‘AI, automation & data analytics are helping retailers make smarter decisions’

Retail technology conclave ReTechCon 2024 hosted by The Retailers Association of India (RAI) concluded its 18th edition held during September 24th and 25th in Mumbai. The event brought together retail CEOs, CIOs, technology service providers, and industry experts to explore the latest trends and innovations in retail technology.  

Key topics discussed included strategies for Digital Transformation, enabling businesses to future-proof their operations and the growing influence of AI in revolutionising marketing and inventory management. Sessions also covered Direct-to-Consumer (D2C) strategies, Omnichannel Excellence for seamless customer journeys, and the impact of Augmented and Virtual Reality (AR & VR) in reshaping customer experiences. Speaking about ReTechCon2024, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “ReTechCon 2024 highlights the role of technology in shaping the future of retail. As the retail environment evolves, this platform offers businesses practical insights into innovations like AI, immersive shopping, and social media marketing tools. The discussions focus on how businesses can adapt and grow in a fast-changing market. With technological advancements, retailers are finding new ways to simplify the shopping experience and give back valuable time to consumers. ReTechCon is about connecting retailers and service providers."  

K Radhakrishnan, Director, StarQuik, A TATA Enterprise, said, “The retail landscape is evolving at a rapid pace, and even though technology is acting as the catalyst for this transformation, From AI-driven personalization to data analytics, retailers now have the tools to create more meaningful and efficient customer journeys but this is dependent on the ability to align technology to the actual delivery on the ground. Technologies is not the business. It is an enabler.”  

Vikram Idnani, President, Chief Information Officer, Landmark Group, said, “Technology is at the heart of transforming retail operations, from streamlining supply chains to enhancing customer experiences. The use of AI, automation, and data analytics is helping retailers make faster, smarter decisions, ultimately driving efficiency and growth. In a rapidly evolving industry, those who can leverage these technologies and techniques to create seamless, omnichannel and personalised experiences will be better positioned to meet the changing demands of consumers and gain competitive advantage.”  

Nikhil Bhushan, Chief Technology Officer, Tata Starbucks, said, “Retail technology is redefining how we connect with customers, offering smarter, more personalized experiences. From data analytics to AI, these tools are allowing us to understand consumer preferences in real time and respond with agility. In the coming years, we’ll see technology playing an even bigger role in shaping seamless, omnichannel customer journeys. Retailers who leverage these advancements will not only improve operational efficiency but also create stronger, more lasting relationships with their customers.”  

A key highlight of the event was the exploration of digital-first brands, where leading Direct-toConsumer (D2C) names like Neeman's, The Pant Project, Urban Platter, Naagin, TagZ Foods, Mcaffeine, and others took centre stage.  

Discussions at ReTechCon 2024 highlighted the key trends transforming retail technology, offering valuable insights into pivotal industry shifts. Noteworthy topics included:  

· Efficient tech solutions that streamline operations and drive business growth  

· National and international tech trends, showcasing innovations shaping the future of retail  

· Adapting to dynamic business environments through cutting-edge technology  

· Inclusive tech adoption, promoting accessibility for retail organisations of all sizes  

· Interactions between IT Solution Seekers and Providers, fostering valuable partnerships