According to retail experts due to the scare of coronavirus and upcoming retail norms it will lead to a rise of ‘phy-gital’ retail in India. Kumar Rajagopalan, CEO of the Retailers Association of India says though physical stores will be needed, retailers have to figure out a combination of the two to survive. Nitesh Giria, Girias Investments advises retailers to incorporate technology on the shop floor. In his stores, real-time virtual demonstrations of consumer durables have been introduced for customers.
However, to achieve this, support from the banking sector and the government were crucial for recovery, says Anantha Padmanabhan, Managing Director , NAC Jewellers. Until then, retailers will have to look at sales of small-ticket items to keep up the revenues.
To get customers back, retailers will have to put standard operating procedures in place and instill confidence that a store is safe to step in. They will have to think in terms of what will work best for them – click and collect, door delivery or online shopping or in store shopping. Also, retailers will have to consider diversifying as customers may want to visit fewer shops to get everything they need.