Nitin Chhabra, chief executive officer (CEO), Ace Turtle expects the ongoing sluggishness in India’s fashion and lifestyle retail business to spill over well into most of 2024.
“We expect things to get better and are working to bring in more efficiency wherever possible,” said Chhabra.
Chabbra highlighted one key focus area for his company would be to implement technology where AI will also play a major role.
“We are trying to work on AI so that we can run faster,” he added. “I think this time around AI is a real story, but it’s still very early in the game. So the technologies have been built, they will only improve from here on.”
Adding further on AI implementations, Chabbra added that the AI-based approaches that retailers or brands today use are the applications built to solve problems.
However, to take full advantage of the same, usage of data efficiently is also important and companies should start working on data platforms right now.
“A lot of people who are from the offline world might need some help in this regard,” said Chhabra.
Commenting on the expectations from the upcoming Phygital Retail Convention (PRC) to be held in Mumbai in May, Chhabra said: “I think PRC should focus on building foundations for AI this year, which is to get your data platform in place so that you can take advantage of those AI applications, which we’ll see a lot of coming towards the end of next year.”
