Mr. Mukesh Nadda, heading the IT vertical at reputed Booker India Ltd (A TATA and TESCO Enterprise), joins us for an insightful session as he talks about how retailers must reinvent themselves in the new economy to adapt to technology and changing consumer behavior.
Technology will be a game changer in business ecosystem which will help to enhance customer experiences anywhere, anytime, on-the-go with the adoption of cloud-based ERP systems, contactless and intangible modes of payment and more.
Watch the full video here to learn more.
Here’s an extract of the video:
Hi, as we all know what the Covid 19 has done to global economy and particularly to the retail industry. A phase of recession has started, but we all need to be ready for future challenges. Players in B2B and B2C are equally impacted and it's a huge challenge for any business to come back on track. Forget about growth, for some businesses, even existence is a challenge.
Multi-channel retailing will be the new format to look upon. Companies need to sell their products online on multiple channels like web store, marketplaces and social media. This model can offer hygienic and kind of contactless shopping experience to the consumers.
With the depleting household incomes, consumers might focus on immediate necessities and will buy only essential goods, whether food or non-food for some more time. But economy will certainly bounce back, and non-essential goods sellers have to move towards brand coverage, social media presence and to give consumers a one click purchase on e-commerce portal or through their mobile app.
Neighborhood stores or kirana shops who generally keep only the essential products proved itself a lifesaver in this difficult time for their communities. They adapted very well to the change in terms of basket size, providing home deliveries, accepting wallet payments, etc. are few to name. Now, the bigger question would be, will consumers stay loyal to these stores, for this retailer has to invest into technology - store facilities like refrigeration, fixtures, etc. Many business studies show that the kirana or the modern supermarket sector is expected to grow in near future.
From the responsibility to run business under health, safe and legal environment; some added responsibilities has come with this pandemic, with adapting new technologies, placing sanitizers at shop entrances for consumers, regular health checkups of store staff, reduce sales because of serving less number of customers due to social distancing norms, hiring additional staff for keeping check on the norms being followed. Actually, these all will add up to the operational costs. Hence, government should consider providing some incentive or financial support to the retailers.
Technology will be going to play a big role in day to day transactions. People who were earlier deferring it now are compelled to use it and in turn they actually find it useful. From the consumer perspective, they prefer contactless deliveries, variety
of payment options like card, wallets and paperless invoices on the mobile devices will be going to boom. From the employer's perspective, enabling the work from home culture would be the futuristic approach, thus ensuring the
continuity of the business in any situation. Flexibility to work from anywhere and anytime, for this web and cloud-based ERP applications would be preferred over the on-premise implementations.
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