Skip to main content

Brands need to innovate constantly to survive and thrive: panelist at IFF 23

Captains of the retail industry were discussing an engaging topic of The DNA of profitability: Innovation’ on the first day of the 22nd edition of India Fashion Forum (IFF)

By N. Bobo Meitei

Bengaluru: Top retail honchos said on Tuesday that in order to thrive and survive, companies need to innovate constantly. However, how innovation impacts profitability is a pressing question businesses are facing, they said.

Captains of the retail industry were discussing an engaging topic of The DNA of profitability: Innovation’ on the first day of the 22nd edition of India Fashion Forum(IFF).

IFF is India’s largest and most influential fashion retail intelligence event is being held at Conrad Bengaluru on 28 February 2023 and 1 March 2023. The event is chaired by Shailesh Chaturvedi, chief executive officer of Aravind Fashions Ltd, and powered by GreenHonchos. The theme of IFF 2023 will be decoding DNA of profitable growth, defined by value creation.

The Tuesday session was moderated by Gaurav Sachdeva, COO, Head Retail of Bestseller India and the panelists comprised Dhruv Bogra, Country Manager, Forever New, Revathi Kant. Chief Design Officer Titan Company Ltd, Anand Aiyer, CEO, Easybuy, Max Retail Division, Lifestyle International, Sandeep Pal, CEO, Tasva, Gopa Kumar, COO, Bhima Jewels and Manish Poddar, Co-Founder, House of Rare as panelists.

Today, the dialogue at most business houses has moved to ‘whatever you are doing, there should be a better way of doing it,’ an expert said.

The definition of innovation has changed, and it recently has been taken to another level when ChatGPT surprised us. In business, it all starts with products brands put out.

The session began with moderator Sachdeva asking Kant if Titan missing the estimated target, despite making Rs 951 crore profit last quarter, had impacted the design. “At Titan, design is at the core of every business. It is a key enabler. Apart from product differentiation, it’s equally responsible for topline and bottom line,” Kant replied. “To design something continuous and relative that brings on more consumers is true innovation.” There are dreamers and doers, and today we need dreamers who do, she added.

It’s also essential for organizations to be consistent in innovation and make it a part of the culture where people are allowed to think freely. Innovation thrives where there is heterogeneity. It isn’t only about having a great idea or out-of-the-box thinking; it’s about converting ideas to something tangible to bring value.

On the supply chain, Kumar of Bhima Jewels explains the innovation at his 98-year-old legacy brand. “To keep it profitable, we keep it simple. It’s all about value creation, and can step up to an extent where it can sustain the cost. That’s how we look at innovation and profitability and ensuring that our numbers are met,” he explained. Jewellery as a category is not well understood; something that has worked in other segments may not necessarily work in jewellery, he stressed.

On innovative leadership, Bogra of Forever New shared his experience from his adventurous trips across the Americas, during which he learned survival, planning and constant acting. He applied this when COVID-19 impacted the market by leading the team and boosting their morale. He added that the whole experience of ‘been there and done it’ eventually helped lead the team.

The post Brands need to innovate constantly to survive and thrive: panelist at IFF 23 appeared first on India Retailing.



from India Retailing https://ift.tt/jvXLgQd
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more