New Delhi, 2nd Dec, 2022: BIMTECH on Friday hosted Retail Summit 2022 in Aerocity, New Delhi. The theme of this year’s Retail Summit was “Shifting Gears – Reshaping the Future of Retail.”
The experts at the summit deliberated on key trends, opportunities and challenges present in the Retail Sector in India.
Dr. Abhijit Chattoraj, Dean of Students Welfare & Services at BIMTECH and Professor of Insurance Business Management, shed light on the overview of the Retail sector while delivering welcome address. He said, “Retail sector is in the cusp of change. As new things come up, the retail experience will be very different in the days to come. The way people used to buy in the past is not the same way they buy today.”
Dr. Gagan Katiyar, Chairperson of Retail Programme, at BIMTECH delivered the theme address of the Retail Summit 2022. In his address to the gathering, Dr. Katiyar noted, “We hope to arrive at the holistic way forward for businesses and touch upon evolving nuances of seamless online and offline Retail experiences.”
“With the beneficial demographic of world’s 2nd largest young population, an affluent middle class, and rapid urbanization, India is viewed as an attractive global destination in the retail space. Pandemic was a boon as well as a bane as businesses had to come up with transformative solutions to keep up with the accelerating needs,” he added.
Mr. Lalit Agarwal, Founder and MD at V-Mart Retail Ltd., served as the Chief Guest at the inaugural event. He noted, “Retail has spearheaded most of the changes that have happened in the digital world.”
In his speech, he also shed light on traditional retail in India or the unorganized retail. He further said, “Most of the consumers in India are people hailing from small villages and towns. They have similar aspirations and similar role models. For retailers, it is pertinent to get the demographic to access these products of their dreams at an affordable rate.”
Shedding light on the evolving nature of the market, Mr. Agarwal said, “The youth is changing and their shopping behavior is transforming. We need to be on our toes and we always need to be watchful so that we are able to create significant changes and acquire due success.”
Two panel discussions were also hosted during the Retail Summit on pertinent topics. The first one was moderated by Dr. Pankaj Priya, Area Head- Retail & Marketing at BIMTECH on “Omni-channel strategies: Creating more meaningful retail experiences”. The second panel discussion was moderated by Prof. Dhruva Chak, Professor, Marketing at BIMTECH on “Social Commerce: One of the biggest digital trends in the Retail industry.”
The summit also oversaw an Inter B-school competition on ‘Retail-in-Detail’ where students from prominent business schools participated and shared their ideas.
The summit ended with BIMTECH felicitating senior corporate leaders, retail professionals and retail heroes.