Banks can be instrumental in changing the behaviour of the Indian consumer, said V Vaidyanathan, Senior General Manager and Country Head, Retail Business, ICICI Bank, on the third and final day of the 7th KSA Retail Summit in the Capital on Friday.
Speaking on "Learning from Spending Patterns: an insight into the Indian consumer," Vaidyanathan highlighted the significance of value proposition in winning the customers.
He pointed out the changing psyche of the Indian consumers who are all set to welcome change, which has become possible due to their stable incomes these days. Harminder Sahni, Principal, KSA Technopak, in his presentation on "Indian consumer and future shopping trends in India," tried to provide an insight into the Indian consumer basket. He talked about the emerging consumer segments and also enumerated the preferred retail destinations and formats.
"In keeping with global trends, the spending power of Indians has risen significantly," he said. He concluded his presentation by saying that consumers have changed, shopping trends are changing and the change is good for innovation and growth.
The other highlights of the day included a presentation on "E-tailing in India: the road ahead" by Mahendra Swarup, Chief Executive, Times Internet Limited. Swarup said there are good opportunities for e-tailing in the Indian market because people are preferring Internet.