-Chief Executive Officer
Sir, can you describe your business?
So we started as of a one stop shop and from the one stop shop the way we redefine in between from one stop shop for fashionable families of India and today we will say we are inspirational trusted brand for fashionable families and will transform their life’s and delight them in their shopping experiences every time so this compassion and the vision omnichannel and in compassion offering them fashion and also being trusted and transformational brand and when I say transformational fundamental you wouldn’t believe is when customers who know little bit of fashion and when they enter shopper stop their life gets transform because they get to know about new brands , get to know new trends and get to know new styles that’s where the transformation comes in trusted and inspirational because you can’t be a brand in India or anywhere else unless you are trusted and when somebody trust you their life, their fashion , their habit , their shopping anything so you need to be a trusted brand. Inspirational because you can learn lots of things from the retail brand, the Retail store and from the fashion etc and the delightful shopping experience that’s the deliverables that we have that we must deliver to customers because when customers enters the store to take delighted and can we delight them every point when they are in the store or when get out from the store , pre shopping , post-shopping and also online that’s delightful shopping every time so that’s the ans for the first one
what is the big idea about doing business?
So I think transforming customer life and delighting them every time that’s a big idea
So you on a regular basis connect with the client
Yes, very much so two or three most differentials that we have between our self and competition we have a large loyalty programs that called the first citizen that’s have 4.4 million customers they contribute 76% of our sales and we have the entire data for all these customers who shops 20 years + we are 25 years but the loyalty program stated in 1994 so its about 21 years old program now and in the 21 year journey I think lots of strength has come out of the first 3:09 , lot of new ideas come out of the first 3:11 and lots of new programs have been launch only for the first 03:15 whether shop in the store or visit the entire 7 wonders in the world or by multiple other all kinds of new ideas come out of loyalty program And ya specials offer loyalty wise preview ya the preview all those are happen because of the loyalty program so this is our very closely connected with the first citizen which is the loyalty program that is strength
Leaders must operate in the environment of extreme volatility. Do you agree on that? How do you think it affects your leadership?
Definitely, I think we called it as hookha model. So the h model has been there for last 4 years we recently start using it I think hookha has really impacted the whole world and every year there are some significant impact that happen that change the dynamics of your business or the environment so there is oil prices going up or oil prices are going down it is a big impact every where. Demonetarization directly has a big impact across every kind of businesses. kind of digital money that is now flowing in that again has a big impact because of earlier there were a credit card usages, now debit card and the wallets that are getting use so each one of these decisions having a direct baring an impact on business so as a retail has concerned there are some other factors that also impact it so FDI regulation that have been part of this business has impacted it and infect last year government devices FDI policies for online players . The policy is good but they are not executing and because they are not executing it the kind of state that you are saying to connect online businesses is because of that so there are multiple things externally keep of happening that have direct bearing on your business and that where we believe definitely environment is very very important and the volatility in business is very very attach because of that
So what do you think in this context the future is online or it will be a marriage between both?
It will be a marriage of both , you can take all global example even today in 2017 , America , US if you take the whole market only 10% will be online 90% is physical retail but almost 40% of physical retail is getting impacted by research online so what’s happing is people are spending lot of time on digital, mobile , tablet ,ipad whatever you call it so that impact on physical retail will continue so the currently for India till 2020 is no more than 10% of Indian business will be online but almost 45% of business will get impacted because of digital marketing .
There are few online companies who are basically I have seen like only Chinese company their online presence is 07:50 do they affect our kind of business ?
If you look at share of apparel India for example currently total of online business is only 15 million out of total 600 billion so its 2% currently the 2% might become 5to 8% by 2020 that the current prediction but Indian still wants to touch and feel the product so that will not go away but lot of research will go online before go on to the store they might check out what kind of brands are available what kind of price and what are the comparative but in the end of the day even this screen has it only limitation we can only see so much but when you go in the store its like 70 mm screen you can compare everything you can see everything and touch everything and experience is very very important so infect this year we are talking about bring romance back to retail that the single line we are using because lot of people who are checking on mobile can’t get that romance without touch without feel kind of experience so if I’m able to deliver that experience in the store whether through magic mirror or whether through bacons or by other technologies that will help customer to come and shop in the store spend more time in the store and get the right advices on store which is building a new sort of facility to the customer it called personal shopper so with the personal shopper you can get guided through the store to shop everything that you want in the store
So we are ensuring that if you visits the store better or superior vision merchandising in the store or lager brand assortment in the store and as I mention personal shopper and we have launch personal shopper in 150 stores and we are clearly seeing the difference there in each of the store so the customers are able to guided across every category they get to know which are the best brand which are the best offers for example and then their shopping ticket sizes moving from 2x to 3x because of the personal shopper
So I think this a customize base business strategy of yours at what you are focusing on , completely the prime focus of retailing is business and the fundamentally the way we classify our loyalty program as we have vanilla program which is into 3 tiers which is classy silver and gold and also we have co-branded program citibank so between these two program we have 4.4 million customers contributing 76% of sales so we continue to analyze this data continue send them specific offers for customers whether it’s a birthday , anniversaries or ensure that whenever a new brand is launch which can be a part of their liking we will inform you will advice you why don’t you come and check it out plus specific programs like previews before the sales special events only for first citizen for example last 3 year 4 years we are in any big movie releases that happen the first citizens gets the free ticket n for that movie last year we have done shreyaghoshal music program we have offer to some of the first citizen in Mumbai so those are the things we are continue to do exclusive for first citizen to create the differential experience for them rather having the same thing being done so everytime there is no scheme there is a adopting which money can’t buy we call it that’s something that we all believe in. So that filtering process is very big , so we have whole team that works on analytics
What was your first paying job?
So that was when I join after my mba I have joined Mafatlal as management trainee that is my first paying job as management trainee working in marketing and market research way back in 1984. I did my textile graduation and MBA and after my MBA I join mafatlal after Mafatlal I worked with Arvind denim and then launch arrow with them and them work in Bombay dyeing in the retail side and now 17 years in shoppers stop join 2001.