Middle class is driving the Indian economy and as middle income is expected to double in next few years, the pattern will be the key driver of consumption and going to benefit all the segments, said Vineet Gautam, CEO & Country Head, BESTSELLER India at FE Retail Summit 2022 when asked about the key trends that are going to influence the retail sector in the next few years.
“The biggest enabler is going to be technology and the biggest challenge will be talent. While we are a country of 1.4 billion people, talent still remains a big challenge in the country and in the next few years government along with companies will have to create an ecosystem to build up more talent,” he added.
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Talking about consumer behavior in the electronic appliance category, Satish NS, President, Haier Appliances India said, “We are seeing two different patterns, in appliances, the woman or man of the house decides what has to come in as they are more safety, brand conscious and experienced-driven in terms of appliances. While other categories like televisions are decided by the younger generation in the household as they see more of a technology and probably less of brand orientation. We are seeing a clear differentiation.”
Adding to the consumer behavior part, Abhishek Ganguly, MD, PUMA India & South East Asia said, “Irrespective of age, consumers are moving toward aspirations. People expect quality and a certain level of price by value. The consumer has become extremely conscious, trying a bit to know more. Success in business today is about mindset and the right mindset to use technology in digital and to build talent and local for local thought process is needed.”
Open Network for Digital Commerce (ONDC) will change the country and retailers & brands should start focusing on it, said Vineet Gautam, adding how UPI has changed the payment system of the country and if even 20% of that comes to ONDC then it will just transform.
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