Retail technology takes centre stage at ReTechCon 2024 in Mumbai

Retail Technology Takes Centre Stage at ReTechCon 2024 in Mumbai

Mumbai, September 25, 2024: The Retailers Association of India (RAI) has successfully concluded the 18th edition of the Retail Technology Conclave, ReTechCon 2024, held on September 24th and 25th in Mumbai. The event convened a diverse group of industry leaders, including retail CEOs, CIOs, technology service providers, and experts in the field, to delve into the latest advancements and trends in retail technology.

ReTechCon 2024 provided participants with an extensive examination of cutting-edge technological innovations. The event functioned as both a comprehensive masterclass and a large-scale conference, allowing attendees to gain insightful perspectives on sustainable tech solutions, global trends, and innovative disruptions that can tackle operational challenges within the retail sector.

Key discussions at ReTechCon 2024 focused on several critical strategies and technologies shaping the future of retail. Among these were:

• Digital Transformation: Strategies to future-proof operations and adapt to the evolving retail landscape.
• Artificial Intelligence (AI): Exploring AI’s role in revolutionising marketing and inventory management.
• Direct-to-Consumer (D2C) Strategies: Innovative approaches to effectively engage consumers.
• Omnichannel Excellence: Techniques for creating seamless customer journeys across various platforms.
• Augmented and Virtual Reality (AR & VR): Examining how these technologies are reshaping customer experiences.

Kumar Rajagopalan, CEO of RAI, commented on the importance of the event, stating, “ReTechCon 2024 highlights the role of technology in shaping the future of retail. As the retail environment evolves, this platform offers businesses practical insights into innovations like AI, immersive shopping, and social media marketing tools. The discussions focus on how businesses can adapt and grow in a fast-changing market. With technological advancements, retailers are finding new ways to simplify the shopping experience and give back valuable time to consumers. ReTechCon is about connecting retailers and service providers.”

K Radhakrishnan, Director at StarQuik, a TATA Enterprise, emphasised the catalytic role of technology in retail evolution, remarking, “From AI-driven personalisation to data analytics, retailers now have the tools to create more meaningful and efficient customer journeys. However, aligning technology to actual delivery on the ground remains crucial. Technology is an enabler, not the business itself.”

Vikram Idnani, President and Chief Information Officer of Landmark Group, noted the transformative impact of technology on retail operations. “Technology is at the heart of transforming retail operations, from streamlining supply chains to enhancing customer experiences. The use of AI, automation, and data analytics is helping retailers make faster, smarter decisions, ultimately driving efficiency and growth. In a rapidly evolving industry, those who can leverage these technologies and techniques to create seamless, omnichannel and personalised experiences will be better positioned to meet the changing demands of consumers and gain competitive advantage.”

Nikhil Bhushan, Chief Technology Officer at Tata Starbucks, highlighted the significant role of retail technology in enhancing customer engagement. “Retail technology is redefining how we connect with customers, offering smarter, more personalised experiences. From data analytics to AI, these tools allow us to understand consumer preferences in real time and respond with agility. In the coming years, we’ll see technology playing an even bigger role in shaping seamless, omnichannel customer journeys. Retailers who leverage these advancements will not only improve operational efficiency but also create stronger, more lasting relationships with their customers.”

The conclave also recognised the innovative efforts of new startups in retail technology through the ReTech Startup Awards 2024. Dr. Hitesh Bhat, Director of Marketing & Communications at RAI, praised the awardees, saying, “The ReTech Startup Awards are a celebration of entrepreneurship and innovation, recognising the trailblazing startups that are redefining our industry. These awards acknowledge the bold vision and creativity needed to transform ideas into impactful businesses. In a rapidly evolving digital landscape, it is essential to support these pioneers who are not only reshaping the future of commerce but also inspiring a new generation to harness the potential of a digital India.”

Winners of the 9th edition of the ReTech Awards 2024 were:

• Winner: Xploro Technology Pvt. Ltd. and Tarsyer Insights LLP
• Xploro Technology offers custom software solutions to automate and optimise business processes, providing cost-effective and reliable IT services.

• Tarsyer Insights, specialising in computer vision technology, focuses on applications in manufacturing, warehousing, and security, developing advanced algorithms to address industry challenges.

• First Runner Up: Tryitfirst Labs

• This startup enhances the online shopping experience with a “Try Before You Buy” model, allowing customers to experience products physically at their doorstep before purchase.

• Second Runner Up: iAmX

• iAmX provides an integrated retail management software suite that streamlines operations and optimises inventory management, helping retailers improve efficiency and make data-driven decisions.

ReTechCon 2024 has undoubtedly contributed to the ongoing transformation of the retail industry, offering a platform for innovation, discussion, and collaboration.

Source: Noah Wire Services