THE IN­TER­NET OF THINGS AND VIR­TU­AL­IZA­TION OF RE­TAIL

Re­tail trends will fo­cus on the im­pact of the con­ver­gence and ac­cel­er­a­tion of tech­nol­ogy, and the ma­tur­ing mo­bile con­sumer on over­all Re­tail dis­cussing this per­ti­nent as­pect were few of the game-chang­ers of the re­tail sec­tor.

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nfold­ing the ses­sion, Man­ish Nadir, Re­tail Ca­pa­bil­ity Lead, Ac­cen­ture and one of the co-chair of the ses­sion, ad­dressed the del­e­gates about the changes that have been wit­nessed as tech­nol­ogy ad­vanced in gi­ant steps in the last few years. “The fash­ion in­dus­try is go­ing to move fast for­ward from now on,” he said. “This is the era of re­tail vir­tu­al­iza­tion.

Like Pulkit Trivedi of Face­book showed us to­day, smart phones are real and it has defi nitely been a dis­rup­tive phe­nom­e­non hith­erto un­seen by the In­dian re­tail

Uin­dus­try. Now, where we are head­ing to is to­wards liv­ing ser­vices, which is noth­ing but vir­tu­al­iza­tion, and the time for the In­ter­net of Things and Ar­ti­fi­cial In­tel­li­gence,” he added.

Ex­pec­ta­tions of to­day’s con­sumers are chang­ing. To put it sim­ply, the con­sumer it­self is chang­ing and play­ers and busi­nesses have lifted up their tech­no­log­i­cal in­ter­ven­tions to stay rel­e­vant to the con­sumer. “So to meet th­ese liq­uid ex­pec­ta­tions, re­tail­ers will have to think of ways to bring phys­i­cal to dig­i­tal, which in Ac­cen­ture, we call liv­ing ser­vices,” ex­plained San­deep Rai Sharma, Man­ag­ing Di­rec­tor, Ac­cen­ture and the se­cond co-chair of the ses­sion. “Liv­ing ser­vices are tai­lored around con­sumer pref­er­ences that are al­ways chang­ing. Th­ese ser­vices are not only highly cus­tomised to suit suit pref­er­ences, but are con­stantly evolv­ing, just like the hu­man race. Liv­ing ser­vices are go­ing to con­stantly evolve, learn and adapt to the chang­ing needs, weather, in­tents, ref­er­ences, and they are go­ing to be dy­namic un­like age old static ex­pe­ri­ences. And they are go­ing to be all per­va­sive, highly prox­i­mate in our lives, day in and day out. And that’s where things like wear-ables are go­ing to im­pact our lives ev­ery­day,” he added.

Talk­ing about the rel­e­vance of liv­ing ser­vices to con­tem­po­rary re­tail­ers and fash­ion busi­nesses, Sharma pointed out, “We have seen un­matched tech­no­log­i­cal ad­vance­ments in the last 20 years, the world adapt­ing to dig­i­tal from phys­i­cal, etc., but what we are go­ing to ex­pe­ri­ence over the next 5-10 years will dwarf what we have pre­vi­ously ex­pe­ri­enced.” True! The growth of con­nected de­vices, In­ter­net of Things, bea­cons, sen­sors, prox­im­ity de­vices, cloud com­put­ing, big data, etc., are set to give the fash­ion re­tail fra­ter­nity much more in­sights not just of con­sumer seg­ments at a large level but also very per­sonal in­sights about each and every sin­gle shop­per. “AI (ar­ti­fi­cial in­tel­li­gence) is the new UI (user in­ter­face), added San­deep Rai Sharma.

–Manoj Kr­ish­nan

Se­nior Vice Pres­i­dent, In­for­ma­tion

Tech­nol­ogy, Landmark Group

–San­deep Rai Sharma Man­ag­ing Di­rec­tor,

Ac­cen­ture

–Prashant Gupta Pres­i­dent & CEO,

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