Here's Why You Should be "Bullish" about the Retail Sector in 2019
Entrepreneur India interacts with Neeraj Singh, Director, KPMG India at the Future of Noida Retail summit on how augmented reality and m-commerce will define retail this year
Neeraj Singh is very bullish about the retail sector. He confesses it himself and he knows exactly why it is so. Indian retail sector has seen a boom and rise, unlike any other sector. However, it remains one of the most fast-paced section of the business world and how it is swallowing technology and progressing at a good speed if not at lightning speed, can be called promising.
Entrepreneur India interacts with Neeraj Singh, Director of KPMG India, on what the future of a dynamic sector like retail looks like in 2019.
Singh feels that a young population is a big boon. “India represents the young population. Our median age is 27. We have the youngest population across the world. More than 50% of the population is in the working age group which translates into more disposable incomes.” Even in rural areas, retail has a way to go, feels Singh.
New technology is also adding and contributing to the Indian retail ecosystem. It is there everywhere “India is the place to be in as far as the retail sector is concerned,” says the very bullish Singh. He emphasizes how technology is everywhere and is amalgamating with retail to give space to a new dimension.
“Ikea is a good example to look at. I can settle my furniture in a virtual environment on my floors, on my walls. That’s the experience we want! The fun is to tap into this experience, convert it and create something absolutely innovative!”
Mobility-based apps and solutions, coupling m-commerce with augmented reality are fuelling the experience millennials are looking out for feels Singh.
No business or entrepreneur, no matter how bullish or bearish he is about the prevailing trends of the society, never underestimates the value of brands and brand building. However, Singh urges the people in the business section to look beyond brand as just buying and selling products. The concept of brand building is changing in today’s scenario. “Brands are looking for something more…for instance, Walmart sponsors education. The employees spend a dollar or so per day and the rest is spent by the company. Companies are talking about the gender divide. Brand building is not just about buying and selling, it also includes what the company culture is. How you treat the employees.” The world is awakening to such trends and India, too, is trying to follow them.
Future of Retail
So how far can the lens of human wisdom see when it comes to the future of Indian retail? “Retail sector is growing faster than GDP. Everybody in this field has a good career and growth path as far as their investors are concerned.” Singh puts everything so simply and uncomplicatedly that the lens seems crystal clear despite the tedious path.