The Indian economy is expected to grow at a healthy pace and consumers are feeling confident about spending money. According to International Monitory Fund (IMF), India’s economic recovery is likely to pick a strong pace with GDP rising at 7.4 percent in FY23.
Deloitte India’s report in collaboration with MAPIC India focuses on technology-enabled retail evolution, sharing a detailed overview of the new-age business models being adopted by different brands to earn consumer loyalty in recent times.
The report states that the retail industry is expected to see year-on-year growth of 10 percent to reach nearly $2 trillion by 2032. India is the world’s fifth-largest retail market, contributing more than 10 percent to GDP and nearly 8 percent to employment.
Post the pandemic-related disruptions, today, retailers are expected to accelerate the adoption of the omnichannel strategy to operate proficiently amidst mobility restrictions, supply chain disruptions, and increasing competition.
Further, increasing penetration of global brands has led to the emergence of new norms of loyalty for retailers where targeted marketing, personalized product selection, seamless purchase experience, customer loyalty programs, and supply chain resiliency, have taken the front stage.
While a large-scale convergence of online and offline channels will continue to happen, retailers are expected to invest in digital technologies to improve their operational efficiency and customer centricity and thrive in the rapidly changing and competitive consumer environment.
The following are a few examples of technology-based business models gaining prominence:
1. Targeted Marketing
2. Personalized Product Selection
3. Seamless Purchase Experience
4. Customer Retention and Loyalty
5. Supply Chain Management
Brick-and-mortar stores will continue to embrace digitization and dominate the retail channel in the country for consumers, shopping at their convenience will endure extraordinary growth in online sales in the future.