'Multi-Channel Approach' to drive the future of Indian retail sector: Deloitte Report
08 December 2021, Mumbai:
The future of the retail sector will be defined by a multi-channel approach where online and offline channels will support each other, the report noted. The sector will see a blend of brick-and-mortar stores with online selling platforms, with both likely to continue to grow in markets like India.
“Today’s consumer is a convenience-craver, who is looking for value, instant gratification, range, and assortment across any channels he/she shops at. Covid-19-induced lockdowns over the past 18 months have dramatically changed shopper journeys and behaviors,” Rajat Wahi, partner, DTTILLP, said.
According to Wahi, from online research and buying to increased preference for comfort and digital payments/e-wallets, home delivery and ease of returns, internet-based shopping trends are likely to continue even as malls and shopping centres open up.
“Technology acceleration and adoption across the consumer and retail industries will continue to play a critical aspect for surviving and thriving in the new normal and coping with the rapid changes. In addition, retail businesses will need to continue to focus on the in-store and online customer experience-led engagement to cater to a new, tech-savvy, and conscious consumer. Successful brands will have to maintain the right balance between the online and offline channels as we move ahead in a data-driven economy,” Wahi added.
The report also highlights how large technology platforms are enabling the rapid transformation of retail, from Google Cloud and AWS to SalesForce Commerce.
The transformation makes it easier for retailers to leverage these platforms to expand their online businesses through advanced analytics, better forecasting and demand planning, deeper connection with their shoppers and business partners Financial Express (The news article has not been edited by DFU Publications staff)
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