Retail is undeniably the industry with the largest female customer base. Women have begun to realise that as the primary drivers of the consumer side of retail, it makes logical sense for them to drive the business side of it too. More recently, retail industry is experiencing the participation of women and they are willingly joining this sector to gain knowledge on a different perspective all the way. In the cover story of this issue ‘Wonder Women, Redefining Leadership in Retail’, we have tried to analyze the journey of women in Indian retail industry by talking to a handful of ladies, who are doing extremely well for themselves and have risen to the top hierarchical position.
Retailers today are challenged with addressing multiple disruptive technologies and the demanding ‘Digital Customer’ who likes to order products and services using more than one touch points at their convenience of location and device. They are concentrating on the technologies that would be important for them to survive the Omni- channel wave. In the ‘Retail Tech’ section, we are talking about that in detail.
Speaking of technology, Govind Srikhande, CCA & MD, Shoppers Stop has predicted that the ‘Internet of Retail’ (IoR) will be the next big thing in retail technology of tomorrow. In an exclusive article in ‘My Thoughts’ section, he has said that if version 5 of retail was associated with IoT, then Version 6 of retail will definitely see the emergence of IoR.
As per India Retail Report 2015, the country’s retail market was worth Rs. 38,93,425 crores in 2014 and by 2017 India’s retail market will be Rs. 6,156,333 crores. There are three particular categories, i. e. Fashion accessories, Footwear and Timewear, that are emerging as new lifestyle retail focus areas. The ‘Special Focus’ section of this issue has an in-depth report on these non-apparel categories.
On a concluding note, I once again would like to remind our readers about the 2016 annual mega congregation of retail industry at India Retail Forum, which is scheduled for 21st-22nd September at Renaissance Hotel, Mumbai. Stay tuned to upcoming issues of IMAGES Retail to get more insights on the business of retail. All the best!