Looking back, if you had to pen down your top 3 learnings from 2022, what would they be?
COVID has been an eye-opener for most of us in the industry. It has brought to the forefront the inefficiencies in our way-of-working and challenged some of the fundamental beliefs of retailers. For us, it has been a good challenge and a humble experience as we learnt many things in the entire phase. Some of the key learnings are:
We live in a 'Volatility, Uncertainty, Complexity and Ambiguity' (VUCA), which makes it imperative for corporations to be 'lean and agile' in approach. Organizations have learned to work on a 'asset light' business model, flatter organizational structures, and leaner inventory etc. We have also learned to be more agile through increased partnership with best-inclass service providers (ie 3PL Partners, Technology Vendors, Marketing Agencies, etc).
The pandemic has increased the rate of adoptions of Digital Technologies. Today's Customer demands a digital solution at every touch point, be it during the awareness process, purchasing or returning the order. This has forced the brands to evaluate, implement and imbibe 'digital first' approach. Organizations are looking to digitize all aspects of business, leading to increased efficiencies and better customer experience.
COVID has made us realise how vulnerable and helpless a person can get. It has kindled the feeling of helping others and made the society more responsible. As a result, people and brands have become more socially conscious. Topics like sustainability, global warming, equality, giving back to the society are on top of their agenda and they expect that every action of theirs contributes to the betterment of the Society.
Sanjeev Rao
Chief Executive Officer - Being Human Clothing
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