Biyani called Retail 3.0, a digital strategy which is aimed at turning the Group into Asia’s largest leading integrated consumer company.
Future Group boss Kishore Biyani unveiled the next generation of retail operations, called the Retail 3.0. Biyani called it a digital strategy which is aimed at turning the Group into Asia’s largest leading integrated consumer company. Biyani also highlighted that the new model will fetch a trillion dollars in revenue by 2047. The business model which will be India specific and will allow the user to place orders via Whatsapp. Biyani said, “The retail-business model is called Tathaastu. This will help you get anything you want.” While speaking to ET Now, Kishore Biyani said he is looking for technologies that are going to last for the next three decades.
The Future Group has joined hands with tech companies like Google and Facebook. The company has also tied up with Deloitte, a consulting firm, to roll out its Retail 3.0 plan which will see a high level of personalisation and predictive and analytical technologies.
Along with partnering with tech industry biggies, the Future Group also teamed up with seven startups. These startups are focused in the area of chatbox, machine learning, and voice recognition out of its Consumer and Data Lab in Bengaluru. The company is also building a data lake on which it will build its Artificial Intelligence.
On Tuesday, Biyani said that the group is expected to grow at a compound annual growth rate of 20 per cent for the next 30 years. Biyani highlighted a Citigroup report which estimated the Indian economy to be the largest in the world. The report said that the Indian economy will touch $85 trillion by 2050.
In 350 EasyDay stores in Punjab and Delhi-NCR with 500,000 members, the integration of technology is being piloted for the last nine months. Future Group also plans to have more than 10,000 EasyDay tech-enabled stores by 2022. Biyani also expects his EasyDay venture to fetch Rs 1 trillion by the year 2022.
Meanwhile, during last week, the founder of Alibaba Jack Ma called for greater collaboration between online and offline retailers. While speaking to China Global Television Network, Jack Ma said, “Business of traditional retailers will collapse if they operate without technologies and data.” The reputed billionaire industrialist also spoke about the concept of ‘New Retail.’ “Online and offline retailers should work together, for common development, to help offline retailers to become new retailers,” said Jack Ma.