Pandemic reorganizes Indian retail as trends emerge
The COVID-19 pandemic dramatically spiraled e-commerce purchases in India as more consumers bought goods online during 2020. As per a Techwire Asia report, consumers purchased everything from fast-moving consumer goods (FMCG) to fashion, online leading to a 36 per cent rise in e-commerce purchases volumes in the last quarter of 2020. Retailers also shifted operations online as many new retail trends emerged.
Quick delivery
Shoppers witnessed a rise in the trend of same-day delivery. Businesses providing one-hour deliveries gained immense popularity, especially those in groceries and pharmaceuticals segment. Many retailers refurbished closed stores as local fulfillment centers during the pandemic. This is likely to further boost same-day delivery trend.
Digital payment systems
With 79 per cent Indians opting to go cashless during pandemic, Unified Payments Interface (UPI) emerged as a safe, instantaneous, and contactless form of payment. The payment system allows customers to instantly transfer money between any two parties bank accounts. It is likely to soon take over as India’s most preferred form of payment, whether for online or offline purchases.
Virtual shopping experience
Indian retailers are also using Augmented Reality (AR) to allow customers to virtually try products on before deciding on purchasing them. AR can be used for all products including clothing, accessories, or cosmetics. It is highly convenient for online shoppers as it can also be provided as a service on websites or mobile apps.
Personalized services
Customers prefer to buy from brands offering personalized services. They expect brands and companies to customize products and services according to their likes, preferences, and interests. This can be achieved through efficient data management that enables brands to make the right decisions and ensure a satisfactory customer experience.
Creating mobile optimized content
Indians consume most digital content on mobiles these days either through reading material, social media, video, or music. This has a major influence on their purchase decisions. Most of the content pushed out online today is mobile optimized — including the way ads are served, and the customer’s journey from the ad to the shopping cart.
Tapping potential in smaller towns
Smaller towns offer great potential for e-commerce growth. However, shoppers in these towns do not prefer the online shopping mode. To coax them, retailers need to introduce customized strategies that focus on creating jobs, setting up warehouses, last-mile connectivity, and make vernacular content available. Brands can also install large screen in their stores to enhance the purchase experience. They also need to make digital payment modes available in stores.
