Ankur Bisen serves as the Senior Vice President of the Consumer, Sustainability and Retail division of Technopak Advisors Pvt. Ltd. He brings over 20 years of cross-functional experience in management consulting, business development and research in the backdrop of working in India, China, and Europe. He has advised leading Indian and International organisations, private equity rms, sovereign funds and institutional investors in Retail, E-commerce, Food & Food Services, Space Planning, A-ordable Housing and Resource Recovery sectors in India. In the best-selling book Future of Homes, curated by Mahesh M, visionary CEO of Pune's largest lifestyle mall Creaticity, Mr. Bisen talks discusses the evolution of the post covid-19 consumer mindset, and how it will impact the home decor industry.
A New Paradigm
Mr. Bisen states that humanity has been pushed into a corner for the first time. Even during wars, solitude is localized and not as widespread. Around the world, home living is reduced to confinement while absorbing information digitally. COVID-19 has forced us to confront the sheer vulnerability of our existence in a profound way.
Pre-covid, the home was an expression of power and personality. It was a place we decorated, upgraded, and extended with new possessions to make it unique and exclusive. Now, however, we live in our homes confronting fear of losing our job or income. The pressure to remain relevant to our employers, uncertainty around kid's academic years, and personal relationship pressures are testing the boundaries of love and tolerance.
Mr. Bisen opines that the post-COVID19, the consumer's psyche is definitely going to shift from self-absorbed grandiosity to that of a sceptic, mindful soul. The consumer will lean towards thoughtful living, imbibing its virtues in his or her home. The consumer's entire attitude towards home and home living as a whole will shift in this way. Consumers will begin to appreciate functionality over decor, minimalism over extravagance, and subtlety over flashiness. The preference for oversized sofa sets will give way to functional seating, which is space-saving and easier to clean. Consumers may do away with seldom-used beds in favour of worktables and multi-purposed shelving. They may seek colour palettes and home textiles that are soothing and comforting in this time of uncertainty, or opt for pre-owned items to save on costs.
The Future Ahead
The Home Retailing Industry will need to appreciate these shifts and respond with products that align with the altered psyche of the Post-COVID consumer who will be predisposed towards thoughtful Living. It will serve the industry well to study consumer's new triggers, influencers, and motivators towards thoughtful living.
Creaticity is leading the way in allowing customers to explore the new paradigm with fresh options and a slew of innovative ways to access their home decor offerings. These include Curated Trails that can be taken through the stores at the campus itself. This opens a wide range of options, and puts the power to explore 52000 home decor products and over 100 brands in the palm of their hands.
In addition to the above, Creaticity is also the leading the way by adopting new technology to create a truly phygital experience for customers. Combining the benefits of touch/feel experience of products and seeking expert advice from salespeople as well as the digital benefits of comfort, convenience, ease of buying, and seamless payments has been a priority for the last two years. Customers can now visually have a physical walk through the mall and individual stores, they can zoom into any particular product to evaluate its finer details, and use live chat and video calls by appointments with salespeople. All of these innovations integrate the physical mall experience with the digital experience, creating a refreshing and powerful phygital buying experience.
Mr. Bisen states that though the fundamental shift in consumer preferences may be a massive disruption, it is also an opportunity for the home decor industry to capture. Read his detailed report and much more, in FUTURE OF HOMES.
To download, click here: (book link): https://www.creaticity.co.in/future-of-homes-ebook-download/
