Retail trade contributes to one third of Sri Lanka’s national GDP, while accounting for 14% of the labour market.
Retail attracts over 250 million footfalls in Sri Lanka, which exemplifies a potential for physical retailing, while the number of clicks for online-retail is estimated to be 50,000 per day.
“This translates to a approximately 0.5% of retail sales, taking retail to a professional sphere and transforming the industry into one which could provide careers and personal growth in Sri Lanka.
As an industry, retail is capable of building value chains that bridges social inequalities, whilst creating access to quality living across Sri Lanka through the standards set,” Sidath Kodikara, President, Sri Lanka Retailers’ Association, said at the inauguration of the third edition of Sri Lanka Retail forum 2019, held in Colombo yesterday.
He said that the retail industry enables tourism spending, while it is also a catalyst for regional growth. The benchmark of quality and transparency set by the sector also permits for consumer protection and streamlining of State revenue potential.
“Furthermore, the establishment of internal governance standards for industry allows systems, processes and best practices to be voluntarily absorbed and set. Increasingly, the significance of retail as an industry, as a value creator for the economy as an employer and as a catalyst of growth, highlights the need to recognize retail as an industry. Therefore, we play a critical role in making and implementing policies that has an impact this industry,” he said. Murali Prakash, Chairman, Sri Lanka Retail Forum speaking at the event, said global annual spending on AI by retailers is expected to reach US$ 7.5 billion by the year 2022, while AI is expected to replace at least 7% of global jobs by the year 2025.
He said that as per a research done by IBM across 83 countries, 85% of retailers have said that either they are involved or would be involved in AI in their retail activities.
“Presently, this along with crypto currencies, I’m sure, it would take retail to a completely different dimension. While many of us are focused on AI, people such as Elon Musk, are working on measures to counter the power of AI by embedding more power to the human brain.
“Today B to C is not about business to consumers, but brain to computers. Accordingly, humans would always be better than AI,” he added.
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