Indian retail industry has emerged as certainly one of the most dynamic and fast paced industries because of the access of several new players. Total intake expenditure is expected to reach almost US$ 3,600 billion by means of 2020 from US$ 1,824 billion in 2017. It money owed for over 10 per cent of the country’s gross domestic product (GDP) and around eight in step with cent of the employment. India is the world’s fifth-biggest international destination within the retail space.
India ranked 73 inside the United Nations Conference on Trade and Development's Business-to-Consumer (B2C) E-commerce Index 2019. India is the world’s fifth biggest international destination in the retail space and ranked 63 in World Bank’s Doing Business 2019.
India is the world’s fifth biggest worldwide destination within the retail space. In FDI Confidence Index, India ranked 16 (after US, Canada, Germany, United Kingdom, China, Japan, France, Australia, Switzerland, and Italy).
E-commerce
E-commerce is increasing steadily in the country. Customers have the ever-increasing preference of merchandise at the lowest rates. E-trade might be creating the largest revolution in retail enterprise, and this fashion is likely to retain inside the years to come. Retailers must leverage digital retail channels (E-commerce), which would permit them to spend much less money on real estate while accomplishing out to more customers in tier II and tier III cities.
It is projected that by using 2021, conventional retail will preserve a major proportion of 75 in line with cent, organised retail percentage will attain 18 consistent with cent and E-commerce retail proportion will reach 7 consistent with cent of the whole retail market.
The upward thrust of online purchasing also poses a significant venture to brick-and-mortar shops. Online purchasing affords a personalised customer experience from the consolation of their very own home — or rather, any vicinity with a digital device and net access.
1. Increase Personalization
Many shoppers enjoy dissatisfaction or unwarranted guilt as they exit a shop empty-handed. Others may not be within the temper for interaction and want to keep or browse uninterrupted. Still others might also surprise why they can by no means find a save accomplice when they need help.
One easy, however innovative, technique through Sephora is the exercise of offering color-coded baskets to indicate whether or no longer customers would like assistance. While it's miles stated that this feature is best currently available in Europe, it is a remarkable example of bringing that independent, consumer-targeted shopping enjoy off-line.
Additionally, as social distancing continues, restricting face-to-face interactions becomes a new priority. Innovative methods to identify the ones in want of help could assist alleviate unwanted or unnecessary interactions among consumers and employees.
To improve the in-shop experience, different retailers utilize era to map in-shop site visitors. Identifying high visitors areas and common routes that customers take lets in stores to optimize their product placement and sales displays. Now, the ones busy regions come geared up with accessible social-distancing stickers, too.Up to 75% of today’s buyers opt for virtual receipts. When a client requests a digital receipt, they are probably to provide their excellent e mail address, which helps to growth the retailer’s attain and engagement potential. The capability to capture greater, valid emails and enrich customer profiles can be monetized in many ways inclusive of by way of sending smarter, extra customized post-purchase shopper communications.
2. Connect In-Store & Online Purchase Behaviors
A missing link for plenty omnichannel brands is knowing in-keep buy behavior. Customers are able to live anonymous whilst purchasing from physical shops, such a lot of stores warfare to connect their clients’ in-shop and online purchase behaviors. Retailers seeking to capitalize on in-shop transaction insights are increasingly turning to digital receipts. Store associates collect valid client electronic mail addresses on the way to offer a digital receipt, and this statistics can be linked to online client profiles to offer a complete 360-diploma view of buy preferences. At flexReceipts, we endorse following up the in-save experience with a survey to ask clients approximately their purchase whilst it’s sparkling in their minds. FlexReceipts virtual receipts capture 10 times greater survey responses than different methods.
3. Face Timeoppers Reasons to Come Back
Retailers can drive buyers returned into the shop by using embedding calendar reminders for upcoming income, in-keep events, new product releases, and extra inside their e mail communications (which include their digital receipts). Consider providing reductions with in-save bounce-lower back options. Just ensure to maintain it paperless: don’t require clients to print out the email so one can redeem the offer. Instead, make it simple with embedded barcodes or QR codes for smooth in-store redemption.
4. Face Time
Nothing beats a personal, head to head relationship between an expert retail representative and a consumer. Encourage these relationships by using providing social occasions at your shops and get creative! Williams-Sonoma attracts crowds with their cooking demos featuring nearby chefs. Saks Fifth Avenue holds invitation-most effective trunk shows, giving their pleasant clients a modern-day view of what’s in style every season. When you intend an in-keep event, don’t neglect to invite neighborhood influencers, who can help take your message past the four walls. According to Sociable Labs, 75 percentage of shoppers who read social sharing feedback approximately a product have clicked on the hyperlink of their friends’ Facebook posts, taking them without delay to the product web page or a retailer’s website. 53 percent of the ones customers ended up making a purchase.
5. Adopting Technology and Innovation
As the recognition and range of online shopping options keep to upward thrust, you may choose to take the method, “If you can’t beat ‘em, join them.” Consider adopting records analytics, AI chatbots and emerging technology to woo, interact and seize clients online.
A major task of online shopping is the lack of ability to try things on and see how they appearance or fit. This results in considerable charges for shops, as customers will often buy a couple of items, simplest to return many, if now not all of them. Clothing subscription companies attempt to turn this purchasing mentality into a commercial enterprise model, although they hope customized curation cuts down on returns.
One of the most promising technology trends in retail designed to lessen returns is using Augmented Reality (AR) to visualize merchandise earlier than purchasing.
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