Exploring the role of digital media in retailing, Siddharth Jain, Principal, AT Kearney, presented his research at the South India Retail Summit, covering the omnichannel play in a country whose inhabitants are rapidly switching to smartphones for shopping activities.
The first-ever South India Retail Summit commenced this morning at the ITC Gardenia in Bengaluru, with an eye-opening presentation and talk by Rashmi Nair, Associate Director, Deals Strategy, PwC who delivered noteworthy insights on key characteristics defining consumer behaviour in south India.
Pointing out that 45% of the urban Indian youngsters shop online every month, Jain emphasised that modern Indian consumers like to be continously connected and seek personalised experiences through seamless interfaces.
He stressed that retailers need to integrate consumers across all channels where they are able to discover, research, buy, fulfill and finally service their products. "The key word is flexibility," he said.
Jain went on to present a detailed view on global brands that have embarked on the omnichannel experience, where brands have seen around 425% difference in growth. "Most brands now have separate teams dedicated to optimising presence and offtakes on digital interfaces," he noted.
Later in the day at the one-day retail business event, during the Inaugural and Keynote Addresses (on ‘Growth and Opportunities in Retail’ and ‘The Role of Omnichannel in Growing the Retail Ecosystem’), session chair BS Nagesh, Founder of TRRAIN, held an exciting discussion on growth oppotunities in retail and the role of omni-channel models.
Joining the panel for the discussion were Alok Dubey, CEO, Arvind Lifestyle Brands; Falguni Nayar, Founder and CEO, Nykaa.com; Lavanya Nalli, President, Nalli Group; Viney Singh, MD, Max Hypermarket (Spar); and Neeraj Biyani, Director and Co-Founder, Paper Boat.
The group presented gave a general overview of the retail industry and how it has transformed over the past few years. All noted that technology has been the most powerful influencer of this dynamic market, with mobile apps, data research and analytics being some of main features of retail strategy and consumer behaviour. Referring to modern shopping behaviour, Lavanya Nalli, President, Nalli Group asserted, "The young consumer is not like anything we have seen before. They display sheer drive and optimism."
Elaborating on the adoption of omni-channel models, Viney Singh, MD, Max Hypermarket (Spar) emphasised, "Customers need the option of shopping anywhere, anytime."
He noted that omni-channel retailing provides a platform that can be further calibrated into new models. "The changing landscape has not changed principles of the retail
business, but there has been a change in distribution channels," he said.