India will lead global retail innovation in future: Ashish Dikshit, MD, ABFRL

In his address as the Chair of the Great India Retail Summit 2024 held in Mumbai on February 15 and 16, Ashish Dikshit, Managing Director, Aditya Birla Fashion and Retail, articulated the profound evolution of India's retail realm. He underscored the remarkable strides witnessed in India's retail landscape over the past few decades, attributing this progress to a potent mix of creativity, technology infusion, and a relentless focus on consumer-centric services.

While acknowledging India's initial lag compared to global retail giants like Walmart, he celebrated the nation's recent rapid advancement, propelled largely by the exponential growth of e-commerce.

Highlighting the staggering expansion of the e-commerce sector, Dikshit said, from a modest $2-3 billion in 2013, the sector has expanded to an astounding $ 60-65 billion today. This meteoric rise has been instrumental in propelling India to the forefront of modern retail, he emphasised. The amalgamation of e-commerce platforms, evolving consumer preferences, and the burgeoning digital payment ecosystem has fueled India's ascent in the retail arena.

Emphasising on the transformative role of technology, Dikshit cited deeper mobile penetration, affordable data rates, and widespread access to entertainment and shopping as key drivers of change. Coupled with the emergence of a new generation of millennial consumers, these technological enablers are reshaping the retail landscape and positioning India as a global innovator, he said.

Dikshit envisioned a future where India would lead the charge in global retail innovation. He envisaged an ecosystem, where creativity, technology, and consumer-centric strategies converge to redefine the retail experience.