Industry leaders discuss the dynamics of technology as a business enabler in retail

The panel discussion on ‘Retail Technology: Empowering Business, Enabling Growth’ had senior industry leaders discussing the multiple dynamics at play when it comes to technology as a business enabler in retail. The session was part of the Bengaluru Retail Summit organized by the Retailers Association of India (RAI) on July 23rd..

The session was moderated by Subhajit Majumdar, Director and COO – IteS Business, Microsoft India. The other speakers in the panel included Ashim Ashok Patil, MD & CEO, i-TEK RFID; David R Stanley, Founder & Managing Director, Healux International Pvt. Ltd.; Deepak Singh, Director &CEO, Saturo Technologies Pvt. Ltd.; and Mouli Venkataraman, CEO, Cocoblu Retail.

The balanced panel discussion had two technology service providers and two retailers providing interesting insights on the role of technology in the retail space. The moderator began by addressing the challenge of change in consumer behaviour. The core of it was the fact that today’s consumers are open to trying new brands, as opposed to earlier, when consumers were too brand loyal. The emergence of the convenience of e-commerce/online shopping in lieu of physical shopping, was also discussed, among other aspects. The panelists were of the opinion that these changes would only help businesses grow because of the rising consumer demand. 

Another challenge, which one of the panelists addressed, was the shortening product life cycle. It emerged that this challenge could be addressed by using algorithms to forecast demand from consumers in specific regions. 

The discussion then veered to how retailers are increasingly leveraging technology to enhance customer experience, be it for personalization or more efficient supply chain or even reduction in inventory and preventing wastage. 

The panel discussion highlighted how machine learning and AI was being used in the fashion retail space for personalisation and better customer interaction. They also discussed the role of technology in boosting efficiency and margins. Participants also discussed how E-commerce platforms like Amazon, Flipkart etc., had eased the process of connecting a consumer to a retailer and how the right eco-system has helped entrepreneurs reduce the number of warehouses and investment in capital. 

Ultimately, technology is about bridging the gap between consumers and brands/retailers by enhancing the buying experience. And this was emphasised in the discussion. Overall, it was an insightful session with the participants sharing their experience and enabling better decisions regarding retail technology investments.