“The pandemic backed by ever-changing consumer preference has accelerated the adoption of online and offline play that will define the next phase of retail growth in the country. This will create enormous potential in terms of job growth, exports, and an inclusive retail ecosystem with great participation of MSMEs,” said Amitabh Kant, CEO, NITI Aayog.
In a survey of over 360 retail stakeholders titled Retail 4.0: India story — Unlocking Value through Online and Offline Collaborations — 79 per cent of the respondents said that technology will play a pivotal role in Indian retail growth. There has been a rising awareness and willingness to embrace online with 70 per cent of the overall respondents having a positive outlook towards online and offline collaborations.
“Retail 4.0 is rapidly evolving to Online+Offline (O+O) retail models that will bring incremental economic contribution, job growth, and exports. To achieve this, a greater need for collaboration among retail stakeholders, policymakers, and supporting sectors for tech-awareness will be the key, which will accelerate the sector’s growth in the years to come,” said Debjani Ghosh, president, Nasscom.
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