E-Journal #1: Inside the Retail Industry by Kalpesh Lad

1. Brief summary of the main points covered

On January 22, 2023, I had the privilege of attending a workshop by Kalpesh Lad, a professional in the retail industry. The topic of the workshop was "Inside the Retail Industry" and it provided me with a wealth of information and understanding about the retail industry, the importance of sales, the rising of e-commerce during COVID-19 pandemic, and a specific example of one of the best product launches in North America, the launch of Gillett, that was executed by Kalpesh and his team.

2. Insights gained from the presentation: The rising of E-commerce.

One key takeaway from the workshop was Kalpesh's emphasis on the impact of e-commerce on the retail industry, particularly during the COVID-19 pandemic. E-commerce is important in the retail industry, it allows businesses to continue operating and reaching customers despite physical store closures and social distancing measures.

He explained how brick-and-mortar stores are evolving to include features. It was fascinating for me to know that they are evolving in a number of ways to better compete with online retailers and meet the changing demands of consumers. One of the key ways that they are doing this is by incorporating features such as BOPIS (buy online, pick up in-store), C&C (click and collect), and last-mile delivery.

???????BOPIS, or buy online pick up in-store, allows customers to purchase items online and then pick them up at a physical store location. This can save customers time and money on shipping costs, while also providing a convenient option for those who want to see or try on items before purchasing.

???????C&C, or click and collect, is similar to BOPIS, but allows customers to place an order online and then pick it up at a designated location, such as a drive-thru or curbside pickup.

???????Last-mile delivery refers to the final leg of a product's journey from a warehouse or distribution center to the customer's doorstep. This is becoming an increasingly important aspect of retail as more and more customers are opting for online shopping and home delivery options.

By incorporating these features, brick-and-mortar stores are able to better compete with online retailers and meet the changing demands of consumers. They are also able to increase foot traffic to their stores and drive sales by providing customers with convenient options for purchasing and receiving their products.

The workshop also covered the shopper journey and the influence of consumer behavior and personalization on it. Kalpesh discussed the different key points along the shopper journey, from passive to active, and how digital footprints, clicks, time spent, conversion, and attribution play a role.

3. Reflect on how the workshop may impact my career path as a strategic marketing planner

Personally, I found Kalpesh's workshop to be incredibly informative and insightful. As a strategic marketing planner, I learned how retail is much more than just selling products, it's all about understanding consumer behavior and the shopper journey. The emphasis on attention to detail and understanding market data will be a valuable asset in my future career. The workshop also made me realize the importance of staying current with the latest trends and changes in the retail industry, especially with the ongoing impact of e-commerce and COVID-19.

Before the presentation, I had always thought of sales as just being someone who pitches products to customers. However, Kalpesh's presentation showed me that there is so much more to sales than just that. Kalpesh talked about how account managers are responsible for managing a forecast, financial analysis, working with supply chain or technical development, strategic product launch and merchandising, business ownership, management reporting, negotiating with buyers, and building and fostering relationships. This was a real surprise for me, I never knew that sales involve so many responsibilities.

In terms of my career path as a strategic marketing planner, this workshop has provided me with a deeper understanding of the many factors that go into retail strategy, and the importance of considering all aspects of a product's potential success before making any decisions. It has also given me a new appreciation for the role of sales in the retail industry, and the many skills and responsibilities that come with it. I am grateful for the opportunity to attend Kalpesh's workshop and highly recommend him as a speaker to anyone interested in the retail industry. It was an informative and valuable experience!