In 2020, everything changed for local stores and kiranas in India as the need for digitisation has been felt across cities in India. This has fuelled the rise of retail tech startups in India, targeting the mom-and-pop stores as well as other retail outlets. According to an Inc42 Plus Analysis, digitisation of the Indian retail sector alone has provided SaaS startups an opportunity of more than $2 Bn.
Globally, retail tech startups have scored over $6 Bn in funding so far, with the past two years contributing to the majority of these funds. Contributing to the growth of the startups from the sector is the boom of ecommerce in India.
In Q3 2020 alone, India’s ecommerce industry witnessed the growth of 31% in order volume. Additionally, IBEF estimates reveal that this market is expected to reach $200 Bn by 2026, throwing open a huge opportunity for startups and brands from the sector.
To help retail tech startups understand the trends and opportunities in their sector as well as tapping into the enterprise space, Inc42 and Microsoft are focussing on the sector in its four-part video series, ‘The Dialogue’.
While we have already delved into the role of the enterprise sector for fintech as well as logistics tech, it’s time to focus on retail tech and decode the opportunities that lie for the startups in the sector from the enterprise lens.
The Dialogue: Retail Tech For India’s Next Billion
Moderated by Inc42 cofounder and CEO Vaibhav Vardhan, the discussion hosted Microsoft India’s country head – Azure Engineering for Industry, Srikanth Karnakota; Bessemer Venture Partners’ Anant Vidur Puri; Arzooo’s cofounder and CEO, Khushnud Khan; and Capillary Technologies cofounder and CEO, Aneesh Reddy.
Key highlights from this edition of The Dialogue:
- Understanding the retail tech startup landscape
- Decoding the enterprise need for retail tech solutions, understanding the complete value chain
- Building an enterprise-ready product (product positioning, security, trust & GTM, scalability, customisations, etc)
- Corporate’s lens to evaluating enterprise solutions and optimise go-to-market for retail tech startups
- Leveraging cloud and data for startups to build enterprise-ready solutions