FILE PHOTO: FILE PHOTO: Shoppers are mirrored in mirror inside a shopping center in New Delhi, India, December 14, 2022. REUTERS/Anushree Fadnavis/File Photo
| Photo Credit: ANUSHREE FADNAVIS
The vogue retail industry is considering shifting away from ‘‘discounting’‘ and embracing hyper-personalisation (shut to bespoke mannequin) to shore up its stability sheet and cease margin erosion, hinted industry captains.
Domain experts, who spoke on the India Fashion Forum (IFF), an industry intelligence summit, held in Bengaluru, additional mentioned a number of urgent challenges continuously confronted the industry and due to this fact urged the style retail group to transfer away from typical discounting practices and embrace data-driven personalisation which can lead to higher enterprise impacts and enhanced buyer satisfaction.
Suparna Mitra, CEO, Titan Watches & Wearables, highlighted the detrimental impression of unsold stock ensuing from heavy investments in large-scale manufacturing. “The perpetual cycle of excess stock leading to discounted rates threatens the financial health of fashion businesses. However, a deeper understanding of consumer behavior presents a potential solution,’‘ she recommended.
Echoing similar sentiments, Shailesh Chaturvedi, Managing Director and CEO of Arvind Fashions cautioned the industry against discounting and commoditisation. ‘‘Today’s consumers are discerning and savvy. They recognise the facade of discounts and demand authenticity. Our industry must transcend pricing and differentiate through innovation to remain competitive,’‘ he asserted.
By harnessing disruptive technologies such as generative AI and customer data algorithms, fashion brands would know consumer desires more precisely, Mr. Chaturvedi, who is also the Chairman of IFF, added.
Shivanee Dutt, Director, Brand Marketing & Merchandising, Snapdeal, emphasised the critical role of personalised experiences in engaging discerning consumers. “Tailored communication strategies driven by consumer data insights are essential for resonating deeply with today’s audience.”
According to contributors, the mixing of generative AI, from chatbots to personalised content material creation and information visualisation is revolutionising advertising methods and reshaping your entire vogue retail panorama in India and globally.
Amid the evolving nature of client behaviour and the significance of leveraging expertise to meet altering calls for, expertise could be the most important worth creator, noticed Saloni Nangia, President & MD of Technopak Advisors whereas including, ‘‘AI will be an enabler and a disruptor, and sustainability will continue to hold importance.’‘
Murali Balan, Co-founder of Tenovia, an e-commerce analytics firm, emphasised the transformative power of data analytics in guiding strategic decision-making. ‘‘Data-driven insights unlock opportunities for personalisation, enabling brands to offer bespoke experiences that transcend generic marketing approaches,’‘ he identified.
