Mumbai, September 25, 2024: On September 24 and 25, the Retailers Association of India (RAI) successfully organized the 18th edition of the Retail Technology Conclave, or ReTechCon 2024. CEOs and CIOs of retail, technology service providers, and industry experts convened for an exclusive event to discuss the most recent developments and trends in retail technology.
ReTechCon 2024 combined the breadth of a conference with the depth of a masterclass to provide attendees with an extensive deep dive into cutting edge technology breakthroughs. In order to solve the operational difficulties facing retail, attendees obtained insightful knowledge on global trends, creative disruptions, and sustainable tech solutions.
Among the main subjects covered were digital transformation tactics, which help companies future-proof their operations, and the increasing impact of artificial intelligence (AI) on marketing and inventory control. The influence of Augmented and Virtual Reality (AR & VR) in transforming customer experiences, Direct-to-Consumer (D2C) strategies, and Omnichannel Excellence for seamless customer journeys were also discussed in the sessions.
Kumar Rajagopalan, CEO of the Retailers Association of India (RAI), stated in reference to MMR 2024 that “ReTechCon 2024 highlights the role of technology in shaping the future of retail.” This platform provides organizations with useful insights about breakthroughs like artificial intelligence (AI), immersive shopping, and social media marketing tools as the retail industry changes. The talks center on how companies can develop and adapt in a market that is changing quickly. Retailers are coming up with innovative methods to streamline the shopping process and give customers back precious time thanks to technological improvements. The goal of ReTechCon is to link service providers and merchants.”
“The retail landscape is evolving at a rapid pace, and even though technology is acting as the catalyst for this transformation, retailers now have the tools to create more meaningful and efficient customer journeys. However, this is dependent on the ability to align technology to the actual delivery on the ground,” stated K Radhakrishnan, Director of StarQuik, A TATA Enterprise. The business is not technologies. It serves as an enabler.
“Technology is at the heart of transforming retail operations, from streamlining supply chains to enhancing customer experiences,” stated Vikram Idnani, President and Chief Information Officer of Landmark Group. Retailers are making faster, more informed decisions thanks to the application of AI, automation, and data analytics, which is ultimately boosting productivity and expansion. In a market that is changing quickly, companies who can use these tools to provide multichannel, personalized, and seamless experiences will be better positioned to adapt to changing customer needs and acquire a competitive edge.
The Chief Technology Officer of Tata Starbucks, Nikhil Bhushan, stated: “We are redefining customer experiences through smarter, more personalized retail technology.” We can now understand customer preferences in real time and respond quickly thanks to tools like AI and data analytics. In the upcoming years, technology will become increasingly more important in creating multichannel, seamless customer experiences. Businesses that take advantage of these developments will see increases in operational effectiveness as well as longer-lasting, more solid client relationships.
More than 80 eminent speakers at ReTechCon 2024 contributed their priceless ideas, enhancing the conversations with a range of viewpoints on retail technology.
The investigation of digital-first brands, which featured prominent Direct-to-Consumer (D2C) firms like Neeman’s, The Pant Project, Urban Platter, Naagin, TagZ Foods, Mcaffeine, and others, was a major highlight of the event.
ReTechCon 2024 discussions brought to light the major developments in retail technology and provided insightful information on significant changes in the industry. Notable subjects covered were:
- Effective Technology Solutions that optimize processes and stimulate company expansion ∞ Global and National Tech Trends, exhibiting breakthroughs influencing the future of retail
- Modern technology helps businesses adapt to changing business environments. Inclusive tech adoption makes technology more accessible for retailers of all sizes.
- ∙ Conversations between IT Solution Providers and Seekers, creating beneficial alliances
- ∙ The Emergence of D2C Brands, providing a stage for startups with a focus on digital
The conclave also featured the ReTech Startup Awards 2024, which recognized leading retail technology businesses capable of transforming the business models of retailers.
“The ReTech Startup Awards are a celebration of entrepreneurship and innovation, recognizing the trailblazing startups that are redefining our industry,” stated Dr. Hitesh Bhat, Director of Marketing & Communications, Retailers Association of India (RAI), in reference to the ReTech Startup Awards 2024. These honors recognize the audacious ideation and inventiveness required to turn concepts into successful ventures. Supporting these trailblazers is crucial in the quickly changing digital landscape because they are not only transforming the course of commerce but also motivating a new generation to realize the promise of a digital India.
The following are the winners of the ReTech Awards 2024’s ninth edition:
∙ Winner: Tarsyer Insights LLP and Xploro Technology Pvt. Ltd.
Custom software solutions that streamline and automate company operations are the area of expertise for Xploro Technologies. Offering dependable, reasonably priced IT services, they work with partners of their clients or with Xploro’s associates to provide customized hardware suggestions and apps that help organizations grow.
LLP Tarsyer Insights
Tarsyer Insights LLP is a computer vision technology company that was established in 2020 and is headquartered in Koregaon Park, Pune. To address challenging industry problems, the team creates advanced vision algorithms with an emphasis on manufacturing, warehousing, and security. They are determined to seek new opportunities and push the boundaries of innovation, drawing on their significant experience in operations optimization.
∙ First Runner Up: Tryitfirst Labs
With its innovative “Try Before You Buy” approach, tech-driven e-commerce start-up TryItFirst Labs is revolutionizing online purchasing. It enables clients to view goods like clothing, furniture, and appliances in person at their home before making a purchase. TryItFirst, which is committed to improving the customer experience, particularly in Tier 2 and Tier 3 cities, also assists brands in improving by offering feedback derived from actual consumer trials.
↙ iAmX, Second Runner Up
iAmX provides a comprehensive suite of retail management software that improves customer experiences, maximizes inventory management, and streamlines operations. Through the integration of order processing, delivery management, CRM, and point-of-sale functions into a single platform, iAmX facilitates data-driven decision-making, boosting productivity and cutting expenses. iAmX, a platform for retailers of all sizes, provides smart analytics and smooth operations to enable companies to prosper in the cutthroat digital market.
