Forecast 2020: Technology & Sustainability Will Drive Indian Retail

The retail industry is going a seismic shift to become much more diverse and vibrant, something which will only continue as consumers evolve and expect experiential offerings and multi-channel connect…

- Charu Lamba

The retail ecosystem in India is at the forefront of change. The year 2019 has been an interesting year for Indian retail – it is undergoing a sea of transformation, experiencing exponential growth, expanding not just in major cities and metros in the country, but also in Tier II & III cities and towns. Retailers are learning how to balance strategies between online and brick and mortar sales. There are many factors driving this growth in the organised retail market in India, the primary among them being healthy economic growth, changing demographic profile, increasing disposable incomes, urbanisation, changing consumer tastes and preferences.

The retail industry is going a seismic shift to become much more diverse and vibrant, something which will only continue as consumers evolve and expect experiential offerings and multi-channel connect. And the ‘Who’s Who’ of the industry have been leading this change.

IMAGES Retail Bureau spoke to CEOs of top retail brands, to understand their experiences and learnings from the year 2019, and how they think the industry will shape up in the next year.

NAINA RUHAIL CO-FOUNDER VANITY WAGON

Expectations from the Retail Sector in 2020

There is no new flip that seem to introduce itself but the shift to online marketplaces and refinement of AI is what I feel will rise. Beauty specially is seeing a lot of AI developments recently and that seems to be the ‘go-to strategy’ for most marketplaces and brands. At Vanity Wagon, we are also working towards a few tech developments that would help us stand out from the market and position us on top of the industry.

Importance of Technology in 2020