Retail 360° – Future of Retail
No. PR- 200
January 21, 2021
Retail 360° - Future of Retail
India is expected to become the world’s fasted growing e-commerce market driven by robust investment in the sector and a rapid increase in the number of internet users. The growth witnessed in the FMCG sectors was also a reflection of positivity recorded in the overall macroeconomic scenario and opening of the economy and easing of lockdown restrictions, mentioned Shri V K Saraswat, Member – Niti Aayog, Govt of India in the inaugural session of Virtual Series “Retail 360° - Future of Retail” organized by PHD Chamber of Commerce and Industry.
Shri V K Saraswat while giving an overview of the industry, its market size, GDP contribution, and its global rankings mentioned that the Indian Retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. He discussed the investment scenario to the industry with Foreign Direct Investments inculcated from corporate giants of the world and government’s initiatives to improvise the industry by allowing 100% FDI in the online retail of goods and services through automatic route and changed FDI rules in food processing.
Talking about the road ahead Mr. Saraswat emphasized that e-commerce is expanding steadily in the country and customers have the ever-increasing choice of products at the lowest rates. E-Commerce is probably creating the biggest revolution in the retail industry, and this trend is likely to continue in the years to come. He also highlighted that the long term outlook for the industry looks positive, supported by rising income, favorable demographics, entry of foreign players, and increasing urbanization. He mentioned that there is a need for Omnichannel marketing strategy, finding the best technology solutions, and retaining and engaging employees as retail corporates to the highest employee turnover rate.
While discussing the major challenges faced in the retail industry, he explained the 10 prominent technologies that could remake warehouse operations which included multi-shuttle systems; analytics tools; optical recognition; conveyor connection; management systems; smart storage; 3D printing; swarm AGV Robots; smart glasses and picking robots.
He mentioned that supply chain management needs to be at the top priority for strategic development for smart manufacturing and forecasting and coordination plans. The global retail industry has undergone many changes and transformations, most of these changes have been felicitated by technology. The rapid consumerism of technology has impacted the Indian Retail industry and the current landscape is marked with developments that are as shocking as real.
Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address deliberated about the effect of the pandemic on the retail industry but, there is a rise in the usage of E-Commerce platforms and consumers spending. While the retail industry is one of the fastest-growing sectors of the country and India can be seen as the hub for retail space for the future, Indian retailers are faced with a multitude of challenges from customers and the government side.
Mr. Aggarwal mentioned that in the long-term, the retailers need to focus on transforming to succeed in a new business landscape. The challenges would be to cater to consumers via their preferred channels and to build business resiliency to operate smoothly during any future crises. Digitalization is increasingly playing a major role in shaping the future of the Indian Retail Sector. Retail companies across the globe are prioritizing the health and safety measures of their workforce, enabling a remote working environment wherever possible.
Mr. Sanjay Aggarwal emphasized that retailers have the opportunity to imagine or seek out new partnerships and new retail categories including product and service categories that consumers didn’t know they needed. To seize this opportunity, it’s time to rethink partners, suppliers, and alliances and examine ways to serve low-end customers while exploring new markets.
Mr. Shashvat Somany, Chairman, Retail Committee, PHD Chamber of Commerce and Industry while giving his industry perspective deliberated about the paradigm shift in the retail industry that has allowed smaller retailers to rethink how they do business, gain new revenue, engage with existing revenue and create efficiencies.
Mr. Somany mentioned that retailers today are looking to get a competitive edge know the key lies in providing the best customer experience possible. This invaluable 360-degree view of the Retail Industry, now being called Retail 360° enables retailers to leverage the different aspects of data and technologies to make smarter business decisions.
Mr. Saurabh Bansal, Co-Chairman, Retail Committee, PHD Chamber of Commerce and Industry while giving a formal vote of thanks to all the delegates and participants, mentioned that the future of retail is in a period of change since the advent of online shopping. He further highlighted that Retailers are expected to keep their consumers engaged across every channel of shopping and ensure that they offer too many benefits to be replaced by online shopping entirely. It will be important for these companies to stay attuned to the shifting habits and needs of consumers to continue thriving.
After the inaugural session, The technical session on Connection and Consideration: The Mantle of Modern Leaders witnessed the presence of Dr. Ranjeet Mehta, Deputy Secretary General, PHD Chamber of Commerce and Industry; Mr. Rachit Mathur, Managing Director & Partner India Lead – Consumer & Retail Practice, Boston Consulting Group (BCG); Mr. Rakesh Kaul, CEO, Hindware Appliances; Mr. Takshay Bansal, Joint Managing Director, Dorset Industries Ltd.; Mr. Ankit Gupta, Director, Holostik Group; Mr. Rajesh Jain, MD & CEO, Lacoste India; Mr. Varun Gupta, Director, Kent RO Systems along with Mr. Saurabh Sanyal, Secretary General, PHD Chamber of Commerce and Industry. The objective of the session was to brainstorm with Industry experts on how the Mantle of Modern leaders is critical to overcoming times of crisis and perennial strategy for rallying teams will drive positive results.
The session was moderated by Dr. Yogesh Srivastav, Assistant Secretary General, PHD Chamber of Commerce and Industry and was attended by many industry stalwarts pan-India.
PHD Chamber of Commerce and Industry