RAI's Chennai Retail Summit 2024 Drives Strategic Innovation in a Transforming Retail Landscape
Chennai, August 28, 2024: The Retailers Association of India (RAI) held a landmark ‘Chennai Retail Summit 2024’ at the renowned ITC Grand Chola in Chennai, drawing together leading decision-makers and industry frontrunners from across the Indian retail sector. This year’s summit, centred on the theme “Changing World of Retail” provided an engaging platform for retail executives and service providers to explore emerging trends, share insights, and refine strategies in an ever-evolving retail landscape.
The summit featured a stellar lineup of speakers, including Chockalingam S, Co-Founder & Director of Opn Advertising Pvt. Ltd.; Balachandar R, Director of Junior Kuppanna; C K Kumaravel, Co-Founder & CMD of Naturals Salon; Saurabh Kumar, CEO - Retail at Kaleesuwari Group; Gautam Saraogi, CEO of Go Fashion (India) Ltd. (Go Colors); and Madhumitha Udaykumar, Co-Founder & COO of The Indus Valley. Each speaker brought a wealth of knowledge and experience, offering valuable insights into the challenges and opportunities faced by the retail industry today.
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Speaking about the Chennai Retail Summit, Kumar Rajagopalan – Chief Executive Officer, Retailers Association of India (RAI), said, “Chennai Retail Summit highlights the strength of Chennai as a market that was one of the earliest adopters of the chain store model in India. Retailers from the region —across Tier 1 to Tier 3—have successfully navigated the complexities of modern retail while staying true to their cultural roots. In an industry marked by critical shifts such as time poverty and the growing demand for hyperlocal solutions, the region's ability to retain tradition while embracing modernisation sets it apart. As consumers increasingly prioritise convenience and personalized experiences, retailers must pivot their strategies to meet these evolving needs. The ability to adapt quickly and innovate in response to these changes is what will define success in this dynamic market.”
Sonali Lalvani, CEO, Toniq Retail Brands, said, “The modern retail environment demands agility and an in-depth understanding of consumer behaviour. As retail shifts from traditional brick-and-mortar to omnichannel experiences, brands that prioritise seamless customer journeys and personalized interactions will thrive in this competitive market."
Anand Bharadwaj, Co-Founder, Sweet Karam Coffee, said, “In today's retail landscape, it's not just about selling a product; it's about creating a story that resonates with consumers along with the right value-added experiences. As we see a shift toward local and authentic preferences, brands that can harness the power of tradition with a contemporary twist and blend it with modern retail practices will find themselves leading the way.”
C K Kumaravel, Co-Founder & CMD, Naturals Salon: The future of retail lies in the ability to innovate using technology while staying true to your brand’s core values. In the beauty and wellness sector, this means continuously evolving our services to meet the changing needs of our customers while maintaining the essence of what makes us unique. The key is to listen, adapt, and always put the customer first.
Madhumitha Udaykumar, Co-Founder & COO, The Indus Valley, said, "Indians are more likely to choose a healthy product over an unhealthy one, with an increasing preference for toxin-free and safe options. This shift accompanies a trend toward premiumization. Thankfully, today’s customers are very vocal about their needs. For retailers, this means a significant opportunity to expand their sales pie and increase gross margins by introducing these new-age offerings driven by customer demand."
The Chennai Retail Summit 2024 once again underscored RAI’s commitment to supporting the growth and advancement of the retail sector, offering a vibrant forum for industry leaders to collaborate, innovate, and drive the future of retail in India.
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