NEC India to increase focus on the retail market
NEC India Pvt. Ltd, a network and IT solutions provider, today announced its revived focus on the retail market in the nation, and will showcase its latest technology solutions at the Retail Technology Conclave (ReTechCon), which is the largest retail technology gathering organised by Retail Association of India from 18 to 19 June 2014 at booth no R-71 at Renaissance Hotel in Mumbai.
There are reports which suggest that the Indian retail segment is estimated at US$520 billion and is projected to grow at a CAGR of 13% to reach around US$950 billion by 2018. Organized retail penetration, at this time estimated at 7.5% (US$39 billion), is likely to clock a 19-20% p.a. growth to reach 10% (US $95 billion) by 2018.
Speaking at the event, Mr. Koichiro Koide, Managing Director, NEC India held that, “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.”
The Company views itself being braced with a vision to be able to cleave inroads in the retail sector, NEC India showcased its cutting-edge technology solutions in areas like Near Field Communication (NFC), followed by FRS (Face Recognition solution) at the event. NEC India states that these solutions will further aid in building a complete social infrastructure aimed at retailers to offer better customer experience.
NEC’s NFC technology empowers users to conduct secure, contactless payments as well as transactions by means of their NFC-enabled mobile phones instead of using cash or credit cards. NEC has delivered an end-to-end cloud-based e-payment system dubbed as NFC e-Money server that incorporates itself expediting interactivity between devices (the NFC enabled phone and PVR wallet access), for any monetary transactions.
Previous 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 aids 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 enhanced consumer experience over close-door sessions with participating retailers.