Interview with Vikram Idnani, Head of IT, Trent-Tata Group
How would you define the current momentum of the retail sector in Asia?
The retail sector in Asia is exuberant with a focus on increasing domestic consumption in this largely populated region. The retail sector in economies such as India is expanding and leveraging retail practices already proven in evolved markets like the UK and US. The momentum is clearly towards domestic consumption growth and expansion of the retail sector in Asia.
Where are the growth areas for the retail sector in Asia?
Higher domestic consumption is being enabled by the expansion of physical stores and online retail. On the consumer front is a fast-rising internet and mobile penetration, and consumers are ready and willing to adopt online and digital media for their purchases. This is driving physical and online retail to converge and drive growth through a multi-channel but seamless shopping experience for the consumer.
What are the challenges and issues?
In an economy like India, skilled staff and quality of distribution infrastructure are key to enabling the accelerated growth that is expected in the retail sector. These are controllable factors. On the other hand, with the rise in cybercrime, there is a need to address security-related issues such as electronic payments, consumer privacy and data theft.