NL Corresspondent
Jammu Tawi: The Jio Convention Centre BKC witnessed a grand start to the fourth edition of Phygital Retail Convention 2023. The event kickstarted with the Megaverse, a thought-provoking #Groupthink session titled “100 Shades of Retail,” which saw renowned industry leaders from the retail segment participate. SangeetaPendurkar, the CEO of Pantaloons, spoke about how challenges can lead to innovation and improved solutions for our lives and the world around us, stating, “Necessity is the mother of invention.” The convention promises more powerful panel discussions and insights in the days to come.
BS Nagesh, Founder of TRRAIN and Chairman of Shoppers Stop, shared his valuable insights on the strategies to attract new customers over the next decade. Having been with Shoppers Stop since its inception in 1991, Nageshemphasises on the need of evolving in the retail landscape and how businesses can adapt to changing customer preferences and behaviors.
Industry leaders talk about retail as an ever-evolving industry, constantly adapting to changing consumer behavior, technological advancements, and market shifts. To stay relevant and succeed, retailers must continue to innovate and provide exceptional customer experiences across all channels. This includes embracing omnichannel strategies, implementing sustainable practices, leveraging data and analytics, and investing in digital technologies such as virtual try-on and augmented reality.
Talking about the market shift, Kamal Khushlani, Founding director, Mufti said, “For fashion brands like Mufti, inventory management and attitude shifts are crucial to stand out in a market that values expression and boldness. Retailers must cater to the digitally impacted audience and offer new product categories aligned with changing consumer habits, such as an increased focus on well-being.”
