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Mumbai: The Great India Retail Summit Day 2 began with Samir K Modi, MD, Modi Enterprises sharing his views on the theme ‘Empowering Bharat: Transforming India’s retail ecosystem through omnichannel commerce’.
In the insightful keynote, he highlighted the transformation of the retail sector through omnichannel strategies. “The transformation of India’s retail ecosystem knows no bounds,” he said.
Further, Modi pointed out India’s vast consumer base, diverse markets and rapid digitalization to be the key pillars in this shift.
He focused on ‘phygital’ retail evolution which is leading the offline and online convergence for retail services and creates an immersive and personalized shopping experience for consumers at every touchpoint in their retail journey.
He shared an example from his own company, Colorbar Cosmetics, where the brand gives customers the experience of making their own lipsticks, turning shopping into entertainment, not just buying.
However, Modi believes that though the online market has evolved, physical retail is not much affected. “The role of the physical store is evolving, not diminishing. It’s becoming a hub of experience, discovery, and engagement in a digital world,” he said, adding that brands need to remain agile and adaptive to cater to the shifting consumer demands through tech tools and innovation.”
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