Retail industry is transforming towards consumer centric culture from typical product selling culture, driven by highly informed consumers, rapidly changing consumer needs and competition landscape. Online channels (web and mobile) are growing very fast and store channels are gearing up to compete with online channels.
Sahil
The recurrent innovations happening in delivery mechanism of the eCommerce industry epitomises the level of changing consumer behaviour and expectations. Today a consumer wants everything on fingertips that too quick actually very quick! Betting on the stated facts, success of eCommerce firms today largely depends upon their delivery mechanism. Logistics industry has seen a significant boom over the 5 years and eCommerce has been the major catalyst behind it.
Handloom industry which makes up just over a tenth of India’s total fabric production has seen huge leaps and bounds over the course of time. With government’s constant revival initiatives to uplift this collapsing sector, it’s high time for handloom makers and promoters to shift gears. Many online marketplaces are now focusing on roping in local handloom designers and spirited entrepreneurs to ride the eCommerce boom.
With Indian consumer slowly but steadily moving towards mobile payments, the industry is likely to reach $6.6 billion market by the year 2020. With better security, attractive deals and discounts and ever-increasing smartphone penetration across the country, mobile wallets have created a parallel ecosystem in the online payments space. From investor’s interest to consumer demand, the mobile wallet trend is surely moving towards making India a cashless economy.
India is experiencing a phenomenal growth in the segment of mobile payments in recent times. With the ever-increasing smartphone and internet penetration across the country, mobile payment endeavours have successfully managed to change the payment habits of consumers. Significant splurge in mobile payment adoption has led to a disruption in online payment vertical and many solution providers are now betting at innovative technology which can enhance user experience by making their transactions seamless.
mPOS or mobile point of sale is not just a technology uplifting small businesses but more of a phenomenon these days. With the persistence of smartphone and the internet, businesses are beginning to realise the importance of transformation their transactions via mobile. Over the 5 years, mPOS has emerged as a common capacity in the payments ecosystem with increasing number of merchants who previously only accepted cash.
Indian sportswear industry is currently touted to be as the most attractive retail spectrum for many foreign players. The industry is already witnessing a drove of international brands booking their slots in this whooping retail facet. These overseas retailers, with an intention to tap the maximum of country’s lifestyle and sports market, have moved beyond the digital practice and have started expanding their roots by adding MBOs, EBOs and large format retail touch-points.
Adventure gear, a market that is been largely driven by global brands in India, is into its assessment phase at the moment. India stands tall when we talk about global adventure destinations across the globe and with the increasing adoption of adventure sports the market has reached an inflation stage. Not limited to professionals anymore, adventure sports have become a lifestyle by masses, especially by the millennial consumers.
Landmark Group, since inception, has been known for running a vigorous India-centric business strategy to increase the footfall in their departmental stores. A multi-channel business model with an unmatched international experience and a seamless supply chain network has always played a crucial role in giving rich dividends to its revenue.
Of course eCommerce today needs no introduction. The rising preference of online shopping has reshaped the economics of retail spelling a change in wholesale as well. Innovation is the backbone of the eCommerce industry and it tries to disrupt every offline vertical with injecting the digital model into it. Online shopping, online payments, online comparison, online discounts and the list go on and on. Now think about online wholesale options for retailers. Isn’t that amazing!
A comfortable leather lounge chairs placed instead of hard plastic chairs, systematically arranged lights instead of normal fluorescent tubes and beautifully designed fountains instead of cluttered shops. Well, that’s what we call a ‘lifestyle centre’ or in another words ‘a dressed-up mall.’
The sudden boom in luxury market is the main reason behind the proliferation of these lifestyle centres in the country. Established in 2007, Virtuous Retail (VR) is an institutionally owned developer-operator of community-oriented premium Lifestyle Shopping Centers in India’s top cities.
Online shopping, the most talked about segments of retail has undoubtedly shut all its critics betting upon the significant rise of eCommerce industry in the country lately. The millennial consumers and their drift towards online shopping clearly signify that online marketplaces are the ‘new-age bazaar.’
This phenomenal growth in online shopping has ignited a colossal demand in the online payment industry too. As smartphones are rapidly outdoing other shopping methods, the online payment industry is moving in the same direction.
Online grocery is one of the most exigent businesses when it comes to sustainability and operational mechanism. Irrespective of the never depreciating consumer demand, online grocery in India has seen huge leaps and bounds since inception. With big names such as Grofers and Peppertap facing tough time to prove its worth in the market, entry barrier for startups have become more difficult.
Transforming the definition of fashion, when it comes to men, the oldest departmental store of Mumbai, Akbarallys, is now aiming to disrupt the growing men’s fashion vertical. As today shopping has become a part of our day-to-day lives and consumerism is drifting back towards departmental stores, this retro-retailer is all set to tap the millennial consumers with its ‘new-gen’ approach.
Gone are the days when we used to spend our entire weekend hunting for trendy clothes and other fashion accessories at a mall. Moving beyond the barrier of just shopping online, some mobile apps have went ahead to provide shopaholics with a set of new services that eases offline shopping experience as well. These amazing apps help in not just getting what you are looking for, but also at a very comparative price points.
Blend a pinch of technology in retail and see the magic happening in no time. Looking at the influence of digital gadgets on consumers, the retail fraternity has surely accepted the metal of technology in retail. Infusioning technology in a retail business is not just about connecting a web page to the inventory. This is just the tip of the iceberg. The real dive comes while driving traffic to the website, hooking users with the products and providing a seamless shopping experience.
eCommerce is no more a buzz in the Indian retail spectrum. With regular changing behaviour of consumers today, hyperlocal services have surely taken the driving seat here. 2015 was definitely the year for hyperlocal marketplace as we saw a spate of well-funded launches happening in this space. But, still the industry is at a very fragile stage as sustainability in this business is not a cake walk!
Indian fashion landscape has always been driven by innovations and experiments. What started with traditional retailing further elevated to eCommerce echelon is now moving towards a new horizon. Online fashion renting platforms, in today’s time, have started building momentum betting on the changing consumer mindset towards rental models.