Emerging tech trends like ChatGPT, Metaverse, Augmented Reality, Virtual Reality, and Artificial Intelligence and 5G would trigger seamless shopping experiences and new business opportunities in the country, opined a band of retail gurus who spoke at India Fashion Forum (IFF), a fashion retail intelligence event held here in Bengaluru.
Saloni Nangia, President, Technopak, speaking at conference themed: Decoding the DNA of Profitability: Growth defined by Value Creation, said, “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 etc. would be a part of people’s daily lives. Though a Metaverse store may not have a Return on Investment now, the industry has to invest in creating such an environment for the future, without dismissing the relevance of brick and mortar stores, suggested Sanjeev Rao, CEO, Being Human Clothing.
“When the industry spoke about omnichannel format some six years ago, none thought it would catch up, become a key trend a few years later and become part of daily lives of people,’‘ 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 home/mobile phones,’‘ he commented.
Hundreds of national and international fashion, lifestyle and skincare brands participated in the two-day IFF which concluded here on Wednesday.
