Average Indian consumers have become more aware of their needs, global trends, and the diversity of goods and services available in the global markets.
Kumar Rajagopalan, CEO of RAI said, "It is encouraging to see a steady improvement in sales with 23 percent growth in April and 24 percent in May as compared to the pre-pandemic levels."
There is an enormous increase seen in the adoption of cryptocurrency in 2021, and accepting crypto payments by a few retailers can be a strong differentiator in this world of competition.
Robotics and Automation enable FMCG companies to provide faster order fulfillment and subsequently provide material to small retailers or Kirana stores faster.
Technology is changing the way every small, medium and large business in the retail industry does business by helping to increase efficiencies, save money, and provide better products and services.
AI has revolutionized shopping as well as the administration of the business. It always begins with the supposition about what customers want from their buying experience.
The exponential growth of e-tailing has led several traditional brick-and-mortar retailers to diversify their services and offer omnichannel buying options.
The way forward for retail will be a blend of brick-and-mortar stores with online selling platforms, with both likely to continue to grow in markets like India.
Regardless of the industry, it's important to accept technology that helps mechanize responsibilities and provides insights into the customer behavior, resulting in more and better sales.
Adopting an omnichannel approach to customer communication can help lead the way for retailers to deliver a more seamless and consistent customer experience as the world opens back up.
The retail sector of India makes up for 10 percent of India's GDP as per the latest IBEF report, and with many new entrants in the industry, especially in the retail tech space, the sector is becoming more fast-paced than ever.
The industry expects the government to make the right decision that will not only get them through these times but also ascertain a complete revival of the sector
Implementation of flexible payment options by retailers is in high demand, be it through debit card, credit card, QR code, PayPal payment, BNPL, or more.