Indian retail

TECH IN RETAIL: 2020

The Indian retail sector is expected to witness significant changes in the new normal. Contactless shopping is expected to be on the rise with consumers avoiding crowded stores and preferring lower exposures. Retailers can expect lesser shopping sprees, however, there will be more planned purchases as opposed to impulsive buying. Retailers will have to adopt technologies to close the gap between the digital and physical worlds.

Top retail tech trends in the pipeline

  • Prescriptive analytics will finally take over predictive analytics 
  • Check-out free experiences will be refined
  • A mobile-first will become mandatory 
  • Voice search and personal assistants 
  • IoT will bridge the gap between the digital and physical environments 
  • Stores will grow as fulfillment centers for digital channels 

Retailers have pushed investments in the IT sector due to ERP implementation and eCommerce management. The stack can be segmented into 5 major business areas.

The whole pandemic has got businesses reconsidering how they invest in digital because the way customers and businesses will interact will drastically change in the coming years. Businesses should reconsider how they communicate with customers overall.   

Retailers need to invest in tools & technologies to stay ahead of the competition. These tools don’t simply reduce your overhead and improve your planning but they have become essential tools to help retail businesses thrive and grow in the market.

When you normally go to a store, you try out a piece of clothing, you see if it fits and then decide whether to buy it or not. However, post the pandemic people are a bit apprehensive to try out clothes others have tried. Retailers might start installing virtual mirrors. Essentially when you stand in front of a mirror pretending that you’re wearing the particular attire you choose. 

With fewer number of employees expected to be in retail stores, retailers are expected to start deploying robots at every stage of the retail chain. 

An effective example is SoftBank’s robot – Pepper. Pepper, with the help of computer vision, can easily detect human emotions and engage with them in multiple languages. It can play music, dance, and take selfies with customers to light up their mood. 

Another example is LoweBot, developed by Lowe’s innovation lab. This robot is able to understand multiple languages and help consumers effectively navigate stores.

As the retail industry hits “reset” and charts out an entirely new shopping journey, retailers need not only make shoppers feel safe but have to constantly innovate & enhance their experiences.  

Indian Retail: Embracing a Marketplace Mindset

Indian Retail: Embracing a Marketplace Mindset

The Indian retail industry has emerged as one of the most dynamic, fast-paced, and profitable market segments. Global retail giants consider this market to be the 5th largest investment destination in the world owing to its expected growth of nearly USD 3600 billion by 2020. Riding on factors like the changing economic landscape and easy credit options, coupled with rising income of consumers, the retail space is enjoying a consistent growth, contributing to almost 10% of the country’s Gross Domestic Product (GDP).

Furthermore, the increased digital connectivity of the dominating millennial population exposes them to global trends, creating an opportunity for retailers to meet the ever-changing lifestyle demands of the modern Indian consumer. Of all emerging trends in the retail industry, the rise of online retail has taken the industry by storm, especially in recent years. Driven by domestic startups and robust investments from international investors and ever-increasing internet users, India is expected to become one of the fastest growing e-commerce markets in the world. Retailers with physical stores are exploring online retail to be at par with the changing trend and address competition from the newer players. In short, e-commerce has brought about a revolution in the Indian retail space.

But how does one successfully thrive amidst this ever-expanding and disruptive market? As the need of the modern consumer surpasses tangible products and extends to best user experience or online journey, their changing behaviors call for a smarter approach to retail. That is where the need for a smart marketplace strategy comes into play. By leveraging all digital channels and diverting resources towards online store management, retailers are now being able to target more customers across smaller cities and towns, where earlier it was impossible to reach physically. Furthermore, with marketplace management services offered by the marketplace giants, retailers today are not afraid to embrace new trends and explore the new domains with open arms.

And thus from the traditional brick-and-mortar stores to the vast, virtual marketplace, the Indian retail industry has come a long way, letting every marketer and retailer enjoy their very own piece of the pie!

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