Transforming the Retail Landscape “Innovative Concepts and New opportunities at NOI”

Interactive Session on Transforming Retail Landscape: Innovative Concepts and New Opportunities

February 5, 2019

FICCI Ladies Organisation (FLO), the business women wing of trade body FICCI organised an interactive session on ‘Transforming Retail Landscape: Innovative Concepts and New Opportunities’ on feb 5, 2019 at NOI, the Chanakya.

Eminent panellists at the interactive session and discussion included Ms. Avni Biyani, Concept Head at Foodhall-Future Group, Ms. Brahmani Nara, Executive Director- Heritage Foods Limited and  Ms. Savitri Devi Singh, Director- DLF Family Office. The session was moderated by Ms. Syna Dehnugara, Features Editor at CNBC-TV18 & Co-author of Young Turks.

“As a part of its activities, FLO brings together women achievers for interactive sessions on breaking through challenges, beating the odds, walking the pathways of success and playing the role of inspirational role model for women around the globe. Today’s session has been organised primarily to expedite the processes for creating and enhancing women entrepreneurs as also to provide them with the right approach to creating an effective business plan In The Retail Industry. ” Said Ms Pinky Reddy, President, FICCI Ladies Organisation (FLO) speaking on the occasion .

“As the competitive environment constantly evolves, retailers face a never-ending parade of new challenges. Selective optimization is no longer enough – companies must fundamentally overhaul their business models. The mail-order companies were the first to feel the tremors – the rise of online players like Amazon and Zalando had forever altered the rules of the marketplace. Now the ground under bricks-and mortar retailers has become shaky as well. Online players have driven the level of competition to unprecedented levels.” Said MS Pinky Reddy.

“As a result, retailers must master a wealth of new challenges – not only finding convincing multichannel solutions, but developing and implementing innovative store concepts at the same time. It all adds up to significant investment, even as retailers deal with falling sales and profits. Shifting consumer mind sets provide one example: in the future, customers will not visit stores simply to buy products, but to have experiences. New digital technologies such as augmented reality and gaming will play a decisive role in how physical points of sale develop – and enable retailers to increasingly individualize their approach to customers.” She said.

“The Indian retail industry is one of the most dynamic and fast paced industries that has come up in recent years. According to a report by the Boston Consulting Group and Retailers Association of India titled Retail 2020: Retrospect, Reinvent, Rewrite, India’s retail market is expected to double to $1 trillion by 2020, driven by income growth, urbanization and attitudinal shifts.” She added.

“The main aspects of today’s retail innovation include voice of the customer, materials innovation, digital product creation, smart connect products, mass customization, and crowdsourcing for design. These areas also draw maximum investment” she said.

She lauded the women entrepreneurs like Avni Biyani, Ms. Brahmani Nara and  Ms. Savitri Devi Singh adopting innovations and modern technologies and concepts to increase retail business in the country and inspiring others .