The Retailers Association of India (RAI) successfully hosted the much-anticipated Retail India Summit & Expo (RISE 2024) on November 20 in New Delhi. This premier event brought together industry leaders, retail service providers, and innovators to discuss and showcase advancements shaping the future of retail. With a focus on digital technology, Artificial Intelligence, big data, and supply chain automation, the event emphasized leveraging these innovations to meet evolving consumer expectations, enhance customer experience, and optimize retail operations.
RISE 2024 showcased cutting-edge tools and solutions, ranging from AI-powered in-store experiences to virtual reality applications. Retail real estate innovations also featured prominently, with exhibitors highlighting ways to transform retail spaces for tech-savvy, experience-driven consumers. The event reinforced the industry’s commitment to adapting to new trends, ensuring sustainable growth, and maintaining relevance in a competitive market.
Kumar Rajagopalan, CEO of RAI, lauded RISE 2024 as a pivotal platform for connecting retailers with technology providers and service innovators. He highlighted the event’s role in fostering collaboration, enabling knowledge sharing, and driving growth. “RISE allows retailers to connect, collaborate, and expand their businesses by leveraging new technologies and strategies,” Rajagopalan said, emphasizing the importance of the event in shaping the future of retailing in India.
A key highlight of RISE 2024 was a special address by Guest of Honour Ms. Inoshi Sharma, Executive Director, FSSAI. She underscored the importance of healthy and safe food in workplaces, aligning with FSSAI’s Eat Right Initiative. She also announced the introduction of Tatkal Licenses for ease of business, enabling retailers to instantly modify or renew licenses, streamlining compliance processes, and fostering ease of doing business.
During a panel discussion, Mr. T. Koshy, CEO of ONDC, spoke about the strategic evolution of retail. He emphasized the importance of access and inclusivity in the digital economy, highlighting ONDC’s role in fostering open, collaborative ecosystems. By leveraging data and industry trends, ONDC aims to create transparent networks that empower businesses and enrich consumer experiences.
Lalit Agarwal, MD of V-Mart Retail Ltd., shared insights into the importance of customer-centric growth strategies. He stressed the role of data-backed decisions in meeting evolving consumer needs and delivering value-driven products. “The future of retail lies in connecting with customers on a personal level while remaining agile and responsive,” Agarwal stated, underlining the significance of enhancing customer experiences to drive sustainable growth.
Dhruv Bogra, Country Director of Forever New Clothing, focused on the role of people in driving retail innovation. He emphasized empowering employees with tools and continuous learning opportunities to adapt to industry trends. “By prioritizing our people, we create a future-ready workforce capable of thriving in an ever-changing landscape,” Bogra said, reflecting the industry’s shift towards employee-driven growth and resilience.
Panel discussions at RISE 2024 explored themes such as sustainable growth, digital-first customer engagement, and retail reinvention through technology. Key sessions included “Strategic Evolution: How Retailers are Shaping the Future of Growth and Expansion,” and “Redefining Customer Experience in a Digital-First World.” The rise of D2C brands and the transformative power of retail real estate were also key topics.
With participation from notable industry leaders such as Gunjan Shah (Bata India), Anupam Bansal (Liberty Shoes), and Rajesh Jain (Lacoste India), RISE 2024 underscored the retail sector’s commitment to innovation and collaboration. As India’s retail landscape continues to evolve, RISE 2024 highlighted strategies for driving growth, ensuring resilience, and embracing the dynamic needs of the modern consumer.
