Falguni Nayar, the founder and CEO of beauty and lifestyle retail company Nykaa, said that the rollout of 5G and metaverse applications will change the consumer experience on e-commerce platforms in the coming days.
It has been reported that Nayar was speaking after signing an agreement with the Indian Institute of Management Ahmedabad (IIM-A) to set up the ‘Nykaa Chair in Consumer Technology.’
However, she said that while online buying has increased since the Covid-19 outbreak, it accounts for hardly 10% of consumer product purchases; nearly 90% of consumers still rely on offline stores.
The report said that Nayar said that through the Chair, she looks to equip students with the foundational knowledge to build meaningful, insight-driven business models that use technology to solve consumer needs. As the founder of an organization that has harnessed the power of technology to capture the beauty and fashion markets, Nayar said she is confident of its role in shaping the present and future of Indian entrepreneurship.
Errol D’Souza, the Director of IIM-A, said:
“Consumer connectedness through virtual and augmented environments and increased usage of digital tools across cultures requires knowledge on aspects of consumer tech innovation.”
He said that the institute aims to work together on finding research solutions to questions in the consumer tech space.
Thus, the Chair will work with students and faculty members from the marketing and information system areas. The focus will be on research and education that will promote scientific practice of marketing, present insights on the impact of digital, social, and mobile technologies on business models, customer behaviour, and social changes at large, and facilitate incorporation of AI and machine learning insights in a disrupted marketplace.