Fashion retail in India to move towards hyper-personalisation: Experts
Moving away from traditional discounting practices, the fashion retail sector in India plans to adopt hyper-personalisation similar to a bespoke model.
According to experts at the India Fashion Forum (IFF), in Bengaluru, the industry currently faces a lot of problems due to conventional discounting methods. These discounts are often caused by excess inventory resulting from large-scale production, said Suparna Mitra, CEO, Titan Watches & Wearables. She advocated a deeper understanding of the consumer behavior as a solution to this problem.
Shailesh Chaturvedi, Managing Director and CEO, Arvind Fashions, advised brands to be more authentic and innovative to satisfy the demands of increasingly discerning consumers. Chaturvedi also emphasised on the potential of disruptive technologies like generative AI and customer data algorithms in enhancing consumer insights.
Shivanee Dutt, Director, Brand Marketing & Merchandising , Snapdeal, highlighted the importance of personalised shopping experiences to consumers. She emphasised on the need for tailored communication strategies driven by consumer data insights to resonate deeply with today's audience.
The integration of generative AI and data analytics is revolutionising marketing strategies and reshaping the fashion retail landscape both in India and globally, noted the participants at IFF. Highlighting the rule of technology as the largest value creator, Saloni Nangia, President & Managing Director, Technopak Advisors, said, AI serves as both an enabler and disruptor while underscoring the continued importance of sustainability.
Murali Balan, Co-founder, Tenovia, emphasised on the transformative power of data analytics in guiding strategic decision-making. He pointed out that data-driven insights unlock opportunities for personalisation, enabling brands to offer bespoke experiences tailored to individual preferences.
