Ritesh Mohan, Founder, RetailRitesh.com
- A Retail expert with over 23 years of experience in the Retail sector in the Middle East Region, specializing in beauty and fragrances and fashion segments.
Podcast
Overview
The retail industry worldwide is one of the major revenue earners for the economy. Actually, the retail business is one of the most low-cost and profitable startup operations. A report from Forbes suggests the retail market is expected to grow in the coming days. The reasons primarily are income growth, urbanization, and attitudinal shifts.
00:50- About Ritesh Mohan
- A Retail expert with over 23 years of experience in the Retail sector in the Middle East Region, specializing in beauty and fragrances and fashion segments.
- He is a transformational thought leader in the retail sector.
- Previously spearheaded the Retail division of Nabeel perfumes as General Manager-across GCC (approx 35 stores) & team of 84 people.
- A prolific writer who believes in sharing his retail wisdom through his blog.
01:16- What are the major challenges faced by the brick and mortar retailers?
- The main challenge is the new manifestation of retail that is e-commerce.
- Due to COVID-19, the world was locked down which impacted the consumer behavior and their shopping patterns, and preferences.
03:48- What goes into building and retaining a great team in retail?
- A change in mindset is required from the employer.
- When you start reaching your vision, if you are able to reach the hearts of your employees, that is where the change will start happening.
06:53- How are e-commerce platforms impacting brick-and-mortar retail?
- The statistics say that e-commerce is only 12-14 percent of the entire retail turnover.
- 86-87 percent still comes from physical brick-and-mortar.
- E-commerce is growing at a double-digit kind of growth rate, so if that growth rate continues, then the share will shrink.
- E-commerce is nothing but one of the manifestation of physical retail itself.
21:58- Advice to young people
- My advice would be, done, not hesitate to experiment.
- Try and fail, do not be from failing. Failure is evident, so fail forward. It teaches you a lot.
- Learn new technologies, focus more on soft skills.
RESOURCES:
You can connect with Ritesh Mohan- LinkedIn
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Profile
- A Retail expert with over 23 years of experience in the Retail sector in the Middle East Region, specializing in beauty and fragrances and fashion segments.
- He is a transformational thought leader in the retail sector.
- Previously spearheaded the Retail division of Nabeel perfumes as General Manager-across GCC (approx 35 stores) & team of 84 people.
- A prolific writer who believes in sharing his retail wisdom through his blog.
