[00:24:51] Jiten: So what do you see Dharam, if I have to ask you to put on the Nostradamus hat, so what do, what should leaders like yourself and what can you tell leaders like yourself?
[00:25:02] What, what should they look forward to in the next few years, especially Retail. Some kind of trends that you are seeing coming, which you need you think need highlighted, you need to be highlighted.
[00:25:12] Dharmen: I think four or five key themes that are very, very crucial and they will play out over the next three to five years.
[00:25:18] And, and some of these themes are like water, like, people may try to stop them, but they'll find their way around and, and they'll break the dam that they need to break to flow. So this hyper personalization, I think, it's, it's just going to be, so, so much of data that's going to come through to the systems, how you are able to stitch that we keep talking about it, all the time saying, how can we stitch a plan together?
[00:25:46] I use all my data to make sure that I only need to reach out to X number of consumers, but I make their life so much more better. And in that entire in that entire focus creating that segmentation, understanding your customer, understanding what their needs are, understanding how you're adding value to every step in their life, I think is really crucial.
[00:26:06] Some of the brands we work with are baby brands, so Carter's, Oshkosh, for example. And then we have our, our concept called Mom Store where it's really crucial for the consumer sticks with you for the next, from the time the mother decides to have a baby till the time the child is five, six years old. That's the life cycle of a customer available to you.
[00:26:25] However, the, the child outgrows the product every two weeks, three weeks. So how do you consistently keep making yourself relevant. And available to this consumer, and how do you engage with them. So awards, reward systems, how do you work around them? So that, that really is crucial.
[00:26:42] I think all of this is very important because there's always that question hanging on your, on your shoulders about discounts. So how do you overcome discounts? So between selection, service, and price, how do you kind of win the selection and service game so that price is never a consideration.
[00:26:58] So yeah I think that's where Hyperpersonalization really helps help big time. I think the other, the big focus area is going to be collapsible supply chains. So based on the demand that you have, you are able to either increase or decrease your supply chain capacities and how do you kind of use data to predictably deliver on that front?
[00:27:20] Because these are costs and between fixed costs and variable costs, hardly kind of keep, keep playing this game to, looking at data saying what are real life events happening real time and how do you kind of react to those and make sure that, you're always in control of both your demand and supply situations.
[00:27:37] I think that, that's, that's going to be one. And then from a pure retail perspective, I think it's going to be multimedia storefronts. So it's the days of just going to retail store the way it look like are gone. I think today every store you go to has access to kiosks where you can place orders for extended catalogs.
[00:27:57] And this is going to get, this is going to evolve so much more. With Metaverse coming in, with all of that happening, you'll be able to, kind of have these multimedia store experiences coming and, and that's, that's going to be a game changer. Then I think there's blockchain, of course, which is impacting the, the entire payments and ownership of businesses is working on. There's already a lot of companies that have started accepting cryptocurrencies as payments, et cetera. So that is going to become one big theme as well. So how you utilize blockchain both on the money side of things and on the supply chain side of things. I think it's going to be crucial and, and a lot will happen there as a theme.
[00:28:34] And yeah, and I think overall you know, while sustainable is probably a, is probably the word, but circular retail is more like it. Where end to end you manage the product lifecycle for the consumer. And if you're able to take back, use products and then, recycle them and and then probably bring it back.
[00:28:54] Jiten: The customer buy more from you.
[00:28:55] Dharmen: Exactly. So I think circular retail, I think is going to be one brilliant, one big one big one too. I think those are, those are key, key themes that are really exciting and probably, I'm looking forward to being part of this.
[00:29:05] Jiten: Absolutely. I think, I think retail is going through a pretty exciting transformation and hopefully the next couple, few years will, will, I think we'll see it unfold.
[00:29:13] Dharmen: Yeah. Yes, I completely agree with you Jiten.
[00:29:16] Jiten: And Dharam thanks so much. I think it's been an absolute pleasure speaking to you and, and then we hear getting those insights from you. I think a wow moment right, just getting those
[00:29:24] Dharmen: thank you
[00:29:24] Jiten: nuggets. And just to quickly summarize, I think some of the things that you mentioned. I think retail is it's all in the detail and so stick to basics. While you still while you're using the right kind of technology to both learn and scale. How do you differentiate? So the customer's team coming back to. Integrating of local and glocal to kind of make it, make the offering far more what should I say, magnanimous to the customer? Yeah. Using data to better engage the customer more smartly and driving customer centricity. Yeah. And of course, like you said, hyper personalisation and technologies like metaverse could possibly change the way, retailing is done with multi-store fronts.
[00:30:05] Dharmen: Oh, yes. You completely summed it up very well Jiten. [00:30:08] Jiten: Yeah. So thanks, Dharam. Thanks. It's an absolute pleasure speaking to you and reconnecting after a while. Yeah.
[00:30:13] Dharmen: Thank you, Jiten talking to you today. Brought back a lot of memories and I look forward to constantly keep talking to you.
[00:30:18] Jiten: Absolutely. I think we should, we should, I think do that more often.
[00:30:21] Dharmen: Look forward to it. Jiten, thank you so much for having me today. Thanks.