Mr. Gaurav Marya Chairman, Franchise India
"THE BIGGEST BARRIER TO 'PHYGITAL COMMERCE' IS NOT SKEPTICISM ABOUT THE PROMISE, BUT INEXPERIENCE WITH ITS EXECUTION."
The impact of digitalization on retail and economy is similar to the effects of industrialization on economy 200 years ago. It is anything but business as usual for the Indian retail and e-retail industry on the back of large customer expectations and ‘the need of the hour’ lifestyle. It’s about personalization and instant gratification that have revolutionized the way of doing business. Furthermore, consumers are now weaving their digital and physical worlds together so tightly that they fathom why companies haven’t done the same earlier. Here we are, almost 12 years of digital revolution, yet many companies still agonize over whether to invest significant resources in digital capabilities or physical assets. The truth of 2017 is that larger played out story of bricks versus clicks has become old school. The more interesting is bricks and
clicks in the larger ecosystem of commerce. The big question for both e-commerce and retail is how to integrate and innovate in a multifaceted way. For 2017 and beyond, focus on unilateral innovation will give away to broad-based changes. But the choice between digital disruption and digital transformation has dramatic implications for a company’s operating model and organizational design. The biggest barrier to ‘Phygital commerce’ is not skepticism about the promise, but inexperience with its execution. This kind of corporate evolution is much like biological evolution, and omnichannel retailers — those seamlessly integrate best of both the digital and physical worlds at each step of the customer experience — are likely to enjoy significant advantages of retailers that are trying to pursue either one or both independently. Accordingly the theme for 2017 Indian Retail and eRetail Congress 2017 is ‘Go Seamless’. Though retailers may seem to be on the frontline of these changes, but no e-retailer can afford to ignore them for the future growth.
I Look forward to welcoming you at the show
Chairman, Franchise India
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