Retail India Summit & Expo (RISE) 2023 unveils trends shaping retail's future
.JPG)
19 December 2023, Mumbai
The Retailers Association of India (RAI) orchestrated the highly anticipated ‘Retail India Summit & Expo (RISE) 2023’ in New Delhi on 15 December. A pivotal gathering for the retail industry, the summit delved into the evolving landscape shaped by consumer expectations.
Dynamic retail landscape: Personalization and omnichannel dominance
Kumar Rajagopalan, CEO of RAI, underscored the imperative of personalization in the face of rapidly evolving consumer dynamics. The summit highlighted the seamless integration of omnichannel retail, emphasizing its transformative impact. The rise of Direct-to-Consumer (D2C) brands, leveraging digital channels, was a key theme reshaping India's retail sector.
India's economic momentum: A $5 trillion future
Dr. Bejoy John, IRS - Director, DPIIT, Ministry of Commerce & Industry, Government of India, emphasized India's remarkable progress toward becoming a $5 trillion economy by 2027. The nation's democratic dividend and its youthful population were identified as catalysts redefining the consumption narrative.
Innovative perspectives from industry leaders
The summit featured insights from retail luminaries such as Lalit Agarwal, MD of V-Mart Retail Ltd., who lauded the industry's spirit of innovation. Discussions spanned diverse topics, including the future of shopping, personalized experiences, and strategies for retail brand expansion.
Tech integration and market expansion strategies
Leaders like Gunjan Shah, CEO of Bata India Ltd., and Anupam Bansal, Director of Liberty Group, shared strategies involving digital transformation, omnichannel approaches, and premiumization initiatives. Shah emphasized agility in navigating the fashion landscape, while Bansal stressed the importance of balancing technology with the touch-and-feel aspect.
Customer-centric approaches and business expansion
Rajesh Jain, CEO of Lacoste India, spoke on prioritizing customer delight and achieving customer-centric goals. The summit showcased a panorama of discussions, including navigating the future of retail, shopping innovations, and transformative approaches for mall makeovers.
RISE 2023: Shaping the future of retail in India
With panel discussions featuring industry stalwarts like Ankur Bhatia, CEO of Chogori India Retail, and Jaytilak Majumdar, Chief Growth Officer of Patanjali Ayurved, RISE 2023 provided a comprehensive exploration of retail's future. The event highlighted the pivotal role of technology, innovation, and customer-centric strategies in shaping India's dynamic retail landscape.
In conclusion, the ‘Retail India Summit & Expo (RISE)’ has solidified its position as a crucial platform, fostering dialogue and innovation to steer the retail sector toward a dynamic and customer-centric future.
