The consumer and his experience have taken a central role in the retail industry, and companies are functioning on the personalisation aspect to win their trust
Retail is a space that exhibits fluctuations on a daily basis or maintains stability over extended periods. Thus, adept leadership and strategic acumen are imperative in navigating this ecosystem. In contrast to wholesale markets, retail is directly linked to the customers who also ask for a better consumer experience for higher growth.
However, like every other market space, the retail industry also experienced the advent of Covid 19 and witnessed multiple changes throughout the timeline.
Akash Srivastava, Head of Store Development, Raymond said, “From the consumer adaptability aspect, Covid has imposed a lot of changes both in a good and bad way.” He mentioned that the retail industry is no longer what consumers wear and want to eat, now the consumer wants to travel across the world and experience luxury.
Srivastava pointed out that in the post Covid era, the industry has become more consumer-led, now consumers are in a pivotal role for the companies.
Commenting on the same lines, Atul Jain, President, Aqualite Industries said, “In the last few years, the retail industry has become extremely competitive because opening up of an online channel and the availability of the products. Consumer’s awareness is another reason for the change in the retail industry.”
Sharing his personal insight, Manish Mehrotra, Sr Vice President & Head of Operations at DLF Mall commented, “The retail industry is an age-old space and humans as consumers are an ancient phenomenon.”
He noted that the product is the same and will remain the same but the experience that comes along with that product has been a major key to evolving the journey of the retail industry.
“The consumer and his experience have taken a central role in the retail industry, and companies are functioning on the personalisation aspect to win their trust”, he added.
Talking about personalisation, Pranjal Barua, Founder & CEO of ReneuSleep India described the solution-based personalisation method for consumers in which first they approach the customers for their needs and then personalise the product according to their needs and serve them.
In conclusion, every panellist touched upon the number of changes that the retail world has been witnessing in the last few years that in one way or the involve consumers. Companies are striving, working on their products and services to satisfy their consumer base.
