Business Other News 22 Sep 2016 Retail body plans &l ...

Retail body plans ‘Trusted’ mark

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published Sep 22, 2016, 1:39 am IST
Updated Sep 22, 2016, 1:55 am IST
Initially, there will be a ‘mystery audit’ where a network of  customers will test retail outlets.
 Initially, there will be a ‘mystery audit’ where a network of customers will test retail outlets.

Mumbai: Indian consumers will soon have a taste of the new customer centric protection envisaged in the launch of the ‘Trusted’ mark by the Indian Retail Forum (IRF)  which is the first of its kind customer- centric certification mark in retail trade.

Explaining how it works IRF convenor, R.S. Roy said first there will be a ‘mystery audit’ where a network  of  customers will test retail outlets ranging from stores, jewelers, pharmacies, retailers to salons, spas, cineplexes and restaurants  on parametres ranging from environment to observance of regulations etc.

This will be followed by a regular audit and then a third-party audit. The first of its kind in the world, the IRF certification scheme, aims to bring over 1,00,000 retail stores across the country in to the fold of modern retail following IRF standards in next five years’ time said Mr Roy.

Consumers would know what to expect from their purchase/service from the point of browsing and buying to after-sales. Anurag Mathur, retail & consumer goods practice leader, PwC India delivering the keynote address at the India Retail Forum 2016 said over 92 per cent of the apps tested in the Indian retail sector test are vulnerable with 2,30,000 new malware samples generated per day, with an estimated cost $100 billion.

The Indian retail sector is the second most threatened segment by cyber-attacks after financial services as data privacy protection is becoming a significant challenged, he said.

Highlighting the unpredictable growth of the retail sector he said in 2011 online retail was predicted to reach $1.5 billion but by 2015 the gross market value of the top e-tailer was over $1.5 billion.

In 2011, Flipkart’s GMV was $10 million but in 2015-16 it crossed $4 billion. On the other hand, in 2014 Jabong was valued at over $500mn but in 2016 it was acquired for $70mn.

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