IIPM Programme :- SUPERIOR COURSE CONTENTS
Can American Express take advantage of the ‘Great India Opportunity’? And how is it different from the slew of plastics available? The Country Head speaks...
4Ps B&M: What do you feel about market potential for plastic money business in India?
RH: In India, the credit card market is witnessing amazing and rapid growth at a healthy rate of 30-35% per annum. The total card market today in terms of billings is growing at over 30-35% per annum and is estimated to touch over the $20 billion mark this year. Having said that, the Indian card market is still relatively untapped and offers a huge potential. The current India context presents unprecedented opportunities to American Express to further its strategy to own and serve the premium segment. American Express’ strategy to own the premium segment fits in extremely well in the present Indian environment...
4Ps B&M: Do you cater differently to Indian consumers as compared to your competitors?
RH: The edges that American Express enjoys over the other cards are several. American Express is a company, which provides seamless service to customers travelling in India and overseas and offers a host of global benefits such as special offers and savings opportunities. For instance, we have the unique American Express Selects platform. This platform allows us to create significant value for our merchants and our card members. Through this ongoing, consistent and value-added approach, we deliver competitive advantage to our customers. In addition, being a leading travel agency we provide Membership Travel Services through our travel network. The strategy enables us to provide card members with a range of services such as tele-ticketing, special discounts on international fares, free airport transfers, et al, again something which no other card company can offer. We offer the best Protection Package that includes limited loss liability for a Card member.
4Ps B&M: What are your strategies to increase your consumer base in the Indian sub-continent?
RH: Our strategy will revolve around gaining leadership position and owning greater base amongst the rapidly growing affluent customers in India. The key elements of our strategy include our laser-like focus in providing premium value to all our customer segments and we continue to innovate to meet our card members’ changing financial and lifestyle needs. Over the last two years, we have expanded our product set to including innovative Platinum Club and Kingfisher cards.
4Ps B&M: How do you plan to retain consumers, given new buying patterns and shifting loyalties?
RH: In India, the opportunity is pretty large and we are focused on gaining industry leadership, and are making significant investments to this end. A leader in product innovation to raise the bar in the industry, American Express plans to continue to invest in advertising and marketing its products across the country. We will also continue to work with key partners to develop innovative product offerings to match customers’ needs and wants in the premium space.
4Ps B&M: Your take on the growing competition in the India?
RH: American Express is a key player in the cards business in India and offers unparalleled and comprehensive portfolio. There is space for everyone, but we like to differentiate ourselves. Unlike other cards, the Amex Card member is liable only up to a maximum of Rs.1,000 before report of loss of card and zero after report of loss. This feature is well recognised and appreciated by card members.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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