Faculty & students (PGDM Batch 2019-21) of GL Bajaj Institute of Management & Research, Greater Noida attended a Marketing Webinar on the topic “Retailing at the time of Covid-19” on April 22, 2020 under the visionary guidance of Dr. Ajay Kumar, Director, GLBIMR.
The objective of the session was to enable the students to discuss and deliberate with faculty members regarding consumer behavior at the time of Covid-19, strategies adopted by companies and government initiatives and support.
During the session, eminent speakers put forth their views. Dr. Ajay Kumar, Director, GLBIMR shared his valuable insights on the overall prevailing situation in retail sector due to Covid-19. Dr. Kirti Dutta, Dean, GLBIMR discussed about the initiatives taken by government to support retail sector & for sustaining the essential needs of the people. Ms. Radhika Malhotra, Program Chairperson, GLBIMR laid emphasis on recognizing the paradigm shift in consumer behavior for formulating effective strategies. Dr. Amit Kumar, Assistant Professor, GLBIMR discussed various strategies for retail sector at macro & micro level. Dr. Arpita Srivastava, Assistant Professor, GLBIMR deliberated upon consumer behavior in this Covid-19 situation.
They also discussed about stalled economies that are causing hardships in the form of altered consumption pattern & resulted in entire paradigm shift especially in retail sector. They shared that economic meltdown has badly hit the retail sector but has come as a boon for e-commerce companies as more people prefer buying goods like grocery, vegetables, etc from online platforms. They shared that this time helped to appreciate remote world technologies, increased the market size for online retail sector & reminded that digitization is essential for all businesses. This disruption has clearly mandated new strategies for retail sector based on automation and hygiene factors in its value chain to produce competitive advantage. Under New World Order, retailers cannot rely entirely on their offline presence even after the lockdowns are called off & have to adjust to the new norms of online buying. Strategies like self-service, limiting physical presence of employees in stores, embracing hygienic initiatives & use of remote technologies are the ways forward in troubled times.
Overall, it was a highly informative and insightful session.