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‘Sustainable solutions will build brand loyalty and lifetime value' : Dharmendra Sharma

By Mohit Manghani | May 15, 2020

In these testing Covid-19 times, businesses and individuals are going the extra mile to decimate the impact of the pandemic. In doing so, one critical problem companies are facing is managing business continuity. As organisations look to turn current challenges into a competitive advantage, business continuity plans are being tested and reworked every day given.

In an exclusive interview with Retail4Growth, Dharmendra Sharma, Head- Projects at Universal Sportsbiz Pvt Ltd talks about role of technology in biz. continuity, measures adopted and more

Dharmendra Sharma1. What does business continuity mean to you? How would you define it?

Retail has always been a fast-moving, often-changing industry. Today, change isn’t being driven by new fashion styles. The traditional brick-and-mortar retail model has morphed into a hybrid approach that combines physical stores, e-commerce and virtual showrooms—all in a 24/7 time frame.

In today’s retail environment, the “store” is never closed. As a result, retailers must fortify their efforts to ensure that their business systems are always operational for all internal business users and all consumers- wherever, whenever and however they want to buy. it’s critical that you have a strong, effective, and organised business continuity plan in place to help you weather the storm and come out alive.

2. Can you share some measures you have taken towards ensuring continuity in your business?

This is the right time for retailers to focus on transforming their business model and make it tech-enabled and future proof.  The four key measures to focus on right now:-

            Smart Stores- Make stores smarter to reduce congestion and enable contactless cash transactions. We have to suggest consumers and retailers opt for digital payments and make the process contactless. This can also reduce waiting times and enable faster checkout. This way customer won’t have to wait in lines and avoid staying in a congested area. Employ IoT to track inventory and on-shelf availability and automate replenishment so that customers won’t face a shortage of supply.

            Supply chain- It is crucial to keep up with your supply chain at times like these. Implement technology like IoT to track inventory using smart tags and sensors which can automatically monitor changes in the inventory and enable efficient stocking. IoT allows you to track the transport and delivery of products which in turn results in more accurate logistics. Adopt Machine Learning to forecast demand and make sure you are prepared in the future because the impact is going to last for a while.

            E-commerce- Customers are now looking to shop from online portals and avoid visiting stores. Leverage mobile applications and offer a seamless service to your consumers. Proactively shift spending to an online channel, in a model that serves your customers better in the long term. Actively engage your customers on this platform and suggest appropriate products based on data from their previous purchases to make it easier for them to shop. Set-up a smart delivery network that provides real-time information to customers and ensures timely delivery. Enable secure and multiple modes of online payment to ease the experience.

            Head office- Transforming head office into a flexible, remote-working team supported by IoT and cloud-based applications that let them function remotely without discrepancies. Also ensure proper security measures to tackle the cybersecurity issues that arise due to remote working. With large workforces suddenly finding themselves coordinating on work from home, business leaders must figure out the best practices to ensure employee morale and productivity stays high.

3. Technology obviously is inevitable in biz continuity plans. How do you leverage it for your business?

Implementing  IoT to track inventory and on-shelf availability and automate replenishment

Implementing self-checkout kiosk

Showcasing the latest products and merchandise for trial would be given at consumer place.

4. Sustainability and continuity are closely linked. Going forward do you think there is going to be a greater focus on sustainability in this industry? What are your own plans in this regard?

Easy ways retailers and brands can make their supply chains and business even more sustainable through technology. Sustainable manufacturing and shipping practices should be at the forefront of every retailer’s and brand’s priorities in the coming years. Using sustainably harvested materials, recycled packaging, and efficient shipping and delivery methods is not only a responsible and forward-thinking strategy but also an excellent way to attract younger shoppers and build brand loyalty and lifetime value.

5. End of the day business is about people. How do you ensure that the concept of biz continuity seeps into the working culture and staff mindset?

The effects from COVID-19 over the coming months are tremendously uncertain. The first priority must be to keep your people safe. Then, by understanding the scenarios and taking the appropriate actions, companies can build resiliency against the short-term shocks and lay the foundation for a strong recovery. Taking lessons from this event, I believe that companies across the globe will have to come back stronger equipped with groundbreaking digital technologies that enable them to tackle such events in the future.

 

 

 

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