The coronavirus pandemic was a once-in-a-lifetime take a look at of enterprise continuity planning for retail companies throughout the globe. Even when issues have stabilized to an extent and economies are step by step opening up, the business is being confronted by a string of questions, the toughest of that are
– What’s subsequent?
– What has modified in shopper habits and what influence will it have on companies? What’s the New Regular going to be?
– What modifications are more likely to persist and which ones are reversible?
“All through this time, we have now simply ate and slept on the implications of the pandemic on our companies, easy methods to cope with it, about money conservation, price discount, numerous survival methods, and so on. I believe that the necessity of the hour is to arrange for what’s subsequent,” mentioned Vishak Kumar, CEO Madura Fashion and Lifestyle (Aditya Birla Fashion & Retail), whereas moderating a session at India’s first Phygital Retail Convention.
Fortuitously for the Retail Business, consumption is an such an integral side of contemporary lives that even a pandemic of the catastrophic proportions of COVID-19 couldn’t abate it. It did, nevertheless, create a giant dent in that shopper habits and consumption patterns developed out of the blue and radically.
“The buyer has been topic to an enormous metamorphosis. However the resilience that we have now seen in our shoppers could be very heartening for all of us within the retail business. What companies must do now’s observe the change in shopper expectations as nicely rising tendencies,” mentioned Abhishek Ganguly, MD, Puma India & Head South Asia.
The pandemic has compelled your entire companies ecosystem to be unit economics centric. Whereas companies too had been pressured to deal with strategic price administration and roll out price enchancment initiatives, the lockdown made shoppers analyse their monetary baseline and pinpoint unhealthy spending habits.
“This makes me imagine that consumption behaviour goes to alter for ever. Within the New Regular, spends nicely be extra thrifty as shopper focus might be extra on saving. Additionally, with the buyer being at dwelling your entire week, weekends will graduate to a brand new dimension and can provide immense alternatives to way of life retailers,” mentioned Arun Narayan, VP and Chief Retail, Advertising and marketing and Merchandising Officer, Tanishq.
Within the wake of the pandemic, e-commerce has gained traction, and this presents immense alternative for brick and mortar, in keeping with Arun Narayan.
“At present, brick-and-mortar is provided with all of the know-how that e-commerce has. Using the digital stack accessible, we are able to now afford to offer shoppers the comfort of shopping for from dwelling. Now we have seen how conveniently applied sciences like limitless isles, video calling, and fee hyperlinks could possibly be used to our benefit. If we might simply implement the entire intelligence and suggestion engine in brick and mortar retail, I imagine we might give a brand new dimension to bodily retail,” he added.
The pandemic has additionally been a tech-opener for each organizations and shoppers alike. At present, know-how is evolving sooner than it had ever earlier than.
Fast developments in know-how has given sufficient alternative to all retail channels to get better from the pandemic triggered stupor.
“All of it is determined by how sensible and agile organizations are. Organizations want issues in another way in order that they will well pivot their companies. Maybe this whole adversity has taught us to make a tunnel via the wall versus saying there’s a wall,” mentioned Arun Narayan.
As a silver lining, the COVID-19 pandemic has introduced a conclusion to the perennial on-line vs offline debate. It’s hereby clear that the way forward for retail might be dictated by convergence of all channels and emergence of a really new multichannel retail.
“Going forward, companies must ship to the shopper wherever and each time the shopper would really like. So a mixture of each bodily and on-line must coexist. Additionally, development and revenue will stall to be the kernels of organizational focus within the close to future,” mentioned Anchit Nayar, CEO-Retail, Nykaa.