Retail industry of India is currently the world’s fifth most preferred retail destination. India has grown and emerged victorious from each stage of the retailing market. Undoubtedly, the retail industry and the Indian market have complemented each other well. This is the time we closely study the trends of the retail industry.
The retail industry holds approximately 10% of GDP (Gross Domestic Product) and an overwhelming 8% of the employment of the country. This evident augmentation of the retail industry is the result of tech-savvy tools and digital types of equipment like CRM, blockchain, data analytics, etc.
Will digital retailing challenge traditional retail industry in 2019?
Digital retail startups and companies are trying to grow past traditional Kirana and mom stores. But each retailer is disrupting the traditional custom and changing the demographics of retail business. Understanding customer’s preferences, consumer confidence, urbanization and economic growth is on every retailer’s mind. Not only did digitalization challenge traditional methods but also acted as a catalyst for their growth.
The retail industry emergent is a result of the intervention of technology at each stage of business. The aim is to build a customer-digital friendly environment in retailing and escalate the basic retail formats.
Interaction of retail spaces and digitalization is reciprocated by manoeuvring technologies like AR, VR, cloud computing, artificial intelligence (AI), etc. Looping in the customers at every point of the retailing circumference is backing the increasing trust of customers. Transparency is kept intact with tapping customer reviews, queries, suggestions with AI-based digital automatization.
The technology was an unturned stone in the retail industry for quite long. Digital methods are bridging the increased sales and decreased cost operations while attracting more customers to the business. With this, there is a visible growth of 12% of CAGR in the year 2019.
The retail industry in FY 2019 has witnessed huge developments but the ecosystem of 2020 demands and awaits beneficial changes and trends. The foreseen and analyzed Indian consumer mindset expects to leverage cost and digital methods.
Evolution of customer thinking and technology has put the retail industry to continually work to meet the ends of harmonious shopping, well versed mobile apps, efficient online platforms, etc
Retailers are trying to notch up their business with technology but they need to watch out for these terms and trends of the 2020 industry.
The growth trajectory of good shopping experience is of utmost concern to retailers. Retail industry revolves around the experience of millennial customers. Consumers will prefer good customer-centric initiatives than good products. Hence, retailers must focus on customer engagement and interactive shopping methodology. Building a platform where customers can ask, review and suggest will enhance brand image.
Let your customers try and experience your product via virtual methods. But how? With the right use of AI and machine learning retailers can offer a better shopping experience to their customers. While fashion, lifestyle, beauty and personal care have already made it big by offering trial and error shopping experience online. Walk into any store and try their products without actually having to move out of your home. Moreover, 2020 demands immersive technologies for the retail industry by using AR and VR.
The significant intervention of leveraging data has improved the industry. The study, analyze and evaluate the evolving and changing mindsets of consumers. Predicting the possibilities and understanding customer expectations has been quite revolutionary in the online retail industry. Big data allows you to ramify and reach out to different customers with the expected approach.
Technology cannot deny the importance of social media presence. Since the increasing traffic in online retailers, it is pretty difficult to get your brand noticed. One can increase direct customer engagement with proper use of pictures and videos. Social media is easy to access and common citizens are inclined to the reviews and experiences shared on social networking sites. Retailers can also capitalize on customer experiences and manifest their business.
To indulge and savour the transformation of the retail industry is at every retailer’s disposal. The basic notion is to not only enrich shopping experience but also usher customers to buy certain products. This is possible with the right understanding of every customer’s profile.
Mass digitalization has immense importance in the evolving biosphere of the retail industry. Retailers must now step back and take the necessary steps to rationalize and modernize the day-to-day trends of the retail industry. 2020 demands an exciting and recognized year for the stakeholders as well as the customers of retailing.