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The Indian retail industry at present stands at an estimated figure of $490 billion which surpasses the GDP of many countries across the globe.
The vertical is one of the fastest growing in India and is expected to touch $782.23 billion by the year 2016-17 expanding at a CAGR of 15 percent.
Retail with such humongous figures has compelled the IT industry to deviate their focus on this booming sector which possess a huge potential for the IT sector.
‘’Technology is redefining the entire customer experience in retail, right from the point where the customer enters the store to the point of exit, and even beyond. IT solutions in retail therefore have a more strategic role to play today than ever before,’’ says Koichiro Koide, Managing Director, NEC India said
NEC has recently announced to renovate its focus on the Retail sector and has launched multiple technology solutions keeping in mind the promising potential of the sector.
‘’NEC’s NFC complemented with security solutions like NEC’s Face Recognition will empower retailers to acquire customer loyalty and enhance customer experience through its ease of use,’’ added Koide.
Industry experts too believe that it has to be Retail which will drive a lot of innovation and growth among the IT vendors.
‘’Retail industry incorporates a huge potential in the country for the adoption of Enterprise IT tools as it has grown many folds in the recent years and with many players utilising the technology,’’ says Deepak, an Independent IT analyst.
Role Of Channel Partners
Infact with every major IT vendor now eying the promising figures of retail, the market is full with solutions for the sector with each vendor claiming to have the best of all solutions.
Experts believe that Value Added Resellers (VAR) can tackle this issue which has left the retail players in a confused state.
“The role of the VARs is very important because at the end of the day, a vendor needs someone to provide services to the technology. They also help package a solution and provide value specific to customers’ needs, which is something a vendor can’t do alone,’’ adds Deepak.
Retailers in India are seeking solutions that can help improve the shopping experience across all channels from the store, to the web and through mobile devices and a balanced integration of solutions can prove to be a boon for this need for which ITVARs have to play a major role.
“Resellers need to make sure end-customers understand all of the options and opportunities available to them, and how these new solutions may integrate into other offerings,’’ adds Deepak.
According to Gartner, retail industry leaders are under more pressure than ever to do more with less within technical and market environments that evolve every day. They must maintain lean technology portfolios that reduce operating costs while positioning the enterprise for growth and deliver a consistently high quality of service.
