What do you think retailers are scared of the most? Is it irrelevance? Lack of varieties to offer to their customers? Or is it in particularly being dominated by technology also known as online retailing?
The thing about online retailing dominating the retail scene is what the brick-and-mortar retailers scares the most. If they don’t try to keep up with the changing times, certainly some of them will be left behind and will eventually close their physical stores.
But it is admirable that it wasn’t the case for India’s iconic department store, Shoppers Stop. They were able to withstand the trials they encountered by knowing the trends and pulse of their consumers, marrying both online and offline.
Venu Nair, Customer Care Associate, Managing Director and CEO of Shoppers Stop firmly believes that online will not replace brick and mortar. He also thinks that the present and future of retail is omnichannel. “Customers are looking for new experiences and evidently, engagement in stores will be widened as customers are exposed with multiple channels,” he said.
Let’s Talk Retail’s new episode with Shoppers Stop Venu Nair clearly embodies the significance of knowing what’s in the heart of the consumers, how you can utilize the power of data and really what will it take to stay on top and still be relevant moving forward.
“The real thing to manage is not data, it’s about using the data. It’s about changing the mind and learning to adapt. Look at the insights that the data is giving and most importantly, doing something with that insight. Insight on its own is just information, it leads to nothing. Only if you can work those insights into actions, that’s what it needs,” Venu explained.
Go to PRA’s YouTube channel and Spotify account now to listen and watch to Let’s Talk Retail’s 32nd episode. Follow the said socials so you’ll never miss an episode!