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GST Is Going To Be The Game Changer, Says Adesh Gupta
Gupta says that initial phase will be very challenging and the retail sector has to implement a lot of changes in their business model to encash on the disguised opportunities
Photo Credit : Tarun Gupta
India’s retail business is sailing towards new shores. GST complied with digital revolution has turned tables reshaping the sales and revenue equations. At CII India Retail Conclave 2017, a panel headed by industry’s tycoons discussed the new demographics, trends in consumer behaviour, and challenges of Indian retail sector insights into the future scenario.
Adesh Gupta, CEO of Liberty Shoes said, “Change is the new constant in retail. GST is going to be the game changer. We should be prepared to sync our businesses with new policies and regulations.”
He further added that initial phase will be very challenging and the retail sector has to implement a lot of changes in their business model to encash on the disguised opportunities.
Sharing his theories for successfully running the business starting with Replenishment Model, which explains that retailers must do advance planning to adjust their demand and supplies to avoid rainy days. “We pursue Theory of Constraints, a practice to identify the limiting factor and deal with the same introducing new solutions or improving the existing ones,” Gupta explained.
Future retail will reward those who embrace opportunities presented by merging of the physical and virtual worlds. “Reach and Range both are another important factor to keep the brand vibrant and viable,” he suggested.
One completion and six mall withdrawals recorded across the country in the first quarter of 2017, taking the retail sector stock down to 74.6 million Sq. ft. Caution is required from retailers as well as developers.
Renjhen, Managing Director of Retail services JLL India commented that these are the changes that West has already seen decades ago. Acceptance and Action are the keys.
“Aspirational experience will drive sales and physical retail space will turn more experience driven,” he added. Not only in India but worldwide innovation is on the rise, concepts of E- Boutique, where customers can view clothing samples and order online with a digital clothing rack on a life-sized screen, are opening fast. In Amsterdam, digital showrooms are being preferred.
Adesh ended his speech on a positive note that growth prospects are humungous and retail has huge potential. We have sustainable growth backed by growing number of internet users and younger population. “Major players are looking to invest in India; this can be an opportunity or a challenge. We shouldn’t be complacent and plan in advance to beat the competition.”