Future of retail lies in ability to innovate using tech, say industry leaders at Chennai Retail Summit

Chennai (Tamil Nadu) [India], August 29 : The future of retail lies in the ability to innovate using technology while staying true to your brand's core values, said Indian retail industry leaders during 'Chennai Retail Summit 2024' held by Retailers Association of India (RAI) in Tamilnadu's capital.

The summit, held on Thursday, drew together leading decision-makers and industry frontrunners from across the Indian retail sector. This year's summit, centered on the theme "Changing World of Retail" provided an engaging platform for retail executives and service providers to explore emerging trends, share insights, and refine strategies in an ever-evolving retail landscape.

Speaking about the Chennai Retail Summit, Kumar Rajagopalan - Chief Executive Officer of the Retailers Association of India (RAI), said, "Chennai Retail Summit highlights the strength of Chennai as a market that was one of the earliest adopters of the chain store model in India. Retailers from the region --across Tier 1 to Tier 3--have successfully navigated the complexities of modern retail while staying true to their cultural roots. In an industry marked by critical shifts such as time poverty and the growing demand for hyperlocal solutions, the region's ability to retain tradition while embracing modernization sets it apart. As consumers increasingly prioritize convenience and personalized experiences, retailers must pivot their strategies to meet these evolving needs. The ability to adapt quickly and innovate in response to these changes is what will define success in this dynamic market."

Sonali Lalvani, CEO of Toniq Retail Brands, said, "The modern retail environment demands agility and an in-depth understanding of consumer behaviour. As retail shifts from traditional brick-and-mortar to omnichannel experiences, brands that prioritise seamless customer journeys and personalized interactions will thrive in this competitive market."

Anand Bharadwaj, Co-Founder, Sweet Karam Coffee, said, "In today's retail landscape, it's not just about selling a product; it's about creating a story that resonates with consumers along with the right value-added experiences. As we see a shift toward local and authentic preferences, brands that can harness the power of tradition with a contemporary twist and blend it with modern retail practices will find themselves leading the way."

C K Kumaravel, Co-Founder and CMD, Naturals Salon, said, "The future of retail lies in the ability to innovate using technology while staying true to your brand's core values. In the beauty and wellness sector, this means continuously evolving our services to meet the changing needs of our customers while maintaining the essence of what makes us unique. The key is to listen, adapt, and always put the customer first."

Madhumitha Udaykumar, Co-Founder & COO, The Indus Valley, said, "Indians are more likely to choose a healthy product over an unhealthy one, with an increasing preference for toxin-free and safe options. This shift accompanies a trend toward premiumization. Thankfully, today's customers are very vocal about their needs. For retailers, this means a significant opportunity to expand their sales pie and increase gross margins by introducing these new-age offerings driven by customer demand."

The Chennai Retail Summit 2024 once again underscored RAI's commitment to supporting the growth and advancement of the retail sector, offering a vibrant forum for industry leaders to collaborate, innovate, and drive the future of retail in India.

Retailers Association of India (RAI) claims to represent a unified voice of Indian retailers. RAI works with all the stakeholders to create the right environment for the growth of the modern retail industry in India.

The association advocates for retail businesses in India. It works with all levels of government and stakeholders to support employment growth and career opportunities in retail, promote and sustain retail investments in communities from coast to coast, and enhance consumer choice and industry competitiveness.