Digital, the way forward for Indian retailers as customers shun stores
The disruptions caused by continuous lockdowns in India’s retailer sector have been a wakeup call for all brick and mortar stores to adapt themselves to the digital ecosystem. This is especially the case for fashion retailers, the worst affected by the pandemic. Indeed, digital services enable retailers to acquire new customers, improve services to existing customers, and reduce cost of operations even during challenging times like the current pandemic. To explore the full potential of these services, retailers need to constantly innovate on their offerings and take the omnichannel route to enable shoppers to shop anywhere and at any point of time, wrote Sunil Nair, CEO Firework India in Outlook.
Emergence of digitally-competent retailers also benefits customers by providing them a variety of product choices, Nair writes. Digital channels help them form deep connections with retailers. Traditional retailers therefore, need to adopt new technologies for their digital -focused customers.
Social media platforms, livestream help make informed choices
Retailers also need to replace the collection section in their stores with data intelligence. They need to adapt to e-commerce mode of shopping to ensure a more interactive, personalized brand experience. Their stores need to be digitally-equipped to help brands drive sales and optimize costs.
Today’s shoppers are more informed. The availability of multiple sources of information enables them to choose their products more wisely than traditional shoppers. Technologies like e-commerce laced short videos provide them with easy access to product data ensuring a better shopping experience. They also benefit from a combination of shhopable video stories and live stream on retailers’ websites
Such services are increasingly influencing shopping choices of consumers, opines a Deloitte report on Digital Disruption in the Retail of 2020. The report states, over 56 per cent of in-store retail services are now influenced by digital. A 2016 Deloitte Holiday Survey adds, customers research products and their prices before buying. They also discuss product reviews and ratings on social media platforms, which largely influence their purchase decisions.
Positive shopping experience enhances brand loyalty
A customer with a positive shopping experience is likely to spend 140 per cent more on a product than one with poor experience, says the Deloitte Report. They are also likely to remain loyal to the brand for a longer period. Customer satisfaction has had a direct impact on sales growth, product sizes and customization services of 40 per cent of companies
Indeed, the Indian government’s focus on digital adoption and internet and penetration has helped retailers convert 150 million Indian customers into tech-savvy shoppers. They can further strengthen bottom-lines through efficient digital transformation strategies
