Mapic

In the past two years, the entire retail dynamics altered significantly due to the pandemic-related disruptions

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. The retail industry is expected to see a year-on-year growth of 10 percent to reach nearly US$2 trillion by 2032. India is the world’s fifth-largest retail market. It contributes more than 10 percent to GDP and nearly 8 percent to employment. In the past two years, the entire retail dynamics altered significantly due to the pandemic-related disruptions. 

Today, retailers are expected to accelerate the adoption of omnichannel strategy to operate proficiently amidst mobility restrictions, supply chain disruptions, and increasing competition. Increasing penetration of global brands has led to the emergence of new norms of loyalty for retailers where targeted marketing, personalised product selection, seamless purchase experience, customer loyalty programmes, and supply chain resiliency, have taken a 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. 

1. Targeted Marketing 

• Targeted marketing using AI-based predictive analysis of customer social media profiles 

• Digital marketing using micro segmentation to provide a personalised experience 

2. Personalised Product Selection 

• Integrating brand websites and mobile apps seamlessly for a whole digital experience 

• Artificial intelligence (AI) try-ons, virtual mirrors, and trial rooms to improve the product selection process in stores and online 

• Vernacular languages are being added to e-commerce systems to increase client accessibility 

• Smart beacons to track consumer movement inside the store and give personalised product information and discounts

 3. Seamless Purchase Experience 

• Optional multi-nodal payment methods, such as click-and-collect, mobile Point of Sale (POS), and e-wallets 

• AI-based precision marketing to implement a compelling omnichannel pricing approach 

• Reduced wait times in retailers thanks to self-checkout machines 

4. Customer Retention and Loyalty 

• Enhancing customer retention with blockchain-based loyalty programmes

 • Offering memberships to devoted customers, automating discounted pricing, and bundling services and products 

5. Supply Chain Management 

• Making supply chain and logistics services more responsive using IoT, RFID, AI, and robotics 

\• Real-time inventory management and planning for store evaluation using data-driven algorithms