The Jio World Convention Centre transformed into the epicenter of retail innovation as IREC X LABELS Summit 2024 Signature Edition Mumbai unveiled its much-anticipated event. Under the theme Re(Novating) Brands | Re(juvenating) Retail | Re(Purposing) Ecommerce, the summit brought together 100 speakers, and 5000 + 500 changemakers, including retailers, investors, policymakers, and thought leaders. Over two action-packed days, the event proved why it is the ultimate arena for reimagining the future of retail, D2C, and licensing.
The air was electric with ideas, strategies, and collaborations as the who’s who of the industry took the stage to share insights on everything from omnichannel brilliance to disruptive brand-building. Here’s an insider’s look at the landmark conclave that is reshaping India’s retail landscape.
The Role of Logistics in Customer Happiness
A pivotal keynote by Phaneesh S Prakash, Business Head – Porter Enterprise, highlighted the growing role of logistics in shaping customer experiences. Titled Delivering Delight: Enhancing Customer Happiness Every Step of the Way, the session emphasized that logistics is no longer a mere backend function but a strategic driver of customer trust and loyalty.
“Customer happiness is not just about the product; it’s about every interaction a customer has with your brand,” said Prakash. Porter’s robust end-to-end logistics solutions, catering to businesses of all sizes, are a testament to this philosophy. By leveraging technology to ensure seamless deliveries, swift returns, and reliable service, Porter empowers brands to exceed customer expectations at every touchpoint.
A Transformative Retail Landscape
The launch of a thought-provoking report titled Indian Retail: Navigating the Perfect Storm – Unprecedented Opportunities Amidst Underlying Turbulence by Madhur Singhal, Managing Partner and CEO of Praxis Global Alliance, was a highlight of the event.
The report dissected the seismic shifts in the retail industry, driven by the rise of e-commerce, experience-driven retail models, and digital technology adoption. Singhal noted, “This transformation is about fostering innovation, sustainability, and value creation.”
Retailers are increasingly leveraging data-driven insights to personalize offerings, enhance customer experiences, and optimize operations. The report emphasized digitalization’s role in revolutionizing operations, enabling businesses to adapt to evolving consumer behaviors while capturing new growth opportunities.
Blending Global and Local
One of the most engaging moments was a fireside chat with Sushant Dash, CEO of Starbucks India. Dash shared Starbucks’ strategy of blending global standards with local relevance, citing its collaboration with designer Manish Malhotra as a prime example.
“A great brand listens to its consumers and adapts to their evolving needs,” Dash emphasized, underscoring Starbucks’ commitment to staying relevant in a dynamic market.
The event stressed the importance of consumer insights in shaping successful strategies. Tushar Ved, President, Apparel Group India noted, “Every good idea comes from the consumer. If it resonates with your target audience and evokes an emotional connection, it’s bound to succeed.”
This sentiment was echoed by Rikki Agarwal, Co-founder, Chief Business & Operating Officer, Blink Digital, who added, “Driving fast to market is critical. Consumers demand better brands, and strategies must evolve to meet these expectations.”
From dynamic pricing experiments shared by Harsh Agarwal, Co-Founder, The Souled Store, to merchandise-focused strategies by Mahesh Kanchan, Marketing Director – India & Neighboring Countries, Bacardi, the emphasis was clear: the consumer is king, and their feedback is invaluable.
The Omnichannel Balancing Act
Retail’s biggest challenge today lies in reconciling the physical-digital paradox, and the summit’s panel discussion on this topic was a masterclass in strategy. Industry stalwarts like Rajesh Jain, Managing Director and CEO, Lacoste India; Naiyya Saggi, Group Co-Founder, Good Glamm Group; Tushar Ved; Prashanth Aluru, CEO & Co Founder, TMRW; Vineet Gautam, CEO & Country Head, Bestseller Indiaexplored ways to create seamless experiences across channels.
Adding to this conversation, Venu Nair, Chief of Strategic Partnerships and Omnichannel at Myntra, spotlighted India’s growing retail landscape. “India is the fourth largest retail market, with the lifestyle segment alone valued at $130 billion,” he noted. “At Myntra, technology enables everything, from personalized shopping to influencer-driven campaigns. We aim to create engaging experiences with over 10,000 creators keeping our audience hooked.”
Meanwhile, Gunjan Shah, CEO of Bata India, captivated the audience with his vision for multigenerational relevance. “To stay relevant, evolution is key,” he said. “From digital interfaces to innovations like ‘lift and learn’ displays in our stores, we are redefining customer experiences while staying true to our heritage.”
Private Labels: The New Retail Frontier
The growing prominence of private labels was another key discussion point. Retailers revealed how these brands are driving consumer loyalty and boosting profitability. With affordability and quality as their unique selling propositions, private labels are helping retailers differentiate themselves in crowded markets.
As retailers grapple with rapidly changing consumer preferences, many are leaning into experiential retail. From entertainment hubs like Imagicaa to cinema giant Cinepolis, businesses are creating immersive environments to enhance customer engagement. Dhimant Bakshi, CEO, Imagicaa shared plans for geographic expansion, while Devang Sampat, MD, Cinepolis India highlighted its focus on delivering exceptional in-store experiences.
The Art of Customer Engagement
Panel discussions also revolved around the evolving nature of customer engagement. Speakers like Gunjan Shah and Berry Singh, COO of ace turtle, highlighted how technology is reshaping customer interactions. Shah shared how Bata has infused digital innovation into its heritage brand to stay relevant with younger consumers.
“Brands today must integrate their digital and physical strategies seamlessly to win the hearts of their customers,” Singh added, emphasizing the importance of a unified approach.
Omnichannel Evolution: Breaking Silos
Rahul Kothari, COO of Razorpay, addressed one of the most critical challenges facing modern businesses—seamless integration of online and offline channels. In his session titled Breaking Silos: Creating a Seamless Omnichannel Payment Experience for Modern Businesses, Kothari delved into how unified payment solutions are becoming a cornerstone of the customer experience.
“Payments are no longer just transactions; they are integral to building trust and convenience,” said Kothari. With solutions such as one-click payments and cross-channel integration, Razorpay is empowering businesses to break silos and offer frictionless customer journeys.
Building Brand Loyalty
In a competitive market, building and sustaining brand loyalty is more critical than ever. Ravi Saxena, Founder and CEO, Wonderchef; Nishit Gupta, Co-founder & Director, Kalki Fashion; Akhil Jain, Executive Director, Madame; Myank Nagpal, CEO, ILG Fashion; and Mohit Jain, Founder & CEO, Miraggio shared strategies for retaining customers in an age where consumer choices are abundant.
“Customization is key,” said Poppy Marshall-Lawton, Global Creative and Marketing Head at Laura Ashley. “Working with local partners ensures that our products resonate deeply with regional audiences.”
The beauty industry took center stage with Biju Kassim, CEO of Beauty at Shoppers Stop, sharing insights on catering to millennial and Gen Z audiences. From omnichannel innovations to trend-driven product lines, Kassim highlighted the strategies fueling growth in beauty retail.
“Today’s customers demand experiences,” Kassim noted. “We are aligning our offerings to meet these expectations while staying ahead of trends.”
Omnichannel and D2C Models
As direct-to-consumer (D2C) brands grow in popularity, traditional retailers are adopting hybrid models to capture market share. Discussions emphasized the importance of omnichannel strategies in delivering cohesive brand experiences. Rajesh Jain shared insights on balancing e-commerce and in-store offerings to attract a wider audience.
The power of partnerships took center stage during sessions led by Ravi Saxena and Akhil Jain. These leaders showcased how collaborations with celebs, technology providers, logistics firms, and marketing agencies were helping brands scale quickly and effectively.
Entrepreneurial Vision
Actor-entrepreneur Vivek Oberoi took the stage to share his mantra for building disruptive brands. Moderated by Ritu Marya, the conversation delved into the need for brands to think beyond conventional norms to truly stand out. “Disruption begins when you dare to be different,” he said, inspiring attendees to embrace innovation fearlessly.
The event concluded with a session featuring Vivek Biyani, Founder of Broadway. Biyani discussed how health-conscious and digitally savvy consumers are reshaping retail priorities. He shared plans for expanding Broadway’s footprint across geographies while maintaining a focus on social commerce and wellness-driven offerings.
The event ended with the Startup Kickoff, spotlighting the next wave of retail disruptors. From tech-driven solutions to consumer-centric innovations, the future of retail was on full display.
Navigating Retail’s Future
As IREC X LABELS 2024 drew to a close, the overarching narrative was clear: Indian retail is undergoing a profound transformation. From integrating advanced technologies and enhancing logistics to embracing omnichannel strategies and experiential retail, businesses are positioning themselves for a future defined by innovation and customer delight.
With leaders like Porter, Razorpay, and Myntra setting new benchmarks, and reports like Navigating the Perfect Storm providing actionable insights, the event left attendees inspired to shape the future of retail in India.
As we move forward, the mantra remains simple: innovate, adapt, and deliver delight at every step. With the right strategies and collaborations, the possibilities are endless.
