Internet Commerce Summit 2022 concluded with experts, business leaders and technocrats agreeing that technology will make technology supply chain issues and product fulfilment snags history
Bengaluru: Technology has emerged as a key factor to get rid of supply constraints and even out scarcity as goods inventory can be supplied without suffering from geographically agnostic issues or time constraints, according to experts on the second day of the Internet Commerce Summit, Wednesday.
“Unlike physical stores, which can transact only during the day, a lot of online shopping is seen happening during night making the presence of the physical store play the role of a fulfillment center,” said Vivek Sandhwar, COO, Being Human Clothing.
Augmented reality and virtual reality will help brands be visible to a customer before s/he buys the product, experts at the panel discussion said.
However, the cost of technology is a deterrent as the average value in India is less, although experts said it is a matter of time before this challenge is overcome.
Similarly, Horizon Workrooms by Meta which are quite a range in the West, are yet to pick up in India though 7 million people are using it for collaborative work.
Speaking about Blockchain, another technology that is impacting retail, Ashish Sinha, Associate Director, Blockchain, S&P Global, said, “Blockchain is the way to decentralise and eliminate the intermediary whether it is a shopping or transaction,” said.
Several Indian states have already begun providing augmented and virtual reality as subjects in their school curriculum that would speed up the usage of technology in our daily usage.
All this would mean that supply or logistics constraints and non-availability would be a thing of the past in the new-age tech-driven economy, experts said at ICS 2022.