Technology has always played a major role, creating a massive impact in reviving the Indian retail industry, bringing it renown and repute. It is assisting Indian retailers to become highly equipped and advanced in the way they enhance the experience for consumers.
The Indian Retail Industry is said to be one of the fastest growing industries in the world and technology has emerged as a helping hand to the industry. The world has seen a transition in retail planning–with the industry going from being product-cantered to being customer-cantered–and retailers are leveraging technologies to reach the modern shoppers.
Over time, Indian retail technology has transcended from an aspiration to an expectation and has wedged itself securely between consumer and experience to create an everyday interface. Resulting of retailers today are not competing with retailers anymore; Instead, they’re competing with different technological interventions in order to be the most competitive in the world. With growing competition, it has become vital for retailers to innovate continuously and implement innovative technologies to fulfil today’s demanding customers’ needs.
To stay relevant in a highly competitive market, every retailer needs to stay on top of technological advances and also learn how to exploit these technical innovations to forward their business goals. Retailcore technologies provide one such services and products. The emergence and the transformational growth of the Retailcore technologies have unleashed powerful forces that are eventually and successfully reshaping the retail industry at a transformational speed. To succeed, today’s retailers offer a seamless shopping experience across all channels-and should not lose track of their customers. Over the past few years, Retailcore technologies have evolved and benefited many retail businesses in India.
Today, the entire retail ecosystem has smartened with technology. There are so many things one can experiment with if a retailer uses technology, for example: home delivery, brand optimization options, smart shelves, smart displays, in-store services, supply chain optimization, logistics automation to name just a few. Then there are wallets, point of sale data, social networking–where you can home in on complaints and get appreciated. All this is driven by the retailer into applications where the consumer sees, feels, asks the retailer questions and eventually buys the product.
Giant players of the retail industry have accepted technology with arms wide open to captivate and secure customers and have optimum used technology to optimize their business. Whereas small retailers, most of them belonging to the unorganized sector, are yet to adopt technology to be adept with the changes and technological innovations taking place in the retail market.
Technology trends that continue to impact the Indian retail industry are:
IoT (Internet of Things)
IoT has big implications for the in-store marketing efforts of retailers and brands. Connected devices aren’t just changing the way consumers live, work and play–they’re dramatically reshaping the entire Indian retail industry. The IoT movement offers retailers opportunities in three critical areas: customer experience, supply chain and new channels-revenue streams.
SMAC (Social, Mobile, Analytics & Cloud)
The relationship between consumers and enterprises has never been as intrigued as in the 21st century. As digital technologies augmented by SMAC are creating new touch points for enterprises to awe their consumers, there has been an evolution in consumer experiences. Social, mobile, analytics and cloud or SMAC are the nexus of forces, which are reshaping how consumers experience a brand.
Omnichannel Retail Adaptation
Omnichannel is a term that extends and supersedes multi-channel. Multi-channel (or cross-channel) refers to delivering content and considering consumer experience on more than one channel. Omnichannel is about understanding and optimizing for the entire journey across all channels.
Today, retailers are constantly finding innovative ways to draw insights from the ever-increasing amount of structured and unstructured information available about their customers’ behaviour. Data gathering, and analytics are playing a key role in evolving business models in retail. Usage of data and analytics to better understand consumers in the form of branding, product management, leveraging loyalty card information to tracking customer buying behaviour and making better pricing decisions are the key factors. Collecting and leveraging customer information to provide personalized recommendations is the norm going forward.
What to expect from the future technologies for Indian retail sector?
Retail sector riding high on technological innovations is set for great leaps. Some of the most promising futuristic technologies that shall disrupt the retail arena are:
• Social E-commerce shall take leap with consumers transforming into influencers and impacting the overall retail revenue stream
• Customer identification and contextualization that can deliver a highly personalized experience.
• These technologies promise to better equip retailers for turning prospects into a buyer and a buyer into a loyalist, while simplifying the entire sales cycle.
• IoT led delivery devices may make space for shorter delivery cycles (drones, robots, etc.)
• Augmented Reality shall provide a new face to omnichannel consumer experience.
• Renovating Brick and Mortar stores as emotion-experience centres with advanced elements like AI- enabled virtual mirrors.
• Significant advancements in natural language processing shall take the understanding of conversational retail a notch above
On an end note, Retailers need to use advanced resources to create an immersive brand environment and an expert level of service that others cannot match.Only by doing this can they hope to succeed in the brave new world of the future.