Bhubaneswar, Sept 25: The retail business sector has to cope with the drastic change of the digital era. The retail sector has to change its phenomenon along with the technology-driven youths, who share a big market place and businessmen should follow Retail 4.0, said Manu Seth, Founder, and CEO of Speaking Mindz Inc.
He was addressing the Retail Icon Award ceremony - 2023 as Chief Speaker in Bhubaneswar, hosted by Summa Real Media Pvt. Ltd.
(The term 'Retail 4.0' refers to the latest digital transformation and technology being implemented and adopted in enterprise retail.)
“Retail businessmen know the sentiment of local customers. They can track customer performances and purchase history in order to provide tailored promotions and discounts according to their preferences,” added Seth.
Saswati Das, Vice-President of Siksha 'O' Anusandhan (SOA) University and Director of Summa Real Media Pvt. Ltd., gracing the occasion as Chief Guest said, “With the changing mindset of youths, the use of technology in the retail sector is helping businessmen to cater to their target customers according to their needs." There is a need to use technology vividly in the retail sector according to customer sentiment, she added.
The use of Artificial Intelligence (AI) and Data Analysis in the business sector has been on the rise as technology is working as a facilitator. The retail sector is also using technology that is the need of the hour for the growth of any business, said Police Commissioner Saumendra Priyadarshi attending the event as a Special Guest.
The retail sector businessmen have a greater contribution towards the development of society. It is a small initiative by us to honour the contribution of the retail sector to the economic development of the nation, said Summa Real Media Group Editor Gopal Krishna Mohapatra.
Among others, Sunil Das, CEO of Summa Real Media Pvt. Ltd., and Prameya News7 Group Director (Sales & Marketing) Himanshu Hota opined on the changing retail sector and its future.
