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Future of retail will be a blend of offline, online: Kishore Biyani

Publication - Fortune India

Publish Date - 2018-09-27

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Source - Rozelle Laha

Word count - 403

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Edition - Online Web

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Language - English

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Even as the traditional consumer-facing brands in India battle it out for new customers and explore strategic alliances with online platforms to get future-ready, offline retail is here to stay.

“Phygital (a mix of digital and physical) is the new future of retail” said Kishore Biyani, founder and group chief executive of Future Group. Biyani says he believes that the future lies in building effective ecosystems through alliances and partnerships to offer what a consumer wants in addition to the core commerce, on the lines of Alibaba and Tencent.

According to media reports tech giants Amazon and Google might invest in the Biyani-led Future Retail, one of India's largest offline retail chains.

The company aims to open 10,000 small digital stores within 2 kms of every consumer in India, wherein they will be selling to only members and track their buying patterns, Biyani says.

“It is a one-year-old programme and we have close to 1,100 members already. By next year, we will have 3,500 stores and 70% of what we sell in the food business will be our own brands,” said Biyani, who sees a scope of reducing operating costs by at least 5-6% over the next six years, with effective use of technology.

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