Phygital Retail Convention: What's Next – CEOs Talk Strategies, Solutions

Consumption is an such an integral aspect of modern lives that even a pandemic of the catastrophic proportions of COVID-19 couldn’t abate it. It did, however, create a big dent in consumer behavior and consumption patterns. Industry titans talk to solutions and strategies which can used to abate the negative effects of the pandemic…

The coronavirus pandemic was a once-in-a-lifetime test of business continuity planning for retail businesses across the globe. Even when things have stabilized to an extent and economies are gradually opening up, the industry is being confronted by a string of questions, the hardest of which are:

What’s next?

What has changed in consumer behavior and what impact will it have on businesses? What’s the New Normal going to be?

What changes are likely to persist and which of them are reversible?

“Throughout this time, we just slept on the implications of the pandemic on our businesses, how to deal with it, about cash conservation, cost reduction, various survival strategies, etc. I think that the need of the hour is to prepare for what is next,” said Vishak Kumar, CEO Madura Fashion and Lifestyle (Aditya Birla Fashion & Retail), while moderating a session at India’s first Phygital Retail Convention, by IMAGES Group.

Fortunately for the Retail Industry, consumption is an such an integral aspect of modern lives that even a pandemic of the catastrophic proportions of COVID-19 couldn’t abate it. It did, however, create a big dent in consumer behavior and consumption patterns evolved suddenly and radically.