June 16, 2024

How technology and consumer trends are redefining the shopping experience, ET Retail

Mumbai: Industry leaders convened at the Great India Retail Summit 2024 on February 15 in Mumbai dissected the relationship between technology, consumer behavior, and the evolving retail landscape. In a dynamic panel discussion titled ‘How Technology and Consumer Trends Are Shaping Retail,’ MDs and CEOs delved into key insights driving the industry forward.Mukesh Kumar, MD and CEO, Quest Properties and Chairperson of the Shopping Centre Association of India (SCAI), emphasized the multifaceted role of technology. “If we put it in three baskets, technology involves one – retailers, second – customers and the mall management,” Kumar articulated, highlighting the diverse applications of technology across the retail landscape.

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Tushar Ved, president, Apparel Group, shed light on the game-changing implementation of RFID technology within their operations. “The RFID tags are able to scan and detect where the product is, how many sizes and colors are available,” Ved explained, underscoring the efficiency and accuracy brought about by technological integration.

Customer-centric strategies took center stage, with leaders like the MD and CEO of Lacoste India emphasizing the importance of customer delight. Sanjeev Rao, CEO of Being Human Clothing, echoed this sentiment, stating, “The biggest discoveries happen on the phone,” emphasizing the pivotal role of mobile technology in engaging consumers.

For Deepak Aggarwal, CEO, Kazo, innovation emerged as a driving force. “We at Kazo are focusing on innovation. Our idea is ‘From the mind, to the store,’” Aggarwal stated, outlining the brand’s commitment to translating creative ideas into retail experiences.

Understanding consumer behavior emerged as a recurring theme, with executives like Trehan IRIS, ED, advocating for a deeper understanding of consumer preferences and patterns.

Aditya Priyadarshan, MD and Lead of Retail, Accenture India, provided valuable insights into the transformative power of technology, highlighting its threefold role: enhancing customer experience, bridging online and offline realms, and optimizing operational efficiency. “Technology is like hygiene,” Priyadarshan remarked, emphasizing its indispensable nature in the modern retail landscape.

As the retail industry continues to evolve, the intersection of technology and consumer trends promises to shape the future of shopping experiences, paving way for innovation, efficiency, and enhanced customer satisfaction.

  • Published On Feb 16, 2024 at 07:49 AM IST

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