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1. Background
a. About IOCL
Indian Oil Corporation Limited (IOCL), is an Indian Government
owned oil and gas company headquartered in New Delhi. It has a notching up
high turnover (Rs. 6,05,924 crore or US$ 87 billion in 2018-19). It's far more
than being ranked 117th among the world's largest corporates in Fortune's
'Global 500' listing, and the vision to become a globally admired company. The
strong team of 33, 500 has efficiently and effectively fuelled India’s core sector
for economic development over last six decades. The business interests
encompassing the entire hydrocarbon value chain- from refining, pipeline
transportation & marketing, to exploration & production of crude oil & gas,
petrochemicals, gas marketing, alternative energy sources and globalisation of
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downstream operations.
As The Energy of India, Indian Oil accounts for nearly half of India's petroleum
products market share, with sales of about 90 million tonnes in 2018-19. Over
32% national refining capacity and 71% downstream sector pipelines
throughput capacity are with Indian Oil. The Indian Oil Group owns and
operates 11 of India's 23 refineries, with a combined refining capacity of 80.7
million metric tonnes per annum (MMTPA). Indian Oil refineries are on the
last leg of upgradations to produce world-class BS-VI compliant automotive
fuels for supplies across the country from 1st April 2020. Indian Oil’s 14,200-
km cross-country pipelines network facilitates the transportation of crude oil to
refineries and finished products to high-demand centres in an efficient,
economical and environment-friendly manner. Its throughput capacity of 94.20
MMTPA for crude oil and petroleum products and 21.69 MMSCMD for gas
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makes it one of the largest pipeline networks in the world.
b. Business
Indian Oil is India's flagship Maharatna national oil company with business
interests straddling the entire hydrocarbon value chain - from refining, pipeline
transportation & marketing, to exploration & production of crude oil & gas,
petrochemicals, gas marketing, alternative energy sources and globalisation of
downstream operations. It also has global aspirations, fulfilled to an extent by
the formation of subsidiaries in Sri Lanka, Mauritius, the UAE, Sweden, USA
and The Netherlands. It is pursuing diverse business interests with the setting
up of over 15 joint ventures with reputed business partners from India and
abroad to explore global opportunities.
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https://www.iocl.com/home.aspx
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https://www.iocl.com/download/AnnualReport2018-19.pdf
2. Current Marketing Scenario of IOCL
Indian Oil has one of the largest petroleum marketing and distribution networks in
Asia, with over 43,000 marketing touch points. Its ubiquitous fuel stations are
located across different terrains and regions of the Indian sub-continent. From the
icy heights of the Himalayas to the sun-soaked shores of Kerala, from Kutch on
India's western tip to Kohima in the verdant North East, Indian Oil is truly 'in every
heart, in every part'. Indian Oil’s vast marketing infrastructure of petrol/diesel
stations, Indane (LPG) distributorships, SERVO lubricants & greases outlets and
large volume consumer pumps are backed by bulk storage terminals and
installations, inland depots, aviation fuel stations, LPG bottling plants and lube
blending plants amongst others. The countrywide marketing operations are
coordinated by 16 State Offices and over 100 decentralised administrative offices.
Enriched customer experience over time converts into customer's loyalty.
Automation, modernisation of the dispensing units, improving visual identity of fuel
stations, imparting training to dealers and customer attendants are key steps being
taken by Indian Oil to enhance customer experience. Indian Oil has modernised
more than 85 percent of eligible site retail outlets and in the coming year, Indian
Oil is emphasising on achieving cent per cent modernization of the rest of fuel
stations.1
3. About 360 Degree Retail Concept
360 Degree Retail is the practice of optimizing all aspects of a retail business,
making each activity more customer-centric. The idea is to ultimately deliver a 360-
degree shopping experience to the customer each time. Recent technology
advancements, like consumer analytics, digital marketing and business
intelligence allow this, strengthening your position in the market, and enabling
growth despite the competition. Here are some key aspects you must consider to
be able to offer a 360-degree retail experience to your customers.
a. 360 Degree Retail Analytics
Successful retail is all about making the customer feel valued and privileged.
Analytics is an absolute boon to the retail industry. It facilitates retailers to study
market trends, understand customer preferences and customize offerings to
cater to each target group. An investment in retail analytics can elevate your
retail business outstandingly, helping you make well-informed business
decisions and personalize offerings based on dynamic customer demands.
b. 360 Degree Retail Marketing
The retail industry faces ruthless competition, and it only increases with time.
A key element for survival and growth in the industry is effective marketing.
Traditional marketing methods may not be too effective in a dynamic world,
where customers are scattered across different media of communication.
Digital marketing trends enable retailers to target the right customer, through
ideal marketing channels and with the appropriate content.
c. 360 Degree Customer Engagement
If enticing customers is difficult in today’s retail landscape, engaging them is
even more challenging. It is difficult to retain customers due to several factors.
A little extra effort in engaging customers effectively can result in building long
term customer relationships. The best way to do this is by maintaining the
quality of your products, strengthening customer support services and running
loyalty programs such as discounts, rebates and privilege schemes.3
4. Problem statement:
What the industry needs is an intelligent, integrated and well executed Omni
channel approach that provides a personalized experience. This is made
possible through a combination of social, mobile, analytics and cloud
technologies. To build effective strategies, petroleum retailers should be
aware of the challenges that can inhibit their initiatives across touch points:
• Disparate customer processes
• Inconsistent service delivery
• The inability to create deeper engagements
• The inability to create differentiators
Design a Model for 360-degree Retail Outlet for Indian Oil. The model
should be implementable to the current existing outlet. It should be
aligned with all the IOCL’s goals and should be sustainable. It should aim
to increase footfall at IOCL outlets.
NOTE: The presentation should not exceed 5 slides (excluding cover and
thank you slides)
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https://www.estuate.com/company/blog/360-degree-retail
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