{CTO Special} (Fabindia) Data: An Enabler
{CTO Special} (Fabindia) Data: An Enabler

Dr. Vivek Rastogi is working as a Chief Technology Officer at Fabindia Limited. He is a technology and business visionary with executive leadership skills and hands-on experience of 18 years in Retail Enterprises. He has gained expertise in digital transformation across corporate functions like sales, marketing, operations, SCM, finance, HR, IT, and customer service.

Technology has been a massive game-changer for the retail industry. Digital adoption provides huge opportunities and a combination of benefits such as speed, agility, costs, customer experience, and compliance. Digital helps engage with customers, reduces the cost of operations, and helps standardize processes.

According to Dr. Vivek Rastogi, Chief Technology Officer, Fabindia Limited, “Customer centricity is now being enabled through data analytics as shopping behavior allows retailers to customize shopping experiences. Experiential shopping can also be enabled through virtual and augmented reality. 

3 Technologies that can Revolutionize the Retail Sector

Rastogi said that one of the biggest technologies that can revolutionize the retail sector is self-learning systems through Artificial Intelligence and Machine Learning. These technologies build on past purchasing patterns and experiences, allow retailers to optimize the shopping experiences for customers, and it further enables retailers to personalize the shopping experience for customers.

On the other hand, machine learning software is able to predict demand trends, and help manage inventory levels.

“Further, RFID technology can scan and stock a wide array of products instantly and help manage inventory and algorithms along with RFID technology enabling end-to-end seamless distribution,” he stated.

Challenges in Technological Innovations

Explaining the challenges that the brands face while implementing technologies in India, Rastogi noted that the security of data and integration of artificial intelligence systems into the operations are also challenges. One has to ensure that all aspects of data security and accuracy are fed to the algorithms, and some of these challenges come to the fore only when you begin to implement the systems.

“A step-by-step and methodical process of implementation can ease the challenges to a great extent,” he added.

Implementation of Tech in Retail

Fabindia has undertaken various digital initiatives with the aim to provide customers with a seamless and efficient experience. It upgraded the organization structure, technology, supply/creative provision chain, marketing, and other related functions for its online business.

“We have implemented wall-to-wall SAP to strengthen our back-end operations and our front-end commerce solutions. We have invested in developing our online presence, including customer engagement initiatives, with an objective of catering to our customers' evolving spending and shopping preferences in a cost-effective manner,” Rastogi asserted.

Fabindia is also seeking to increase sales through its own website and mobile application, by leveraging its social media presence, of more than 500,000 followers across its social media accounts on Instagram and Twitter, through targeted advertisements, and leveraging its existing customer base through loyalty programs.

“We will also continue to increase sales on third-party online platforms, including identifying new online retailer platforms that we can partner with,” he concluded.

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