The focus in the 'New World' will be on returning to work while coping with the changing trends. Indeed, we bring to you a specially-curated video where Mr. Karthik Kuppusamy - CIO, Vishal Mega Mart, shares his valuable insights on preparing for #FutureReadyRetail.
Vishal Mega Mart, a pioneer in the retail sector in India with 279 brick-and-mortar stores across the length and breadth of India are known for their best price, best assortment and best quality products.
Here’s an extract of the video:
“I think retail as an industry will undergo a significant shift post COVID 19. Some of the big changes that are definitely going to take place is e-commerce is going to take center stage, I think that’s a channel which is going to see tremendous uptake as we go along. At least definitely in the short term and probably that’s a trend which is going to stay. I think the cost of operations in general would tend to significantly increase, whether in terms of social distancing or sanitation or hygiene.
I think all of this will definitely impact retailer economics. There would also be now as somebody had said that earlier all retailers would look at how to get more customers and now you are in a new paradigm where you are trying to say that ok now I will not allow more than 5 customers to enter into the store so very clearly that is going to be a challenge, the entire economics of the cost structure of the retail industry will have an impact now. Whether this is a short-term phenomenon or whether this is there for a longer term is probably anybody’s guess.
I think technology is going to play a fairly significant role in this both in terms of, I mean this could be things as mundane as earlier if were doing biometric attendance now probably you are going to start looking at a facial recognition kind of software which can help in tracking attendance of the staff at the store. So, it could be as simple as even punching the checkout experience, probably more self-checkouts obviously omni-channel here to stay. I think the retailers will have to unlearn and relearn a lot of things if they have to survive the COVID period and emerge successful from that.”
249, Udyog Vihar, Phase - IV, Gurgaon,