‘I believe that shopping is an experience. There is a discovery during shopping, as well as human interaction’
Kishore Biyani is the Founder and Group Chief Executive Officer of Future Group, one of India’s leading consumer goods organisations focussed on the food, fashion and homeware segments. The organisation believes modern retail plays a vital role in the growth of the economy by creating demand for value added goods and thus supporting the growth of domestic manufacturing, jobs and income generation. The group’s emblem, the Sone Ki Chidiya, symbolises its vision of playing a role in bringing back the epithet of the ‘land of the golden bird’ back to India. In 2001, Kishore led the creation of Big Bazaar, a 280−store large format retail network that is counted among the most trusted brands in the country. The group’s businesses also include multiple retail chains like HyperCity, EasyDay, Nilgiris, Heritage Fresh, Foodworld, Central, Brand Factory, FBB and Home Town. These chains are present in over 355 cities and towns in almost every state of the country. The group also operates a pan−India logistics network, a fast growing portfolio of brands in fashion, footwear, food and personal care and manufacturing, agri−sourcing and processing facilities located across India.
Every year, almost 500 million customer visits are recorded at the group’s stores. Kishore has also led Future Group in investing and mentoring a number of supply partners and entrepreneurs as well as joint ventures with British footwear marker, Clarks, Italy’s leading insurer, Generali Group, Swiss consumer goods major, Mibelle AG, America’s Hain Celestial, New Zealand’s dairy group, Fonterra and Middle East’s Ramdas Khim¡i. Kishore is a firm believer in the maxim of ‘Rewrite Rules, Retain values.’ In 2007, he authored the book, ‘It Happened in India.’
Interview
Currently, close to 50% of our sales come from own brands. And most of these brands also sell through other modern retail channels. Now, we are in the midst of another transformation as we move towards a data−led, technology forward organisation.
However, there is no denying that technology and data sciences will play a transformative role going ahead. Data sciences and artificial intelligence is already transforming the way we engage with customers, help them discover products, brands, categories and make purchase decisions and the way we fulfil their orders. Every product or brand a customer chooses tells a story about the customer. Every day, on an average, there are almost one million customer transactions that take place across our businesses. Customers buy their daily needs such as food, grocery, fashion and home products from our stores. They visit us multiple times, often within a month, to shop with us. The cumulative data thus generated is huge. 7e are now using data sciences, machine learning and artificial intelligence to help make faster and more accurate decision for our business.
The store operations and the consumer interface are entirely on digital platforms. In NCR, EasyDay Club members can order on an app, get home deliveries and scan and pay in−store without visiting the cashier. As we speak, we are experimenting with a chat−based interface or conversational commerce. These are all membership− driven stores, wherein members pay Rs 1000 to get a whole host of benefits, including a flat 10% discount on their grocery bill, access to new offers and new product launches, home delivery, ordering on phone or on apps and special promotions. The more the members shop with us, the more we are able to customise the stores and personalise their journeys. This is only possible due to the technology and data capabilities we have built.
At Future Group, we are now entering our nest wave of evolution. We want to be a data−driven organisation. We are building capabilities in data science and AI that can help automate decisions and take human discretion out of most decision making. Faster and more efficient decisions can help our customers experience a more personalised journey and also lower prices of our products. With more personalisation and engagement, we believe customers’ entire spends can be captured within our formats. If we can capture the entire spend on food, grocery, fashion and homeware for 20 million or 30 million customers, the potential can be huge.