Rejig! While it unfolds
by Vikas Bagga
Amidst lockdowns and unlocks, the centricity assumed a newer significance a one that would go on to decide the fate of businesses more than ever before! Latch it up then with the rowing sentiments of any given set of customers and up you get to hear the emerging storylines on all facets that are capable to impact both value creators and value utilizers!
Sample a scenario that could easily be relatable to most during these trying times . A huge chunk of students, teachers, techies, self-employed professionals and many more demographic groups that are working from home (WFH) for varied reasons OR those directly impacted by job / salary cuts are experiencing a highly emotive mindset. This has either restricted the purchase intensity altogether or modified it towards a certain set of products or services that are perceived to be relevant during this period.
Given that, the entire value chain has taken a certain beating, with no function, process, component or resource manpower or otherwise in the Footwear Industry remaining untouched. Considering the current scenarios and impact thereof, the functions / domains could be classified as:
Lest it be forgotten, Footwear Industry in India employs close to 4.5 million people and is the second largest footwear producer in the World with an annual throughput of 2.1 billion pairs.
Significantly, retailing had been holding the fort for Footwear Industry in a manner and mode that be overlooked any bit. The B2C connect makes retail the blue-eyed, super significant element of the Industry, hence under a constant vigil of sorts.
Well what is being viewed on front end really counts the most .as it would not be prudent to write off the demand side of the story in toto. Some of the experience led observations are cited below:
The trendline in online space signals a pandemic accelerated ecom spike that shall have a 360-degree influence going forward, hence the merit in eliciting the following:
While the World would seemingly not be able to equate the new normal to anything that has been experienced in the pre pandemic phase, the Footwear Retailing too will have to go through a series of motions to get its momentum back.
Factually, the inner resilience of the Footwear Industry, powered by the strength it draws from the consumer sentiments akin to feedback and the way they show up to trigger the demand holds immense importance. This while the Industry stakeholders, showcasing the retail interface in forefront, traverse through these indifferent times!
Watch out for the rejig while it unfolds !