What makes Kishore Biyani’s Retail 3.0 a big hit?
For Kishore Biyani, CEO Future Group, offline retail is undergoing constant evolution. From offline stores to e-commerce and now the mix of the two, Biyani’s ‘Retail 3.0’ seems to be the way ahead for offline players in India
Kishore Biyani’s Future Group has become synonymous with the success of offline retail in a world led by the digital boom. For Biyani, offline retail is undergoing constant evolution. From offline stores to e-commerce and now the mix of two, Biyani’s ‘Retail 3.0’ seems to be the way ahead for offline players in India.
Speaking at a recent event hosted by Google India, Kishore Biyani, CEO, Future Group shared his idea of Retail 3.0, which according to him is the interdependence of offline and online. “We need to understand the change around us because we call ourselves Future Group. We believe in thinking about the future and scenario planning by trying to understand what is going on in the world in terms of new technology. The digital world invokes only one of our senses while the physical world invokes all our senses. The marriage between this digital and physical is what we thought should happen. So retail one was the physical store, retail two is pure online and then we thought let’s have a model which is sustainable.”
Retail 3.0 will allow digital to drive sales in offline stores. Citing an example of a recent experiment of introducing online tickets to enter offline stores, Biyani says that the experiment was proof that online can drive offline sales too. “The reach and response of digital is huge and physical stores cannot match it. We have set a target that 10% business has to happen from online to offline. For the first time in India, we introduced online ticketing to enter our stores and we had 50k members registering online. It was a successful experiment and showcased the power of our Retail 3.0 concept.”
Biyani also underlined the big technological investments that Future Group was making to fuel its growth. It must be mentioned that company is planning to open almost 10000 new stores with Google’s data-driven insights. This will be the first time that an offline player is using data on such a huge scale to expand its presence offline. “We are doing macro marketing in some geographies in association with Google, the idea is to do identify new locations for our stores with the help of data”, added Biyani.
Biyani also stated that his vision is to make Future Group among the top 10 fashion companies in the world by FY19 manufacturing about 35 crore garments. “The company will be looking at revenue of USD 3-3.5 billion from the fashion segment, once we roll out in full capacity”, he said.
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