17 December 2021, Mumbai:
The Retailers Association of India (RAI) organised the ‘Retail India Summit & Expo (RISE) 2021’ on 15 December 2021 in New Delhi which saw the participation of the retail fraternity and retail service providers and discussed the way forward for retail with the thrust on digital technologies.
The Retailers Association of India (RAI) organised the ‘Retail India Summit & Expo (RISE) 2021’ on 15 December 2021 in New Delhi.
The summit saw an overwhelming participation of the retail fraternity and retail service providers like retail design, visual merchandising, shopfitting, real estate, and technology. Evolving customer expectations were at the core of all discussions at the summit.
Setting the tone of the RISE 2021, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said “Retailers are confidently looking forward to 2022 with a renewed focus on digital transformation to keep the momentum. Over the last two years, there has been a paradigm shift in consumer behaviour.
Consumers are increasingly looking at convenience and choice in where to buy and how to buy (mode of payments). Omnichannel retail has become reality for businesses today— offline retailers are seen expanding their presence online and online players are seen foraying into physical retail stores.
Moreover, an increasing number of consumers are buying on social media platforms as well. In 2022, ONDC (Open Network for Digital Commerce) an initiative by DPIIT (Department for Promotion of Industries and Internal Trade) may be the game-changer in India as it seeks to democratise e-commerce.”
Speaking at the RISE 2021 Bijou Kurien, Chairman Retailers Association of India (RAI) said, “Retail constantly evolves. The pandemic accelerated its evolution. Today, consumers are more comfortable using digital technologies and retailers have started adapting to the changing consumer.
They have unlocked new ways of reaching consumers and building demand for new product categories. By actively collaborating with technology, payment and logistics partners, retailers have been able tremendously expanded their reach. A new era of retail is dawning on us, and retailers are getting ready for it.”
Delivering his special address as the Chief Guest at RISE 2021, Anil Agarwal, Additional Secretory, DPIIT, Ministry of Commerce, Government of India, commented that the summit had the best of what India had to offer in the retail space.
Speaking about the retail trade policy he said, “Government of India has created many model policies to guide State Governments and similarly a model framework is being created to ease the inter-state trade. However, it is important to have a National Retail Trade Policy, which will be soon shared for public consultation.
In the policy we will be addressing multiple areas like Ease of Doing Business by simplifying licenses and the processes related to it. The proposed policy will also look at how compliances on retail businesses can be streamlined under one umbrella act.
Including retail and wholesale trade under MSME has been a huge win for the sector as it has opened doors for lending from banks under priority sector schemes. However, the retail trade policy will address looking at unconventional means for the sector to get cheaper finance options as well.
Furthermore, there have been efforts from the Government on reducing cost of logistics and movement of goods, which will continue to see progress in the days to come by bringing efficiencies through use of appropriate technologies.
There will be special focus on developing entertainment zones and also specialized skill development short-term courses in vernacular languages to bridge the gap of skilled manpower in retail.”
“The purpose of the retail trade policy is to permit a holistic development of all forms of retail – big or small,” Agrawal further added.
He also encouraged physical retailers present at the summit to add digital as a channel of sales to their retail businesses especially those with one or two stores and explained what Open Network Digital Commerce (ONDC) is and how it will it help them to expand their business.
ONDC will benefit retail business just as UPI has eased transactions across banks.The objective of Retail India Summit & Expo (RISE)is to bring together retailers and retail service providers under one roof to facilitate dialogue and explore changing trends of the industry. It is a platform to discuss new inspirations and innovation to win new customers, retain existing ones, and ultimately increase sales.
The highlight of the summit was a captivating fireside chat with Amit Chaudhary, Co- Founder & COO, Lenskart, and Gunjan Shah, CEO, Bata India, on Beyond Metro Cities- Tapping the Opportunity in Bharat, which was moderated by Dr. Hitesh Bhatt, Director - Marketing & Communication, Retailers Association of India (RAI).
Speaking about omnichannel retail Gunjan Shah, CEO, Bata India, said, “In addition to expanding exclusive brand stores through company-owned & franchise route, there is a large opportunity in multi-brand stores.
They enable using real estate much more efficiently and, coupled with e-commerce, can provide a seamless consumer experience. In the coming year, the ‘from anywhere to anywhere’ connectivity across stores is what will shape the new era of omnichannel.”
Delivering a Special Address at RISE 2021, Lalit Agarwal, Managing Director, V-Mart, said, “With consumer confidence on the upswing, the apparel retail market is bound to see continued recovery in 2022. We are already seeing vast crowds at the physical stores with the onset of the festive and marriage season.
We anticipate a solid pick-up of consumers once more thronging the physical marketplace, which took a hit over the last two years due to the pandemic. A renewed focus on digitalization of processes and business offerings would continue in 2022.”
“Sustainability is another major current significant factor, globally. With consumer awareness and legal frameworks evolving rapidly, in India too, we would see apparel retailers following suite with new trends in recycling / upcycling and increasing use of natural and organic fibres. Waste management is another arena which would rise in prominence.
From the pricing perspective, it would be a tough year of juggling choices. With price points bound to increase, keeping in view the new GST implementation for sub-1000 rupees products, value fashion retailers would have to go the extra mile to keep their offerings competitive,” Lalit Agarwal further added.
Other highlights of the Summit were workshops on Legal Metrology and Waste Management Rules and Visual Merchandising to help retailers do more with stores conducted by subject matter experts.
Through the day summit touched upon various discussions, namely
Shifts in Consumers Expectation About Experience, The Role of Stores in Today's Era, Using Omni-channel to Differentiate and Delight, Exploring the boundaries of Experiential Retail and Entertainment, New Mantras for Engaging, Rewarding & Retaining Customers, among others.
Deliberating on these topics were retail leaders like Anupam Bansal, Director, Liberty Shoes; Darpan Kapoor, Chairman, Kapsons; Dr. N Mohan, Executive Director & CEO, Clarks India; Rajesh Jain, Managing Director and CEO, Lacoste India; Rajneet Kohli, President & Chief Business Officer, Domino's (Jubilant FoodWorks); Mukul Bafana, Co-founder & CEO, Omuni (Arvind Internet); Dhruv Bogra, Country Manager, Forever New Clothing; Hemant Agarwal, CMD, V-Bazaar Retail; Rahul Singh, Founder & CEO,THE BEER CAFÉ; J P Shukla, CEO, Nysaa Retail (1 India Family Mart); Rahul Bhalla, Co-Founder & CEO, Latin Quarters (IKON Retail); Mayank Mohan, Director, Mohanlal Sons; Nitin Bansal, Head - BD, MINISO Life Style; among others.
Over the years, ‘Retail India Summit & Expo (RISE) has evolved to provide retailers a platform to find the right business partners and solutions across categories to help take their business to the next level.
Retail4Growth (The news article has not been edited by DFU Publications staff)
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