Rakesh Biyani's Mantra Behind Growth Of Retail Industry
India retail is changing. While the aftermath of the change can be debated upon, Rakesh Biyani, the Chairman of CII and Joint MD of Future Retail Ltd shared his insightful principles pertaining to the growth of retail sector at the CII Conclave. “Deepest introspection in the nosiest of places,” seems to be the secret to his success in retail sector.
Simplifying the arc principles that would greet the golden era of retail industry, Rakesh Biyani elaborated his self-constructed acronym DAWN stating “Real retail is happening in many more places other than the metropolitan cities of Delhi, Mumbai and Bangalore.”
Elaborating upon the acronym, Biyani stated how DAWN stands for four themes pertaining to the growth of retail sector in the economy; Deep responsibility, Added Inclusion, Winning together and New Horizons.
“Deep and intense responsibility pertains to high quality, wealth creation, sustainable operational cost as well as creating happiness,” said Biyani. Consequently, there is a responsibility to build skills and provide employment opportunities. He also said that there needs to be an inclusion of entrepreneurs with different skills to penetrate into the market.
“There not only has to be a reduction in prices but also a sustainable price reduction that would make the market more competitive adding value to the end consumer. This would ensure growth all across the country,” he added.
Citing the example of retail collaboration for reducing the use of plastics and upcoming GST, Biyani shared the need for leaders to unite their resources and ensure further growth in the economy. “The largest winner is the shopper!” he added.
He also spoke about “Data driven marketing” that has encouraged a New Horizon, “a diverse growth of geography.” Smart cities such as Nagpur, Patna, Chambur are all emerging with startups and the next decade would surely witness a diverse horizon spread across the country.
