Kishore Biyani forecasts hybrid retail model in 3-4 years
Thursday - January 16, 2020 9:15 pm , Category : BUSINESS
New Delhi, Jan 16 (IANS) Future Group CEO Kishore Biyani on Thursday said that the physical retail segment and online retail space may merge into a hybrid model in the next three to four years.Coining the term "phygital" for the hybrid model, he said the it would help the business to grow. "I think physical has its own advantages or nuances and digital has its own advantages. But they have come up in different eras... I think in another three to four years it will become 'phygital in a way. Because every physical retailer will need digital presence and digital people would need physical. Ultimately there will be two hybrid models that will emerge that will help the businesses perform better," he said on the second day of the Amazon 'Smbhav' event. Biyani-led Future Retail, earlier in the month announced long-term agreements with Amazon India. As per the agreement, Amazon India will become the authorised online sales channel for Future Retail stores and FRL will ensure the participation of relevant stores on the Amazon India marketplace, and its programmes, the companies said in a statement.The agreements focus on key categories like grocery and general merchandise and fashion and footwear.Future Retail currently attracts over 35 crore footfalls across its retail network like Big Bazaar and Foodhall.