On 25th March 2021, the Retail Conclave’s maiden session has been organized in IIM Bodh Gaya. In the Retail Conclave, industry veterans like Mr. Devendra Chawla, Managing Director & CEO, Spencer’s Retail & Nature’s Basket; Mr. Vasanth Kumar, Mr. Suhail Seth, Founder & Managing Director, CounseLage India; Mr. Vasanth Kumar, Senior Advisor, Samara Capital; Mr. B.S. Nagesh, Founder, TRRAIN, and Mr. Atul Parvatiyar, Center Director & Marketing Professor, Texas Tech University, were invited to share their valuable experience with the audience.
The event started with a welcome address by Dr. Vinita Sahay, Director, IIM Bodh Gaya. The first speaker of the evening was Devendra Chawla, who spoke about the weakening of the economy due to Covid-19 and the need for a modified value proposition and retail sector innovation. The event was taken forward by Mr. Suhail Seth, who emphasized the importance of sympathy in the retail world and the need to be concerned about their employees. He said that companies could significantly improve their customer’s experience by taking good care of the first-line employees’ health and needs.
A panel discussion followed the event. The discussion topic was “Beyond the Pandemic – The Future of Retailing: New Opportunities, New Challenges.” The speakers for the discussion were Mr. Atul Parvatiyar, Mr. B.S. Nagesh and Mr. Vasanth Kumar. The discussion was moderated by Dr. Vinita Sahay. Mr. Parvatier emphasized sustainability and the burden of social responsibility and arbitrary consumption on retailers. Mr. Nagesh spoke on the two emerging consumer groups that retailers could target: Senior Citizens (age 55+) and Kings (ages 15 and under). He also talked about the last mile industry and its openness to personalization and “human touch.” Mr. Vasanth Kumar was optimistic about the era of startups and detailed how today’s conversation has shifted from retail and omnichannel to “O + O,” which refers to a mix of online and offline. He also emphasized the importance of cooperation and survival within an ecosystem. The conclave proved to be a great learning opportunity for the students as the experts provided great insights into the retail world. The event was concluded with Dr. Vinita Sahay giving a vote of thanks to all the guest speakers.