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

Images Retail - - FRONT PAGE - – By In­di­are­tail­ing Bureau

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

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