To remain competitive, retailers need to keep pace with emerging technological trends. This was discussed by industry experts during an evening session, “Retail Trends and Inspirations,” at India Retail Forum 2010 on September 28.
The session was chaired by Andy Campbell, CEO, Reliance Retail. The panelists included Brendan Dorrian, CEO, Global Retail Network UK; Bindu Sethi, chief strategy planning officer, Grey Asia Pacific; Simon Hathaway, regional CEO (Europe, Middle East, India and Africa), Saatchi & Saatchi X; Verity Evans, creative strategist, Venture Three (UK); and Roff Haxton, group director, SCG, London (UK).
Emphasising on multi-channel retail, Campbell said retailers need to focus on e-commerce, mobile retailing, social media and digital space, as these are going to become important factors in the future.
Stressing that technology is changing very dynamically, he said, “Retail has to keep pace with emerging technological trends. If your customer feels he is away from the store, you should make a closer relationship between the store and the consumer.”
He further said pop-up retail emerged in the western world and this would be a welcome concept in India as well; that too very soon.
Talking about the need to create differential services, Dorrian said, “You have to create differential offerings to create an emotional relationship with your customers.”
He further said good marketing strategies and people contributed to stronger brand recall.
Sethi from Grey Asia Pacific said impulse buying occupied two-thirds of the retail sector and emphasised the need for effective merchandise assortment.
Hathaway from Saatchi and Saatchi X laid emphasis on the emotional drivers affecting the customer’s shopping mood and taste.
According to him, the marketing (plan) should be based on key emotional factors such as security, connection, mastery, self-creation and sporting spirit.
– IndiaRetailing Bureau