Future Group has set a target to be trillion-dollar company by 2047 driven by technology that would capture consumer behavior and data, said Retail Czar Kishore Biyani on Wednesday at India Retail Forum 2018.
Speaking at the India Retail Forum 2018 organized by Reed Exhibitions, Biyani said, “Technology reduces space, time and increases customer interaction. Since we now know about the buying behavior of the consumer, our factories will now plan their production based on the data.”
Future Group is currently opening two small stores a day and it will increase it to opening three small stores a day further to five small stores a day by next year which will help it understand the assortment that it should keep and the production that should be undertaken, he said.
Stating that Retail was its religion, consumer was the god and stores were the temple, Biyani said, “India is a heterogeneous market and unless you get your hands dirty, one will never understand it.”
As part of engaging the customers, the group would also explore movies and that would not be restricted to 2-3 movies, he said.
Commenting on the retail potential in the country, Biyani said that as India’s overall economy rises to $5 trillion by 2030, it will trigger the consumption economy to $2 trillion and the per capita consumption of $2,000 will be a turning point.
Candidly admitting about being ignorant in their early days and were lucky to get away with it, Biyani said, “I want to build into the biggest consumer business that the country has ever seen in less than 10 years with our own distribution.”
Everyone wants to be retired, but I don’t want to retire hurt, he aptly concluded on the positive note.