help of Hoardings and pamphlets; besides giving discount coupons to loyal customers.
Last but not the least, the company has opened up a store at prime locations in major metropolitan cities of India. It has launched online portal DmartReady so that consumers can get affordable goods delivered to their doorstep.
Radhakishan Damani’s Success In D’Mart Is Due To Focus On Profits & Avoiding “Nonsense”: Shankar Sharma https://t.co/EWcIuSkONO pic.twitter.com/gUDhvMqe9J
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To conclude, Dmart has established itself as a trusted brand name. This, coupled with a low price range, ensures that bulk buying is a very common phenomenon, on the demand side of Dmart.
Dmart has conservative but a fully profitable approach that seems to be modeled after its founder, as Damani is a media-shy person who gives no interviews. But his company created a retail giant in India, when no one thought of. Also, Dmart has delivered to the Indian middle class, for whom it is now a household name.
References: Innovative Zone, Digital Yug, SugarMint
Featured Image Source: Rediff