E-commerce dominance soars as Indians embrace omni-channel retailing
AnujKejriwal, CEO & Joint Managing Director at Anarock Retail, remarked on how the Covid-19 pandemic catalyzed a seismic shift in India's retail landscape, elevating e-commerce to a cornerstone of consumer shopping habits. What began with irresistible discounts evolved into a lasting preference for online shopping, solidifying e-commerce's share of India's retail market. rising from 4.7 per cent in 2019 to 7.1 per cent by 2023, e-commerce is poised to breach 10 per cent by mid-2024.
Key to this transformation is the rise of omni-channel retailing, now indispensable for brands navigating the new consumer terrain. This strategy seamlessly integrates physical stores with digital platforms and mobile apps, ensuring a unified shopping experience. Originally pioneered abroad, India adopted omni-channel practices in 2017, with major cities like Delhi, Mumbai, and Bengaluru leading the charge through brands like Levi’s and USPA.
Statistics underscore the strategy's efficacy: Over 70 per cent of Indian consumers research online before buying offline, reflecting a preference for integrated shopping experiences. Brands like Fabindia, Lenskart and Nykaa have thrived by combining online convenience with in-store engagement, achieving impressive conversion rates and customer loyalty.
Even as e-commerce booms, physical stores retain their allure, crucial for nurturing trust and enhancing brand prestige. In 2023, a 60 per cent surge in direct-to-consumer brands opening physical outlets highlights their enduring relevance.
Navigating this landscape demands seamless inventory management, innovative fulfillment options like click-and-collect services, and personalized customer interactions. By embracing omni-channel strategies, brands not only meet but exceed the expectations of today's Indian consumers, ensuring sustained growth in this dynamic retail environment.
