In Interview with Prashant Lohia Founder & CEO, Ginesys

Q1. What are some of the new disruptions that are shaping the retail sector today?

The pandemic has disrupted the retail sector like no other event before. As per the latest Deloitte State of the Consumer Tracker, the pandemic has lessened disposable incomes and 62% of buyers have postponed huge purchases while 44% are afraid about approaching payments. Moreover, only 54% of shoppers say visiting stores is safe. In addition, there has been a permanent shift in customer preferences, from offline shopping to online and we are witnessing a transition in consumer behaviour. Nowadays, consumers are keen on possibilities such as research online, reserve online and return anywhere and technology is fulfilling the personalised requirements. With people spending more and more time at home, connected to smart devices, retailers need to revamp their strategies and be ingenious across the various stages of the buyer’s decision-making process. 

Q2. Ginesys works across a wide variety of retail businesses formats? What are some of the USPs that you are providing to customers today?

Ginesys One was born from a simple belief: retail is complex and changing fast and growing companies need simplified integrated products that help them move faster. Our core USP is a cloud-based ERP that is retail-specific so it does not need to be customized heavily. Already integrated desktop POS, cloud POS, mobile POS software, Ecommerce Order management system, and omni-customer management work together to cater to the new age retailer’s omnichannel demands. Ginesys ERP software covers the entire retail value chain, from manufacturing to distribution to retail. Our key verticals are lifestyle, fashion and grocery chains. 

Q3. What is the demand trend and how are you dealing with modern customer expectations?

Every disruption in technology leads to fresh demand trends. Customers are attuned to innovations and their expectations are evolving swiftly, prompting retailers and technology providers to remain on their toes at all times. Currently, the major demand trends include cloud, AI, machine learning, improved speed and efficiency, and data/analytics. For large retail businesses, it is a massive challenge to regulate the security and data privacy aspects of numerous applications and we are meeting the demand trend through well-integrated, tested and secure on-cloud solutions that leverage AI internally for various purposes. We also provide a set of standard APIs for 3rd party apps to integrate with.

Q4. Social Commerce with increasing Tier 2, 3, and regional markets are reshaping the dynamics of the Indian Retail Industry, how will the technology facilitate this?

According to a recent KPMG report, almost 22% of consumers in India’s tier-2 cities and 30% in tier 3 towns believe their spending will rise in comparison to the pre-Covid levels. A 2019 Consumer Sentiment Survey also revealed that 26% of property investors perceive cities like Ahmedabad, Kochi, Chandigarh, and Jaipur as hot destinations. The retail sector in tier II and III cities are witnessing huge investments, given the enormous scope for expansion and growth. With retail brands enhancing their horizons to small-town India, it also implies modern grasslands for retail designers and solution providers. In stores and on the sales floor, high-tech tools enable balance inventory assortments, manage orders, and track pricing. We have initiated this with socially shareable e-catalogs that can boost up revenue for retail and fashion brands. Buyer tracking tools increase customer gratification and facilitate loyalty by enriching shoppers’ in-store experience. On the executive level, technology boosts planning and decision-making. Indeed, technology is facilitating each and every stage of the process. 

Q5. Increasingly, an omni-channel approach has come into play in the Retail Sector – what are some of the policy interventions required to enable this?

As the fifth-largest retail industry globally, by economic value, the Indian retail market has been on an upward growth trajectory, projected to reach a value of $350 billion by 2030. The rise in digital channels like mobile and social media will proceed to open the door to new alternatives, dimming the lines between in-store and online retailing. The transformation from the multi-channel atmosphere into the omni-channel approach is fundamental towards breaking down the obstacles between communication channels and providing a single connected brand experience at multiple touchpoints. While many traders are still depending on different platforms and channels that act alone to reach their customers, this is set to change and soon. We believe the government is taking strong proactive steps to enable the sector with the recent e-commerce policy being an excellent example. In addition, the government can intervene effectively by taking steps such as giving the retail sector an industry status, keeping GST rates steady and making it easier for stakeholders to comply with the Shops and Establishments Act. 

Q6. What are some of the behavioural changes that we can see in the customer post-pandemic?

One major behavioural change has been the accelerated rate of digital adoption. There has been a ‘digitalization of buying’ with greater usage of e-commerce touchpoints. Technology and digital media platforms are being utilised to play a greater role in reaching out to consumers, creating a buzz, stimulating transactions, and retaining buyers. Post-pandemic, consumers are expecting quick purchases, a wide choice of products and the possibility of social shopping. i.e. shopping via or inspired by social media trends. Indeed, the entire landscape has transformed, with consumers now demanding a consistent supply of products/ services, and technology has made this possible, bridging the gap between brands and consumer desires. Consumer priority has shifted towards an era where the need for hyper-personalization is prompting retailers to utilize disruptive technologies and the pandemic has just quickened the velocity. To stay pertinent in today’s time, the retail industry needs to invest in targeted and personalized marketing that can influence modern consumers. We are having products that can create a completely personalized campaign for each target buyer and can also work at scale. 

Q7. How has the pandemic accelerated technology adoption across the traditional retail players? What are some of the technology solutions that will help customers in this segment?

Since the beginning of the Covid-19 pandemic, consumers across the globe have been heavily reliant on e-commerce to purchase everything, from necessary goods to leisure items. Retailers are confronting rigid challenges to strengthen their sprint in the market. Combined with extensive stay-at-home orders and concerns over the virus, the pandemic quickened the adoption of e-commerce. According to McKinsey, 10 years of e-commerce adoption was curtailed to three months. Not only did the shift to an e-commerce-first viewpoint happen in countries where online shopping was already widely acknowledged, it also occurred in cultures where in-person, local, cash-reliant and customary shopping was the norm. Further, technology solutions such as e-commerce order fulfilment, customer marketing and management, supply chain solutions, cloud based tech, business intelligence applications and automated accounting and GST solutions can help customers significantly.