Puneet helps member firms in strengthening relationships with large OEMs and boutique operators in the retail industry, emphasizing on value-driven, outcome-focused solutions that drive revenue growth for retailers.
The retail sector is going through its biggest transformation where the customers are more informed, and the brand popularity can change by the online presence it carries or the lack of it. It’s all about a sustainable growth where the customer, the retail brand, and the supplier all benefit together.
For me transformation would mean:
Leveraging technology to create a personalized experience and the increasing the feeling that the customer is getting valued
Implement digital solutions which use AI for getting the customer closer to the brand and improves the brand loyalty
For a retailer or a D2C operator to remain ahead of the curve and change with the changing market trends. This could be about the merchandise mix, the store layout or the online experience
There is a lot changing in the sector and it is impossible to build inhouse therefore its ideal to grow with the large OEM and the small boutique operators to manage the enterprise and frond-end solutions. Its best to look at value led growth and the alliance ecosystems to manage this for the brand
Focus should be on outcome led approach wherein any investment in the business should bring value in the form of revenue growth, operational efficiency, wallet share and increase per customer.
The Retail sector is extremely dynamic and with my global position it allows me to talk to multiple retailers spread across the globe. It is about knowing their challenges and working towards building a new solution which is aligned for growth. The sector has various forms like specialty stores, supermarket, hypermarkets, departmental stores, boutiques, and discount stores, with unique challenges to address respectively. This uniqueness in the industry plus the respective size of the businesses keeps me super busy and motivated to remain connected with this amazing sector. So, for me it is creating impact, building relationships, continuous learning, deep customer engagement which keeps me going.
The industry is changing and the expectations which your clients carry is for you to be more forward looking and adaptive to these changing trends, therefore it is so important to keep learning and more than that learn to unlearn. I do try spending some time with the new edge entrepreneurs who carry a very different perspective as well as agility towards problem solving.
Some of the ways we try making a difference is by:
I have always told my team to build new innovative solutions/prototypes which allow us to showcase our strength and the depth of knowledge of the sector. We have close to six new solutions which are our key differentiators
Build a strong alliance with the large OEM solutions which remain to be the core for any large organisation. Stay updated and have a team which is certified to take up these large implementations
There is a lot changing in the sector and it is impossible to build inhouse therefore its ideal to grow with the large OEM and the small boutique operators to manage the enterprise and frond-end solutions. Its best to look at value led growth and the alliance ecosystems to manage this for the brand
I love to drive and hit the hills whenever I get time. So, travelling tops my agenda when I am not working. I am a big cricket enthusiast and therefore if time permits, would try hit the nets, but as I am not getting younger by the day the preference is gradually changing towards badminton instead and last but not the least spend time with family on discussing all’s that happening in their lives and this for me is while I am working as well.
Connect with Puneet Mansukhani and other KPMG in India experts on innovation services in the retail sector.
