Industry leaders discuss the future of omnichannel retailing

The fourth edition of Phygital Retail Convention 2023 held at the Jio Convention Centre BKC, Mumbai, saw some insightful panel discussions by industry leaders. The PRC2023 Inaugural saw industry leaders from various verticals come together to share their insights and experiences on the evolving retail landscape. The discussions focused on the impact of changing customer behavior, the importance of AI, customer experience, and UI/UX in physical stores, and the need to prioritize hygiene and health.

“Necessity is the mother of invention. It is through such challenges that we are compelled to come up with innovative solutions that can improve our lives and the world around us,” shared Sangeeta Pendurkar, CEO of Pantaloons. Despite the availability of online shopping options, customers are still flocking to physical shopping malls, noted industry leaders like Shibu Philips, Director of Shopping Malls at Lulu Group India. 

Indeed, most of them agreed that even after the pandemic, footfall did not decrease as expected. As a result, retailers are placing increased emphasis on the importance of enhancing offline stores to cater to the evolving preferences of their customers. Rajneesh Mahajan, CEO of Inorbit Malls, highlighted the need for dynamic infrastructure to create social spaces that cater to the needs of today's urban consumers.

BS Nagesh, Founder of TRRAIN and Chairman of Shoppers Stop, shared his valuable insights on the strategies to attract new customers over the next decade and emphasised on the need to evolve in the retail landscape and how businesses can adapt to changing customer preferences and behaviors. 

Artificial Intelligence was another important point of discussion for obvious reasons. With AI-powered tools and technologies, retailers can streamline various processes, such as inventory management and supply chain operations, leading to increased efficiency and reduced costs. 

Talking about how AI is the next big shift, “Bhaskar Ramesh, Director - Omnichannel Businesses, Google India, shared, “As Google AI solves major societal challenges, a new era of retail productivity emerges. With AI rapidly advancing, it is set to play an even more significant role in the retail industry. Studies indicate that retailers adopting AI could see up to a 70% increase in revenue, highlighting the transformative impact it can have on the sector.”

During one of the sessions, Shireesh Joshi, CBO, ONDC also talked about How ONDC is ‘Paving the Way for Ecommerce Success’. With ONDC, the entire ecommerce ecosystem is set to become more democratic and interconnected than ever before. By embracing the digitization framework that the government has widely advocated and implemented, ONDC is set to revolutionize the way we do ecommerce in India.

India's Direct-to-Consumer (D2C) market is thriving and there were discussions on how D2C brands are increasingly adopting an omnichannel approach, integrating their online and offline channels to provide a seamless and consistent shopping experience to customers. 

Logistics has traditionally been viewed as a back-end function of the supply chain, but Ajith Pai, Chief Operating Officer – Operations, Delhivery, highlighted its significance as a catalyst for brand success. 

Pramod Arora, Chief Growth & Strategy Officer, PVR Group, also talked the opportunity in Tuer 2-3 cities. “Tier 2 and tier 3 cities in India are witnessing significant retail growth, fueled by rising disposable incomes and evolving consumer preferences. By leveraging technology and innovative strategies, retailers can effectively tap into these emerging markets and unlock new growth opportunities.”

Overall, there was consensus that with continuous churn in formats, channels, and offers, it has become essential to build a cohesive depiction for the future of retail that fits the different avatars of India.