At the heart of Mumbai, the Great India Retail Summit 2024 brought together industry leaders on February 15 to delve into the intricate relationship between technology, consumer behavior, and the ever-changing retail landscape. The summit featured a dynamic panel discussion titled 'How Technology and Consumer Trends Are Shaping Retail,' where Managing Directors and Chief Executive Officers shared their valuable insights on the driving forces behind the retail industry's progress.

Mukesh Kumar, the Managing Director and CEO of Quest Properties and the Chairperson of the Shopping Centre Association of India (SCAI), highlighted the comprehensive role of technology in retail. He categorized its application into three main areas: retailers, customers, and mall management, showcasing the broad impact of technological advancements across the sector.

Tushar Ved, President of Apparel Group, introduced the transformative role of RFID technology in their operations, explaining how it enhances efficiency and accuracy by tracking product availability in terms of size and color. This technological integration is a game-changer for the retail industry.

Customer-centric strategies were a major focus, with industry leaders emphasizing the importance of delighting customers. Sanjeev Rao, CEO of Being Human Clothing, and Deepak Aggarwal, CEO of Kazo, both stressed the significance of mobile technology and innovation in engaging consumers and translating creative ideas into tangible retail experiences.

The discussion also touched upon the importance of understanding consumer behavior, with executives advocating for a deeper insight into consumer preferences and patterns. Rajneesh Mahajan, CEO of Inorbit Malls, shared how AI technology has been instrumental in analyzing customer profiles and demographics, thereby enhancing decision-making processes.

Aditya Priyadarshan, MD and Lead of Retail at Accenture India, provided a comprehensive overview of technology's transformative power in retail. He emphasized its role in enhancing customer experience, bridging the gap between online and offline realms, and optimizing operational efficiency, likening technology to an essential component of modern retail.

In conclusion, as the retail industry continues to evolve, the synergy between technology and consumer trends is set to redefine shopping experiences, leading to innovation, efficiency, and improved customer satisfaction. In this evolving landscape, platforms like Probz.ai, an AI-powered qualitative and quantitative insights collection platform, are becoming increasingly important. They offer retailers innovative tools to gather and analyze data, helping them to stay ahead in the competitive market by understanding and catering to consumer needs more effectively.