INSIDE THE WORLD’S LARGEST DEMOCRACY OF RETAIL
Arvind Varchasvi, Govind Shrikhande, Harriet Green, Krish Iyer, Philip Auld, Shashwat Goenka, Raza Beig and other industry leaders lead the discussions on India’s retail story, its latent power of Indian consumption, and promising demographics at IRF 2017
IRF is truly the only forum which matters in India when it comes to retail leaders sharing game changing insights, world-class concepts, as the breaking ground for India entry strategy for global players, and as the incubation ground for fruitful multi-milliondollar partnership ideas and alliances. This annual event brought together delegates from all nooks and corners of India and the world, 200+ distinguished speakers from across the globe, 100+ exhibitors of next-generation retail innovations, and innumerable opportunities to tap into this high potential market…
On September 19th and 20th, retail and allied businesses from India and overseas gathered at India’s largest retail intelligence business event, India Retail Forum (IRF) 2017, powered by MAPIC.
The 14th edition of the mega event that is IRF 2017 was chaired by Govind Shrikhande, Customer Care Associate & MD, Shoppers Stop and offered a crisp barometer of the rapid changes sweeping retail in India, the world’s fastest growing major market, and also in-depth insights on navigating the future. “IRF is truly the only forum which matters in India when it comes to retail leaders sharing game changing insights, world-class concepts, as the breaking ground for India entry strategy for global players, and as the incubation ground for fruitful multi-million-dollar partnership ideas and alliances. This annual event brought together delegates from all nooks and corners of India and the world, 200+ distinguished speakers from across the globe, 100+ exhibitors of next-generation retail innovations, and innumerable opportunities to tap into this high potential market,” said Govind Shrikhande.
He further stated, “Over the past two decades incredible transformation in Indian consumer markets has been witnessed by the retail industry. We’re the world’s fastest growing major market, and populated by demanding, aspirational, globally-connected, and ‘living-for-the-now’ consumers. For brand marketers and retailers, as if that were not enough, there is now the added complexity of digital consumption. I believe that, this is the most opportune moment to harness our passion, and innovation to create an immersive and experiential setting for our consumers
and rekindle the ‘Romance’ in retail. India Retail Forum (IRF) has chronicled and even catalyzed ahead-of-the-curve innovations in consumer experiences and fashioning India’s consumption story across retail categories.”
Referring to the ongoing shifts in consumer behaviour brought on by technology, Amitabh Taneja, Chief Convenor, India Retail Forum said, “Customers’ growing acceptance of different channels and high expectations for seamless shopping & fulfilment experiences are putting unprecedented pressure on retailers to retain its customers. The once single channel purchase path has been scrambled as consumers are distracted by devices in store, at home and on-the-go. In this always-on, Omnichannel digital age, retailers must create the best experience to meet consumers’ needs and capture their hearts, minds and ultimately, their wallets.”
So, what are the major macro developments over the past year that IRF 2017 took stock of?
This year, IRF – inside the world’s largest democracy of retail – delved deep into the explosive surge of multi-channel, multi-format retail in the world’s fastest growing major economy, India, and what it meant for businesses.
At IRF 2017, retail stalwarts debated and discussed India’s predominance as a major market with affluent consumption and the robust indicators shaping the promise of the ‘Great Indian Retail Story.’
Sessions, which saw some of the Retail Industry’s finest on the dais, were held to discuss how India’s high economic growth, strong positioning as investment hub and stable government from a world perspective along with economic and tax reforms, improving market sentiments, an earning and spending young population, burgeoning e-commerce and digitization at domestic level, are the main driving factors in the retail market growth.
A strong brand will always garner a larger proportion of the online market share. This is mostly because they have a huge assortment of products and so it is easy for them to branch out into the online space. Then there is the online sale factor. If you take into account full price products, discounted products and products in end of season sales, you will realize that EOSS makes up a large portion of business for a lot of retailers. Retailers use EOSS as an opportunity to clear inventory. The digital influence on the consumer is increasing rapidly. – B S Nagesh, Founder, TRRAIN