MAM
Retail sector requires new paradigm for consumer-brand interaction
MUMBAI: Retailers around the globe recognise that the outbreak of COVID-19 will have a significant impact on their business.
Sensing this need, FCB, India in collaboration with Networkbay, announced launched ‘Retail: Day 1,’ an initiative to work with brands and retailers to ‘manage, redefine and transform’ their retail experiences in the post-COVID era.
Everyone is looking at the new normal that will arrive as soon as the lockdown gets lifted. After doing an extensive research on consumer behaviour, FCB India has found that the biggest change will be witnessed by the retail sector. The challenge before every brand is to create a new paradigm in which consumers would interact with brands in the retail space.
FCB India and Networkbay will identify a measured careful contact approach and how consumers would react to this new reality.
FCB India group chairman and CEO Rohit Ohri said: “The reason for the partnership is to understand the change as to how we can prepare our clients to adapt quickly to this new world. From the FCB point of view, we are bringing the understanding of consumer behaviour and big changes that we see going forward. At the same time, Networkbay will bring its sense, capability, understanding and technology related to the retail industry."
Networkbay co-founder Hozefa Attari added: “There is no direct answer to what the retail sector is going to look like. Our idea is to create a retail environment that is safe and future-ready and at the same time answers to the very human need of shopping. We are doing this by combining the strengths of some of the best technology brands you see globally.”
FCB has a strong foothold in the automotive space. Dealers were already struggling in the pre-COVID era and Hozefa believes that this industry has a large potential to change the overall consumer experience. They are coming up with automotive visualisation wherein one can create experiences right out of test driving on a roadway. Consumers can also use augmented reality to familiarise with the car.
Another industry which will be hugely impacted is the cosmetic sector where samplers and freebies have always been part of a retail experience. But looking at the situation people will be hesitant to test products now. To enable the contactless makeup journey, Networkbay has come up with a solution where consumers can choose the product which is perfectly calibrated with their skin tones.
A large number of departmental stores and apparel brands are now going to see that consumers are hesitant to pick up clothes and try them in the fitting room. The firm will provide a virtual tour of the store and help consumers choose the clothes of their interest.
Even essential services are impacted, because even after the lockdown is lifted, consumers will look at safe ways to pick a product. So, Networkbay provides an option where instead of picking every product, consumers can have augmented reality product explainers.
According to Hozefa, contactless is just an initial learning but what they really want to see after six months is transformable retail experiences which will connect the brands and connect the shoppers and is still a safe and strong experience.
According to Ohri and Hozefa, clients are more than open for digital solutions because they no longer like to keep physical experience and add a certain level of technology. But they are looking at solutions that can generate a lot of ROI. Investment in digital gives tremendous immediate returns.
“Today we are getting products that we never bought online. If you are doing this for a period of two months you are building a habit; you don’t have a choice. Very few people are stepping out to purchase anything and most products are delivered online. So we created a technology which is simple and accessible,” he said.
According to Ohri, behavioural changes occur when a big event creates disruption. For instance, demonetisation changed the behaviour of transactions for consumers. A lot of people who never used ATM or online transfers or portals like Paytm started using it. So, once the cash flow was back, online transactions wouldn't have become zero. This change has been a transformation for India. It is pretty much like how COVID-19 has affected people.
Brands
Axis Bank named Official Banking Partner of DP World PGTI
Partnership supports all tournaments this season to grow professional golf in India.
MUMBAI: Axis Bank just teed up a hole-in-one partnership because when a bank sponsors golf’s biggest swing in India, even the fairways feel more financially secure. Axis Bank has been appointed Official Banking Partner of the DP World Professional Golf Tour of India (DP World PGTI), strengthening its commitment to sporting excellence and community engagement while backing the growth of professional golf across the country.
Under the partnership, Axis Bank will support all DP World PGTI tournaments this season, contributing to talent development, enhanced tournament experiences and wider fan engagement. The collaboration aligns the bank’s values of precision, discipline and trust with the Tour’s focus on performance and opportunity.
Axis Bank executive director Munish Sharda said, “We are pleased to partner with DP World PGTI as its Official Banking Partner. Golf embodies precision, discipline, and a pursuit of excellence qualities that strongly reflect who we are at Axis Bank. This association also strengthens our engagement with India’s growing premium customer segments, where the sport has a deep and enduring connect.”
Professional Golf Tour of India president Kapil Dev said, “We are extremely pleased to welcome Axis Bank as a Tour Partner of the DP World Professional Golf Tour of India. Partnerships of this stature play a vital role in strengthening the foundation of the Tour, enhancing opportunities for our players, and expanding the sport’s reach across the country.”
Professional Golf Tour of India CEO Amandeep Johl added, “Axis Bank’s strong legacy of excellence, innovation, and nationwide reach aligns perfectly with DP World PGTI’s goal to elevate professional golf in India and provide greater opportunities for our players.”
In a sport where every stroke counts and every partnership drives distance, Axis Bank isn’t just backing golfers, it’s investing in the fairway to future, turning India’s greens into a stage where precision meets passion and every drive has the power to inspire.
