Prannay Dokkania, Managing Director and COO of Lloyds Luxuries Ltd (Truefitt & Hill), writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
Last year, there were some interesting developments in our industry. More sustainable, eco-friendly products are the direction people are moving toward and technology is what we’re integrating into our services to make things more efficient and convenient. But there’s a flip side. We’re working with the ethical question of targeting customers based on online behavior.
Success stories from 2023: We were proud of opening new stores. It wasn’t just a question of numbers; the point was to branch out into new neighborhoods, and bring in more people.
Learnings and realizations from 2023: We used to be all about our in-person services, but learning about the potential of product sales was eye-opening. It’s changed how we see our business and where we see opportunities now.
2023 highlights and takeaways: Last year brought valuable lessons. It’s quite interesting to see how people’s spending patterns and buying tastes vary. Their preferences can shift rapidly. Not only that, the focus on self-care also became very high. It wasn’t necessarily a direct sales boost for us. Moreover, seeing these changes in consumers ‘behavior is insightful and offers room for adaptation and development.
Looking at 2024: This year we’re particularly emphasizing online sales of our products. It’s a big step for us. But we see that everywhere technology has become a big factor in how businesses interact with their customers.
Some advice: India’s market is rapidly expanding, fueled by ambitious young individuals with increasing spending capacity. This burgeoning landscape offers ample opportunities for newcomers and existing players alike. Seize your share of this thriving market as it continues to flourish, ensuring your stake in its promising growth trajectory.
My Mantra for 2024: Glass Half Full: In 2024, the mantra is to embrace a positive outlook, focusing on opportunities, resilience, and self growth rather than dwelling on challenges.
My personal favorites from 2023
Campaign I liked in 2023: ICC ODI Cricket World Cup: The campaign resonated beyond cricket, engaging patrons and members with its powerful storytelling and inclusivity, making it a standout in 2023.
A book I liked in 2023: “Good to Great”: This transformative book’s five principles offer a roadmap for turning good businesses into great ones, providing actionable advice for substantial improvement.
A show/movie that I liked in 2023: Latest Season of Money Heist: The latest season continued the series’ gripping storytelling and suspenseful narratives, making it an absolute favorite in 2023.
My 2023 hobby-career connection: Reading is something which significantly broadened my perspectives, enhanced critical thinking, and fueled continuous learning, contributing immensely to my career growth.
