COVID 19 – the Pandemic: “What strategies can separate the winners and losers during the COVID-19 crisis” (How does it affect the Indian retail industry and how do we survive this? )
April 24, 2020
Live Attendee, 90 minutes of curated content.
Satisfaction score with 50 NPS score
Key Industry Experts as panellists.
“Hello this is Pooja Hada @Goodstuffco , by far this is the best webinar I have attended”
“The brilliant session, thanks so much for the time of each one of you.”
“thanks for attending, it was an inspiring Webinar very informative. stay safe and define the new normal soon”
“Excellent session..great to hear from all the industry leaders.. Thankyou Mapic...”
“It was an insightful and meaningful session for all retailers.”
Key Takeaways of the webinar:
The group companies which have many companies in their portfolio, the question of collaborations within the group companies and across businesses will assume a different proportion because group companies are in a better position to leverage collective synergies and this group synergies could also extend to the customer synergies- how to treat customers as a unified set of companies going forward. A lot of collaboration happening within the group companies, to leverage each other strengths.
Regarding trial rooms – there are few ways that companies can do it—either u have a process of individual sanitization which is quite laborious, use technology or use very easy return policy. The companies which will get more innovative and will give more of 360-degree option to costumer will benefit even if it’s the slightly higher price.
Consumer confidence starts coming come into place not only with social distancing but with contactless service, Use of technology in order to improve the consumer experience, and by ensuring that it is as contactless as possible.
There are 3 phases to it- ONE is restarted phase, restart phase is basic consumer building phase, second is revive phase where a consumer will start behaving almost normally and than the new phase we can look at which is the final phase.
This is also a time where consumer have started looking at the brands differently, certain brands will find much more salience with the consumers, those brands which have got high on social capital, those brands which are high on sustainability, those brands which are high in terms of empathy…brands will get much more positive impact with the consumer and those will flourish, maybe not in restart phase but at least in the revive phase. And few brands may actually going to find it tough.
It's actually time for everyone to relook at their business …
This tough time will not define us but refine us …
There will not a Taylor cut situation for all kinds of retail formats – The cinema, restaurants, Hypermarket, Fashion all will demand different solutions.
Right now CASH is the king and liquidity everyone should be worried and getting into crises together…Whatever the brand, company, the corporate will need to do to conserve the cash whether it's bringing down the expense or doing other mechanisms to get in the revenue is the only mantra...
In terms of category, there would be a big impact on bars and cinemas.
It will the millennium who will come first when the malls will open. The millennial thinking will be certainly reflecting in the malls and in organized retailing now.
People will also look at the source of the country so Nationalism will take a rise and made in India brands will get positive impetus in this whole episode of COVID.
The current problem should be taken into a 12 month or 24-month bucket rather than just 3-4 months problem to find a solution.
The experience can not the same when you buy from an e-commerce platform and when go out to buy something, that’s the real difference.
At the end of the day, All stakeholder should hold each other hands, if someone will fall, all will fall…if there are no retailers in the malls, the mall will not work ..if there is no mall, retailers won't work.
In the conclusion, All panellist firmly believed that consumer will definitely come back to the malls, as at the end of the day we are social human beings provided the mall owners and retailers should be very strict with the safety norms.
Finally, the moderator tried to gaze into the future and asked a final question to Biyani- if we were talking 18 months today and we were doing future-gazing, what would be the 3-4 things u think we would be seeing at that time?
Answer- There is going to positivity, there is going to be optimism, there is going to be celebrations, we will overcome this, we have to go through this collectively. There is going to be collaboration. there are 4 stakeholders other than customers, I think that is required from each one of us to collaborate……
“Clearly one of the segments that have got hit hard other than hospitality, aviation is the RETAIL. So that is what we are really going to look at, we’ll do some future-gazing, A Lot of people say that -it’s going to become a low touch economy, the consumer behavior is going to accelerate. It’s going to go more digital, more e-commerce. Physical space may have a different positioning going forward.”
Anuj Puri, Chairman
ANAROCK Property Consultants Pvt Ltd.
‘’ Irrespective of covid, E-commerce was challenge which was there before also, that would have continued to happen and it will be there , I just hope that the e-commerce really rediscover itself, the way it should have been…it can’t be a discount channel that it had been in the country for the last 5-6 years now from its existence. Now no model can only survive if it’s a discount model, I think e-commerce should take its time to come out of this model that they have been into…Malls would the safest place for shopping than any other high street place to shop”
Rakesh Biyani, MD
Future Retail Limited
“ This is the situation which has never come before, it is as overwhelming for the developer as it is for retailers. Its time more than ever to collaborate to get the customer sentiments back”
Pushpa Bector, Executive Director
“ The business of retail and shopping center has 4 key stakeholders apart from consumers- Government, Bankers, Retailers, and Developers..All 4 partners should get together to find out the solution to sail through it”
Abhishek Bansal, Executive Director
‘’Reinvent ourselves & business models is the need of the hour”
Sagar Daryani, CEO & Founder
“ Fashion is as much as producer-driven as it consumer needs-driven. The problem won’t come from the consumer side, they also understand that retailers were shut and they will not going to give a discount but if a couple of players pulled the trigger that’s where the problem can come. So players should hold their resolve as everybody is working together to get the concession from the govt, there should be a collaboration”.
Jamshed Daboo, Director on the Board
Trent Hypermarket Pvt. Ltd.
‘’In India being very very optimistic, if Diwali and marriage season that is October and November goes decent means 60-70 % sales of last year than the market will pick up in January, if October will not got go well, it will go till April 2021”
Tushar Ved, President
‘’Who had thought that the malls would start working on the plan to reduce the footfall in order to maintain the social distancing? It is definitely a time for all of us to learn from the current situation’’
Mukesh Kumar, CEO
FOR PARTNERSHIP/ EXHIBITIONS ENQUIRIES
FOR DELEGATE REGISTRATIONS
Mob. +91-90153 41479
FOR CONFERENCE/WENINAR ENQUIRIES