Published : Friday, 28 October, 2016 1:05 PM
Walmart India CEO Educates MICA Students On Future Of Retail
On Thursday, MICA’s student run committee MICA Leadership Series hosted Mr. KrishIyer, President and CEO of Walmart India, who enlightened MICA students on the future of retail. Mr. AvishkarMehrotra, Head – People, Walmart India, and Rajneesh Kumar, Senior Vice President and Head – Corporate Affairs, Walmart India, also accompanied him to MICA.
The event began with the auspicious lighting of the lamp, as MICA’s dean Ms. Preeti Shroff welcomed Mr. Iyer to MICA, and gifted him a token of thanks. Mr. Iyer commenced his lecture by drawing attention to the dynamic economic climate in the country right now, and stating that “now is India’s time”.
He further highlighted the need for corporates to synergise with the country’s programs. He gives Walmart’s example, whereby, in alignment with the ‘Make in India’ policy, import substitution is heavily being followed.
Mr. Iyer elaborated on the magnificence of the digital era that we’re currently stepping into, citing that “the fourth industrial revolution is on its way” with the changes we are currently experiencing. He explores the impact of the digital era on retail. He says, “The customer now knows more than the retailer. Digital influence will increase to 100% very soon, with all consumers connected all the time.”
MrIyer also explained the guiding policies of Walmart India, that has led them to the path of success. Their four basic beliefs – service to customers, respect for people, striving for excellence, and acting with integrity – are paramount in all their activities.
A classic example of this is their practice of ‘Every Day Low Price’, which is supported by ‘Every Day Low Cost’, which devalues the need for promotion to sell, highlighting that sticking to the true price is a much fairer proposition.
The talk was followed by a question answer session, whereby students and faculty alike, interacted with Mr. Iyer about the omni-channel approach of Walmart, the impact of GST, the recent small store strategy of Walmart etc.
The session ended with Mr. Iyer encouraging students to experience the dynamic sector of retail, and highlighting his pleasure of being at MICA. Mr. Iyer was given a live portrait, as a token of appreciation and gratitude, Dr. Shroff, MICA’s dean.
MICA Leadership Series (MLS), a student driven committee proactively works towards building industry conduit by having leaders across diverse fields to deliver a guest lecture to the student body at MICA. MLS aims at bringing a balance between academic pursuit and thought-provoking perspective from the industry so that students are able to foster a holistic approachtowards learning as well as decision making.
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