The Indian retail market is one of the fastest growing in the world and it is projected to breach the $2 trillion mark by 2032. This prospect of the rapidly growing sector offers unprecedented opportunities as well as challenges to take the sector ahead at scale. Key factors such as urbanization, income growth, and the rise in nuclear families have fueled the growth engine of the Indian retail market.

The sector is at the "edge" of Innovations happening in both physical and e-commerce using novel cutting-edge technologies such as Artificial Intelligence (AI) and Machine Learning (ML).

The Indian e-commerce market, on the other hand, is predicted to extend to $350 billion by 2030 while expanding at a CAGR of 23%. In 2022, the Indian e-commerce sector climbed new heights regarding critical business metrics like market penetration, consumer awareness, and mobile and data use. In addition, business models progressed with the arrival of B2B and B2C, video commerce, social commerce, fast commerce, and D2C, among other advancements.

To understand the change in customer focus, the development of the hybrid model, and trace the ever-changing sands of marketing to provision the shifting customer demography, the 2nd Edition of The Economic Times Retail and E-commerce Innovation Summit 2023 to be held on 21st June 2023 at Four Seasons in Bengaluru, India endeavors to bring together all the stakeholders of retail for a common dialogue on the way forward. Notable retail experts, seasoned speakers, celebrities, and new-age social entrepreneurs and innovators will take the center stage as they come together to reflect upon, discuss and deliberate the phenomenal success of the Indian retail and e-commerce market in the recent past, and how technological advancements such as digitization, AI and likes of it can support the sectors to make deeper in-roads and accomplish last-mile delivery across the country.

The consumer today prefers a frictionless shopping experience and is willing to go the extra mile for the same with a Phygital approach having a mix of both. The summit will stress the need to understand the behavior of the consumer, who is experimental and understands the value of purchases, is technology savvy, regardless of location, and has the willingness to try out new experiences.

Source : Press Release