NEC sets eyes on retail market

NEC has announced its renewed focus on the retail market in India, and will showcase its state- of-the-art technology solutions at the Retail Technology Conclave (ReTechCon), the largest retail technology conclave organized by the Retail Association of India on 18th & 19th June, 2014 in Mumbai.

Reports indicate that the Indian retail segment is estimated at US$520 billion and is expected to grow at a CAGR of 13% to reach around US$950 billion by 2018. Organized retail penetration, currently estimated at 7.5% (US$39 billion), is expected to clock a 19–20% p.a. growth to reach 10% (US$95 billion) by 2018.

Koichiro Koide, Managing Director, NEC India, said, “Technology is redefining the entire customer experience in retail, right from the point where the customer enters the store to the point of exit, and even beyond. IT solutions in retail, therefore, have a more strategic role to play today than ever before. We, at NEC India, aim to strengthen its focus on the retail as well as the entertainment industry and assist its customers with end-to-end solutions right from the point of sale to payments. NEC’s NFC complemented with security solutions like NEC’s Face Recognition will empower retailers to acquire customer’s loyalty and enhance customer’s experience through its ease of use.”

With a vision to make deeper inroads into the retail sector, NEC India showcased cutting-edge technology solutions in areas like Near Field Communication (NFC), FRS (Face Recognition Solution) at the event.  These solutions will further help in building a complete social infrastructure for retailers to offer better customer experience.

Aiming to drive technology innovation in the retail sector in the country, NEC India also shared the benefits of NFC and other technological innovations for improved consumer experience over close-door sessions with participating retailers.