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The wealth of insights continue on day 2 of Phygital Retail Convention (PRC) 2023

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With an engaging quiz, insights on talent acquisition, omnichannel strategies, and evolving retail trends, Day 2 of PRC continued to educate and inspire

Mumbai: The Phygital Retail Convention 2023, on its second day, continued on a high note with an engaging quiz game led by Siddhartha Basu, known as the father of Indian television quizzing. The competition featured esteemed retail leaders from various prominent brands, including Shobhitam, Being Human, ABFRL, Mad Over Donuts (MOD), and Inorbit malls, among others. The questions focused on brand history, founders, and memorable ad campaigns, resulting in a competitive and stimulating atmosphere. Shobhitam emerged as the winner after a closely contested battle.

Subsequently, during the day, retail industry experts gathered for a thought-provoking session on the future of talent acquisition. Ashish Tiwari, CMO of Home Credit, emphasized the importance of human connection in the retail industry, stating that AI can never replace HI (human intelligence).  Tiwari went on to explain how AI can be used to empower humans and to provide personalized store experiences, with human connection remaining the most crucial element.

Other panelists agreed that AI can be used to enable decision-making and improve operational efficiency, but it should not be viewed as a replacement for human talent. The consensus was that the key to success lies in a harmonious coexistence between humans and AI, with technology playing a supporting role in the retail industry’s growth and development.

While talking about D2C brands and malls, BOHECO emphasized the importance of creating a human-centric design and a safe and unique customer experience. Siddharth Dungarwal, the founder of Snitch, highlighted the integration of the store design with the brand story and the growing importance of digital branding. The panel also discussed the potential for malls to cater to online brands moving offline and fill gaps in categories such as beauty, fashion, home, and electronics.

Shibu Philips from Lulu Group highlighted that it’s crucial for malls to provide ample space for families to spend time together. This can be achieved by offering food courts, restaurants, and entertainment stores that encourage people to spend longer periods of time in the mall.

Gaurav Juneja, Head of Digitization at Google, and Shubha Pai, head- Google YouTube Sales and Solutions presented a masterclass on ‘Building Customer Centric Businesses in an Omnichannel World’. He discussed the different consumer journeys in the fashion industry and highlighted that 78% of Indians make their shopping decisions online. Juneja emphasized the four key impacts of an omnichannel approach – talent, team and organization, planning and budgeting, customer-centric marketing, and data and insights. Shubha Pai gave a glimpse of the latest trends and Google solutions available to help brands gain a competitive edge.

The Phygital Retail Convention (PRC) is India’s largest retail intelligence event, attracting over 500 brands and featuring top retailers, brand owners, and thought leaders. PRC offers insights into various aspects of retail, including e-commerce, marketing, merchandising, physical shops, supply chain, and payments. The 2023 edition, themed ‘Accelerating Retail @Scale For India: The Retail Megaverse’.

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