NEC India, a leading network and IT solutions provider, on Monday 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 organised by Retail Association of India from June 18 and 19 in Mumbai.
Reports suggest 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.
Speaking at the event, 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 loyalty and enhance customer experience through its ease of use.”
With a vision to make deeper inroads in 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.
NEC’s NFC technology enables users to conduct secure, contactless payments and transactions with their NFC-enabled mobile phones instead of using cash or credit cards. NEC has provided an end-to-end cloud-based e-payment system called NFC e-Money server that integrates itself facilitating interactivity between devices (the NFC enabled phone and PVR wallet access), for any monetary transactions.
Last year NEC announced its first breakthrough outside Japan in NFC with the commercial deployment of its mobile NFC payment ecosystem at PVR cinemas across 10 locations. NEC’s Integrated e-money solution is available on the latest Blackberry 10 edition and has a PVR application which helps end consumer to book tickets and purchase refreshments.
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.