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The Mumbai edition of Gartex Texprocess India 2022 opened yesterday with more than 100 exhibitors and over 250 brands on the show floor. The mega expo has Denim Show, Fabric & Trims Show and Screen Print India under its umbrella. Retailers Association of India was a key supporting partner for the Denim Show.
Commencing the three-day proceeding, the trade fair was inaugurated by eminent figures from Ministry, associations and industry leaders, including:
• Smt Darshana Jardosh, Hon’ble Union Minister of State for Textiles & Railways, Government of India
• Mr Sharad Jaipuria, CMD, Ginni International Ltd & President, Denim Manufacturers Association
• Mr Jang Gyoo Lim, Director, Hysoung India Pvt Ltd (Creora)
• Shri Yamunadutt Agarwal, Chairman, Jindal Worldwide Ltd
• Ms Himani Gulati, Director, MEX Exhibitions
• Mr Stephan Buurma, Member of the Board of Management, Messe Frankfurt Group
• Mr Raj Manek, Executive Director and Board Member, Messe Frankfurt Asia Holdings Ltd
• Mr Gaurav Juneja, Director, MEX Exhibitions
The Denim Talks series was held as part of the Gartex Texprocess India’s knowledge forum which included several insightful CXO panel discussions. The first in the series was a panel discussion in collaboration with the Retailers Association of India on ‘Denim Dreams: Roadmap to Building a Sustainable, Profitable Future’. Moderated by Dr Hitesh Bhatt, Director-Marketing & Communication at RAI, the panel discussion had leaders of some of the country’s leading denim brands deliberating on the challenges, opportunities sustainability and growth of the denim business. The panellists included Sanjay Vakharia, Founder & CEO, Spykar Lifestyles; Kewalchand P Jain, Chairman & MD, Kewal Kiran Clothing (Killer); Manish Kapoor, MD & CEO, Pepe jeans; and Jagdish Pamwani, VP-Production & Sourcing, Being Human Clothing.
Key Takeaways from the discussion are as follows:
1. There is no dearth of business for denim players in India
2. The entire denim ecosystem is getting environmentally conscious
3. Denim industry has the potential to grow 25% CAGR in the next 4-5 years
4. Innovation is the name of the game
5. Denim cannot be sold by advertising. The product itself needs to appeal to the consumer.
The Gartex Texprocess India 2022 was organised by MEX Exhibitions Pvt. Ltd. and Messe Frankfurt India.
]]>In the last one and a half year, the retail industry has undergone tremendous change at various levels—operations, customer behaviour, supply chain and payments being some of the key areas affected. From operations to strategy, organisations have had to face a lot of disruption. Brands from different categories handled the challenges in their own ways. Insights and key takeaways from some leading brands on their journey towards becoming Agile, Customer-Centric & Resilient…
What is changing in retail
- Shorter planning to execution journey
- Shorter Mind to Market, time to market cycles
- Flexible, variable arrangements with partners, employees
- Everything as a service. Products and Services got commoditized.
- Local players are becoming regional, regional players are becoming national.
- Contactless-experience in offline and online activities, including the logistics and supply chain handling of a product.
- Contactless and online payments witnessing a strong momentum as against cash transactions.
- Blurring of the boundary between online and offline.
- Acceleration of all variants of shopping including stores on wheels, store to door, click and collect, and the omni-channel avatars.
- Social media causing obsolescence cycles to be low.
- Technology and tools becoming democratized, modularized and available.
- No more one way of doing business.
- Deeper penetration of e-commerce, digital payments including in tier 2, tier 3 towns.
- Emergence of UPI as a main instrument for digital payments.
- Reducing non-value add in everything a business does.
- New metrics for measurement as word of mouth gives way to social media. NPS not an accurate measure of brand popularity. The equation one detractor will take away one promotor giving way to one detractor will take away several promotors.
- Anything and everything that you will design will be far more input driven and consumer-centric.
- Live commerce becoming mainstream. Interlinking of live commerce and content.
Changes in consumer behaviour
- Health, wellness and comfort top of mind for customers.
- Shift in focus from looking good for others to looking good for oneself.
- Shift from shopping at local stores to branded stores, especially in the tier 2 cities.
- Preference to chat over video / WhatsApp with brands before making purchase decisions in Tier-2, Tier 3 cities.
- Brand loyalties getting fickle, forcing brands to make changes required to become highly customer-centric by investing in technologies and insights that help provide best-in class customer journeys.
- Couch-based consumption of products, services or content becoming norm. OTT taking off in a big way, resulting in brands spending more on digital / more nuanced marketing with mass personalisation.
- Big shift towards solidarity spending with more and more people wanting to be a part of a cause they believe in.
- Change in what propels consumers to shop at a brand whether online, offline.
Hyper-personalisation
- Hyper-personalisation becoming ever more important.
- Increased use of data to augment offline experience.
- Use of visual AI that mimic a salesperson’s behaviour to read customer preferences.
- Hyper personalisation technologies becoming more affordable and available off the shelf.
In Conclusion
Madhav Nishtala, Director Retail, Industry & Customer Advisory, SAP India
- The whole approach is about connecting customer intimacy back to business operations.
- Tech today is the core glue that binds businesses together and has been a catalyst for transformation.
- With SAP solutions at helm, retailers can offer their consumers the products and personalized shopping experiences they want every time.
Strategic priorities
Vineet Jain, COO, V-Mart
- Digitising decision-making
- Introducing endless aisle at stores.
- Automating feedback
- Hyper-personalisation
- Agility in business, reducing planning to execution time
Amit Modak, CEO, P.N Gadgil & Sons Ltd.
- Capacity optimisation
- Investing in inventory visibility
- Educating customers on advantages of shopping with compliant brands
Dharmarajan K, Chief product Officer, Tata CLIQ
- Scaling faster
- Building new lines of businesses
- Moving to a more agile micro-services-based structure to iterate faster and faster release of features for consumers
- Increased focus on security, compliance and privacy
- Hiring best in class tech talent.
Lavanya Nalli, Vice Chairperson, Nalli Group
- Making prudent investments as leaders in technology.
- Achieving true hyper-personalisation
- Doing everything to serve consumers better and follow good business practices in terms of keeping costs as low as possible, reducing waste and increasing efficiencies. All this requires you to have a very strong robust tech-enabled backend and front-end.
Rajgopal Nayak, CTO, Metro Brands Ltd.
- Making business more relevant to consumers
- Being open to new technology
Being ready to constantly embrace change and do whatever it takes to achieve goal number one.
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]]>I, a retailer, have seen retail industry evolve in the last few decades. I have seen my father working as a retailer and later I have seen the journey through my eyes. A very unbelievable fact is that there was no one to hear us out, solve our issues, and help with the mind blocks we face in our business. I tried getting in touch with a few retailers in my area and we started helping each other in the problems faced by us. Soon, there were many small retailers joining in and we grew stronger, yet a small association named ‘Retailers Food Dealer’s Welfare Association’. We found something missing. We were all by ourselves, some problems remained unsolved, and some unawareness always remained. We had no one to look up to.
A friend once referred RAI. We immediately got in touch with the CEO Kumar Rajagopalan. I subscribed for RAI and attended a few summits organized by them. We took away some important lessons from top officials of Dmart, Future Group, Reliance Fresh and many more. CCTV’s were installed, inventory management software’s were brought in and technology was learnt, online payment started making its way via QR code and debit/credit cards, which in turn has upgraded our processes, which didn’t exist previously. These solutions have helped in smooth running of our businesses. Our retail business has got a new perspective.
RAI has provided a stage where retailers exchange their ideas. We have come across many association’s who work for the betterment of retailers but we really appreciate the change brought in by RAI.
Through RAI’s affiliate membership, our association has got a boost towards advancement. The best part is that there is a professional working behind problems related to the government, GST, license department, etc.
The last summit was a retail technology conclave. Industry experts were talking about the future of retail like cashless payments, digital commerce, robotics and artificial intelligence. There were also panel discussions for retailers and by retailers where we landed up on the common conclusion that we are ready to adapt and evolve as per the new technology but the limited availability of service centers and none in Mumbai makes situations worse when technology breaks down.
Retail sector has both unorganized and organized parts. These are two different worlds. We appreciate RAI’s efforts towards this organic switch from unorganized to organized sector, towards the upliftment of retail sector and retailers and just being there in this fast moving business world.
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