Indian Chamber of Commerce hosts the Retail India Summit 2017

The Indian Chamber of Commerce in Kolkata on 18th August hosted The Retail India Summit 2017. The summit discussed the immense opportunity retail sector has and will create in the near future. The summit was addressed by eminent speakers like Rajeev Singh, Director General, Indian Chamber of Commerce, Sadhan Pandey, Hon’ble Minister- in- Charge, Consumer Affairs Department, Govt. of West Bengal, Sadashiv Nayak, CEO, Big Bazaar & Future Value Retail, Vipin Bhandari, Deputy CEO, Spencer Retail Limited, Baqar Naqvi, Director, Wazir Consultants and others.

In The Retail India Summit 2017 Sadhan Pandey, Hon’ble Minister- in- Charge, Consumer Affairs Department, Govt. of West Bengal stated that the market potential is high, given the peculiar taste and preference of Indians in terms of product choice and price. He felt that Kolkata has become one of the fastest growing retail markets in the country and thus brings huge potentials for the brands in this zone. The government of West Bengal under the leadership of Honorable CM, is focused in boosting infrastructure and connectivity that can link Kolkata with South Asia so that it allows for seamless movement of people and vehicles, which will boost retail. Pandey felt that the poverty stricken women in rural India face problems in terms of procuring quality products at affordable price. Being at the helm of SHGs in the state, he stated that elimination of the barriers of middle men is essential to increase efficiency with respect to quality and price.

Retail has grown at 12% per year as per 2014 data and it stands to grow at a 24% soon, thanks to huge inflow in investment across sectors. Another aspect of retail is marketing and the panelists praised how the advertisement perspective has changed the retail scenario.

“A big boom is coming in the retail sector. Products have to be launched taking into account the price parameters for the population, as Indian population is hugely price conscious. Govt. of West Bengal is undertaking proactive initiatives in infrastructure development that will improve connectivity in terms of road, rail, air and water modes, which will boost the retail market for the state," said Sadhan Pandey, Hon’ble Minister- in- Charge, Consumer Affairs Department, Govt. of West Bengal.

Sadashiv Nayak, CEO, Big Bazaar & Future Value Retail shared his concept of changing contours in the retail space. He stated that the idea of retail is big but it has to start from the micro level. He dissected the word IDEA as I- Inclusion of as many people as we can; D-Digitization of Retail; E-Empowering customers, staffs and particularly women; A- Advancement by working with producers at the grassroot level so that enough value creation is generated for them.
Baqar Naqvi, Director, Wazir Consultants stated that retail is a part of the social fabric we live in. He felt that value is created through brand and thus there is a need for amalgamation of retail and branding. He said that for retail to flourish, thinking, acting and working like a brand is the mantra. With respect to iconicity, he stated that although traditional brands have taken time to become iconic, iconicity can also be looked at in a smaller time frame. He suggested that the need of the hour for brands is to look at creating value so as to be remembered in the long run by the consumers, as only then will the brand witness a sustainable business volume.

Rajeev Singh, Director General, Indian Chamber of Commerce stated that in an era of artificial intelligence and digitization, Indian retail sector stands to benefit profusely. Not only that the sector is growing, but is also taking along the complementary sectors to a growth path. The sector is a huge employer and is going to remain the same going ahead as well, employing youth, despite a change in format. Concurrently, it is set to drive employment in the complementary sectors also. Thus apart from direct employment in the retail sector, indirect employment is also poised to rise. He stated that India is the 5th largest retail destination in the world and also one of the highest in terms of per capita store availability and the situation is only set to improve from here, thanks to the encouraging government policies, particularly change in the FDI regime in the retail and associated sectors. Mr. Singh also found inclusion of women entrepreneurs in the retail sector to be a bright spot for the Indian economy. He felt that West Bengal can look into linking the micro enterprises lead by women with retail to boost the sector as well as drive socio-economic growth.