Decoding the New Rules of Indian Consumption with Harish Bhat, Shiv Shivakumar, and B.S. Nagesh
India’s retail revolution is no longer a distant dream—it’s here, unfolding in real time. But what’s shaping this transformation? Who are the voices guiding it? And how can businesses—legacy and new-age alike—navigate this chaotic yet promising terrain?
At PRC 2025, the inaugural Fireside Chat brought together three of India’s most respected thought leaders—Harish Bhat, former Brand Custodian of Tata Sons and celebrated author; Shiv Shivakumar, strategic advisor and management thinker; and B.S. Nagesh, retail pioneer and founder of TRRAIN—to decode the shifting paradigms of Indian retail.
From Modest Shelves to Digital Aisles
Harish Bhat opened the session by drawing a sharp contrast between the India of 1987 and today’s hypercompetitive, omnichannel universe. “There were fewer brands, fewer choices, and organized retail was just a whisper,” he reflected. Now, the consumer is king—and inundated. What’s changed most? The rise of aspiration and access across India, especially among women and Gen Z. “The ambition in Tier 2 and Tier 3 India now mirrors that of metros,” he noted.
Shiv Shivakumar built on that: “Aspiration, quality, and value—these are timeless, but today we must factor in urbanization, digitization, and the redefinition of financial behavior among the young. Their equation isn’t just income minus expenses—it’s income minus expenses plus loans and investments.”
Retail’s Real-Time Evolution
The discussion zoomed in on a crucial conundrum—how do legacy brands connect with a new generation of consumers they barely understand?
Bhat recalled Titan’s FastTrack years and Zudio’s youth-first model—brands that succeed by empowering young teams to build for young people. Shiv shared PepsiCo’s “Millennial Board,” elected not by management but by employees under 30, giving them real decision-making power on policies, culture, and celebrations.
Nagesh emphasized the need for CXOs and board members to be in stores, not just in dashboards. “Half the shopping happens on weekends. Yet most head offices shut down by 6:30 pm,” he remarked.
The Invisible Workforce & Experiential Gaps
If experience is the holy grail, who delivers it?
“The supply chain ends at the store. Experience begins at the store,” said Shiv. But with gig workers and outsourced staff at the front lines, how can brands ensure consistency?
Bhat cited Starbucks, where 25% of baristas are trained coffee masters. “Unless your staff feels pride, they can’t deliver experience. Unless they’re trained, they can’t be trusted to tell your brand story,” he asserted.
Click vs Brick: The Channel Tug of War
In a world where stores open at 11 am and close at 10 pm—but the consumer shops 24/7—how do brands maintain consistency?
Bhat laid out a roadmap: “Your website must reflect the same values, products, and trust as your store. If the experience, pricing, and branding are disjointed across touchpoints, you lose the customer.”
The consensus? Digital isn’t an add-on; it’s the new front door. But it must speak the same language as the brand.
India’s Consumption Paradox
Despite the buzz around India’s booming economy, Shiv pulled back the curtain on a sobering statistic: “80% of India’s listed companies have profits under ₹200 crore. The middle class is still evolving. If you want to scale, you must innovate—not discount.”
His warning to the fashion industry was particularly sharp: “Buy 2 Get 1 Free is not a strategy. It’s surrender.”
Instead, both speakers highlighted the success of brands like Rare Rabbit and Blackberrys—those who dare to differentiate.
The Talent Tension: Loyalty is Dead, Teaching is Not
The session closed with advice for young professionals and business leaders.
“Young people aren’t here for 30-year careers,” Shiv noted. “They’re here for 6 months to learn what took you 30 years. If you can’t teach and mentor, you won’t retain them.”
Bhat agreed: “Know your consumer deeply, reskill constantly, and embrace India’s complexity. That’s how you stay relevant.”
Both leaders called for inclusive practices—not just in gender but in mindset. As Shiv quipped, “Inclusivity means men shouldn’t feel excluded either!”
Watch the Full Fireside Chat
For those who want to dive deeper and witness this candid, unscripted masterclass in brand strategy, consumer behavior, and business foresight— Click the play button in the image below to watch the full conversation.
Final Thought
In a session filled with wit, wisdom, and hard truths, the message was clear: India’s retail is infinite—but only for those willing to unlearn, innovate, and stay close to the consumer.
