In the current era of concentric shopper expectations joining hands with technological advancements, the Indian retail industry is in the eye of a profound retail tornado. The marriage of technology with ingenuous strategies is adding a new dimension to retail tactics. This is giving rise to an ecosystem of unique business intelligence empowering consumers and retailers, alike. Retailers are progressively harbouring innovative principles to create a memorable shopping experience, while keeping revenue generation and cost reduction into contention. This has given rise to the below set of trends to capture the essence of change:
Personalization has become increasingly important
Personalization in retail is no new toy- it has been around for years now. Yet, the tactics retailers once used have evolved greatly to suit the demands of the modern market. Old tropes are beyond their shelf-life and apparent in the vision of smart customers. The search for personalized shopping is growing increasingly, so we see retailers testing new ways to appeal to this desire. Personalization is not just for big conglomerates, trying to cash into the hype. Smaller retailers are taking advantage of this trend through targeting users with content tailored to their preferences, and using location-based technology such as beacons to push personalized offers to customers’ portable devices. Such ways help in tapping into the core of consumer psyche and leaving pertinent messages there.
The emergence of 24-hr delivery
Free delivery has been updated from the status of an optional luxury to a requirement in today’s date. Convenience is the king as consumers might not want to actually make the trip to physical locations, but they still want the instant gratification- they want their products to be delivered in a jiffy. Often, immediate demands crop up owing to urgency of requirement- consumers can demand for their products on an immediate fashion, based on the exigency. The best way to accommodate this is through same-day shipping and subsequent delivery. In spite of the burgeoning issues on implementing same day shipping- the practicality of it is being inspected minutely, it’s obvious that shoppers’ demand for lightning-fast delivery is here to stay.
Investing in omnichannels is big
Omnichannel is now the standard ally, with retailers investing in their omnichannel strategies to augment growth, in terms of revenue and exposure. In the past years, Indian retailers were be seen pushing their strategies further than ever before, in the pursuit of essentially a seamless shopping experience. The heavy usage of Snapchat and Instagram by retailers hold testament of the importance of congregating multiple channels to funnel out a singular, mass-targetted message. Infact, the number of retail-centric apps is steadily increasing, and we can expect merchants to leverage them to stay competitive. Today, Aside from shopping across multiple channels (i.e., ecommerce, mobile, social alongside brick-and-mortar), consumers are demanding for special concessions and tailor-made preferences. To supplement these, more retailers are relying on apps and third-party solutions, giving rise to an interconnected world of retail.
All the above advancements are a result of human sweat and toil to achieve an enviable tag of India shining. In the upcoming years we are set to see more proactive approaches as the landscape of Indian retail keeps adding tapestries of progress.
The article has been penned down by Tinku Singh, Group President& Chief Strategy officer (CSO) SRS Group