Futurebazaar.com was ahead of the times: Kishore Biyani, CEO, Future Group

Kishore Biyani talks about his approach to business, growth, a downturn and on the future of retailing. Excerpts:

On technology and consumers:

In the physical world, I could observe and pick up signals of what may work and what may not. You can’t do that in the digital world. You need to use algorithms and understand data analytics today.

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On his tech handicap:

I had to apply my mind to understand technology; in the last 7-8 years, I have been calling budding entrepreneurs home to get their sense of technology.

On why Futurebazaar.com failed:

We came too early in the game. We were ahead of the times

On the future of retailing:

I see store sizes shrinking and physical stores doing a lot more to support digital presence. By 2020, I expect some stores to be so data-enabled that the moment you enter our store our staff will know a whole lot about you.

On what the downturn taught him:

Success can be very heady. It gives you a high. I feel humbled.

On the shift in his approach to business:

Any creation has to be tempered with control. Art and science have to go hand in hand when running a business. Don’t get attached. Attachment can be blinding. Sweating existing assets is important. I also learnt that balance sheets, investors and the stock market are important.

On competition in retailing:

15 years back, we were called leaders. I am surprised we could sustain it for so long. I don’t see that changing significantly until 2020.