Below are the excerpts from the panel discussion at Ed:Tech Apr ’22.
What are the processes that are very relevant at the moment that is increasing the problem-solving ability of brands & companies in the new normal?
In the new normal, the average customer has become highly digitally conscious. Technology has empowered them to get what they want, whenever they want, and how they want it.
The processes that are bringing digital and traditional methods together and the processes that are driving the adoption of new technologies across organizations are becoming increasingly relevant in today’s context.
Omnichannel Presence, Personalised Customer Experience & Data Driven Optimisation are a few examples that are helping businesses in keeping pace with the changing behavior of customers post-COVID.
Does the concept of technology transformation change in the new normal? Or is it the same added with a dollop of preparedness?
The concept of technology transformation has become a lot more encompassing.
It is not just limited to bringing in technologies in various parts of the business. It has become a lot more integrated. It is happening everywhere, from business functions to operations, models, ecosystems in interconnected ways. It is different from what we saw pre-pandemic.
It has become more about building capability to rapidly adapt when needed through people, processes, optimization with technology at the core.
Omnichannel transformation has been a big buzzword last year, with more focus on online and seamless integration. How does this feature play out for your industry in the bigger scheme of things?
Omnichannel has been a great enabler for traditional retail businesses with large offline footprints.
The seamless integration of online and offline journeys, where brands have a deeper understanding of the customer requirements, the insights about their behavior online, and the customers know a lot more about the local stores, inventories, experiences, ratings & reviews, all of them together are changing the dimensions of shopping.
Omnichannel brings the trust of offline and the reach & scale of online together. It generates extraordinary business value. This is a big reason why a lot of online-only retailers are also moving offline.
Now it is going beyond just the shopping and playing out in advocacy, loyalty, and in driving repeat business. New technologies like AR/VR are bringing the physical and digital worlds even closer.
The technology roadmap this year is very positive and the retail/business landscape is transitioning across newer paths in order to stay closer to its customers. How do you define the new customers post-pandemic?
The pandemic was a black swan event that was single-handedly responsible for bringing digital transformation into the lives of most businesses as well as consumers.
Post-pandemic customers are not digital natives, but they have become digitally literate. They have become comfortable with online shopping, payments, and consumption.
These customers are seeking experiences in their languages, consuming a lot of video content, doing research to identify the right products and deals, and are less brand loyal. They are expecting a channel agnostic, immersive and seamless shopping journey.
Lastly, keeping the idea of going democratic how do you see the business ecosystem for your segment progressing in the next year? What should we keep an eye on?
The newer technologies that are now maturing for mass use such as AR/VR, Metaverse, Social Commerce, and Indic Languages will get leveraged in retail and eCommerce to further transform the retail experience.
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