ReTechCon puts focus on Omnichannel in India
The recent ReTechCon 2016 trade fair in Indian provided a fantastic opportunity for Openbravo to connect with key retailers in one of the fastest growing omnichannel markets today.
Openbravo Commerce Suite has already been selected by several of India’s leading retailers including M&B Footwear (Lee Cooper distributor), Decathlon Sports India and Oxford Bookstore.
India is a strategic market for Openbravo and it is one that is in constant evolution, which is why it is so important to attend events such as RetechCon 2016, both to meet existing customers and channel partners, and to forge new opportunities.
Our visit to ReTechCon 2016 confirmed what we have long suspected: retailers in India are prepared to embrace omnichannel retail solutions in a big way.
It is well known that India is the world’s second largest consumer market, but what is perhaps not so well known is how rapidly India’s retail industry is modernizing. The traditional image of crowded Indian streets lined with small traditional stores needs to be updated due to the very recent phenomenon of an Indian middle-class consumerism boom.
Growing middle class
India had just 50 million middle-class consumers, or 5% of the population, in 2010. But consultancy Ernst & Young expects this to grow to reach 200 million by 2020.
These shoppers want to buy the same types of brand-name goods as their middle-class counterparts in the west. They seek a modern in-store shopping experience that reaffirms their aspirations and reflects their new-found buying power. Technology plays a key role in creating that differentiated experience so it is no accident that India is now one of the most promising markets for omnichannel retail.
India’s higher-than-average acceptance of omnichannel is reflected in statistics comparing online shopping behavior between emerging and established markets. Shoppers from emerging markets like India are twice as likely to pay for in-store purchases using their mobile than their established market counterparts,according to the PWC Total Retail Survey 2016 .
More than a third of respondents in emerging markets bought products on their mobile at least once a month, compared to one in five for established markets.
Boston Consulting Group estimates India’s retail industry will grow from $600 billion in 2015 to $1 trillion by 2020; e-commerce revenue is projected to quadruple to $60-70 billion by 2020. With 50 million online shoppers in 2015, India’s consumers have already proven to be way ahead of the global average when it comes to using mobile phones to do their shopping. By 2018, the number of internet users will exceed 500 million, and the proliferation of smartphones is expected to rise from 120-140 million in 2014 to 700 million in 2020.
Organized by the Retail Association of India (RAI), ReTechCon 2016 was dedicated to how retail technology is being leveraged in the indian retail market, and attended by over 800 attendees and 200 retailers in India. Omnichannel was a central topic throughout the presentations, a clear indication that this trend is here to stay.
Thi s was the first time that Openbravo particpated in ReTechCon and we were impressed by the high level of the presentations. But what we noticed above all was the readiness of Indian retailers to embrace omnichannel solutions as a way to create a more efficient business platform in line with the technologically-saavy future of retail in India.
We look forward to attendng the next RetechCon!