Erode: COVID-19 impact has been mostly among people like migrant workers. There are some expected changes that we will expect in many fields. After the end of the ongoing crisis, changes in consumerism are absolutely necessary. Erode based market ‘TexValley’ which solves the B2B needs of the entire textile sector in one place had organized a webinar for the textile buyers and sellers across India. Kumar Vembu, Founder and CEO of Gofrugal Technologies.
“ Before 10 years, in a banking system, for the clearing of our cheques, we have to visit the bank and ask the manager every time to deposit our money. In the contrary, today’s banking system had been changed drastically. For example, Net banking is making our process much easier. We are all just sitting in our home and paying the money through mobile apps.”, he said added another example of cab services. “Around 90 % drivers and customers don’t talk much during the travel because everything is there in Google map. They can even pay their money through digital payment modes like Google pay, Paytm and more.”
He also said that the governments had also adopted this digital transformation.” Recently, ICICI Bank had introduced a new banking system called ‘Connectors banking’. It is a way, banking happens within the ERP system and reduces the job of physical entry of the date once again”.
Key trends in transforming business:
Empowered employees: How to boost your business? It is simple. By boosting your employees, the business automatically gets empowered. Business owners should have to give some clarity towards their process on what to do and what not to, everyday responsibilities, outcomes and more.,The best office system is where an employee doesn’t come and ask the employer what to do.
Change Mindset: Any business will be successful only if we provide something that is been liked by the consumers. Business owners should change their business customer-central. Be patient always.
Ask experts: While discussing with an expert just telling what you have decided, it is always better to furnish the complete information and then Don’t just tell your decisions instead discuss the information with experts that will give you a wider perspective to male good decisions when it comes to the customer journey.
How the textile garment business will function after the end of the novel COVID-19? There are some strategies to change your business digitally. They are:
1) Mobile apps: It is important to know how to attract our customers back to the shops. We will give our product details in mobile apps so that they should know what it is actually.
2) Manufacturing: In the retail business, we have to give ‘personalized service to the customers’. We should give some specific time for their purchase so that we may not end up with product shortage. If we experience product shortage during the gap in-between purchase we have to “source” it from other companies. For that, we may use some specific apps like “endless aisle app.” The core idea is to ensure the public ‘all products available here’.
3) Customer and supply: Whether it is B2B(business to business) Or B2C(business to consumers), we should give portals for both so that they will get information about products constantly. It will give buyers high safety, convenience, and authenticity of our products.
4) Localisation: Technically, it is termed as ‘Virtual integration’. There are many international organizations that would like to combine with Indian companies in manufacturing machinery. Machinery is useful for the production of products in the country itself. It is used as a long-term benefit. It is an adjacent marketing strategy. For example, Say no to imports, instead I will collaborate with some Korean-based companies to manufacture more textile machines in India. That’s what makes India more self-sufficient.
5) It’s time for localisation:
Currently, our imports are higher than our exports. For example, China is now providing pharmaceutical products like testing kits., if they refuse, we will be paralyzed. Instead of globalisation, it’s time to correct our imports and exports by localise our products. It will give Indian companies more opportunities to grow and it will make India a self-reliable one. Initiatives like many North-Eastern states have decided to give jobs to migrant workers in their state by creating manufacturing industries. That’s a good sign.
Finally, post-COVID-19 will give us more economic opportunities digitally by correcting our mistakes that we have done previously in the name of globalization.
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