Emerging tech tendencies like ChatGPT, Metaverse, Augmented Reality, Virtual Reality, and Artificial Intelligence and 5G would set off seamless shopping experiences and new enterprise alternatives in the nation, opined a band of retail gurus who spoke at India Fashion Forum (IFF), a style retail intelligence occasion held right here in Bengaluru.
Saloni Nangia, President, Technopak, talking at convention themed: Decoding the DNA of Profitability: Growth outlined by Value Creation, stated, “Smart trial rooms, grab and go self checkouts, ChatGPT, Augmented Reality driven consumer/employee experience and 5G driving digitisation will be key factors in redefining customer experiences in fashion retailing.”
AI, AR/VR, Metaverse and so on. could be part of folks’s day by day lives. Though a Metaverse retailer might not have a Return on Investment now, the trade has to make investments in creating such an surroundings for the longer term, with out dismissing the relevance of brick and mortar shops, advised Sanjeev Rao, CEO, Being Human Clothing.
“When the trade spoke about omnichannel format some six years in the past, none thought it might catch up, turn into a key development a number of years later and turn into a part of day by day lives of individuals,’‘ he added.
Speaking on the occasion, Shailesh Chaturvedi, MD & CEO, Arvind Fashions underscored the need for brands to shift their focus on building their capabilities so as to be prepared to tackle short or medium term headwinds.
“When we move from the known to unknown markets there is always a lot of value to create,’‘ Mr. Chaturvedi urged brands.
According to Rajesh Jain, MD & CEO, Lacoste India, five key pillars behind the success of his brand were top line, bottom line, expansion/growth, talent development and customer delight.
Jaydeep Shetty, Consulting Partner, Greenhonchos said people shop whether they are happy, sad or are celebrating something special. “Brands are no longer holding customers captive. They are in the customer’s dwelling/cellphones,’‘ he commented.
Hundreds of nationwide and worldwide style, way of life and skincare manufacturers participated in the two-day IFF which concluded right here on Wednesday.
