Denave, Team, Designation
There is nothing off beam if one says that we are living in an era where everything ‘futuristic’ is doing a virtual handshake with its existing version. Quite evidently, technology has become like an umbrella, covering everything while redefining the current industrial models.
With innovation paving the path for the sectoral growth, we hope that interesting times are lying ahead. This is also significant as per the IBEF report, which says that India’s retail market is expected to grow at a CAGR of 10% i.e. upto US$ 1.6 trillion by 2026.
Let’s now see some of the major trends that are redefining the retail landscape lately:
Mobile Sales will continue to rise: According to Forrester, consumers will spend $152 billion by 2021 through mobile phones, which means about 24% of net online sales. Mobile retail sales are likely grow at a CAGR of 20.4 percent over the next five years – wherein mobile phones will directly contribute $1.4 trillion in offline sales.
Virtual Reality is here to stay: Use of VR to improve customer experience and engagement has been going on for a while now. As per a recent Oracle study, 78% of the retailers confirmed that they are planning to implement VR by 2020.
Social Selling will gain momentum: Social media channels provides cost-effective channel for retailers to connect with their consumers. This connection is becoming all the more important since it is evolving as a conversion channel a well – be it through providing recommendations to consumers or even for ensuring support services.
Chatbots are the new way: Having a significant potential to transform the way businesses interact with customers, chatbots are gaining significant traction day by day. By the incorporation of AI and machine learning algorithms to simulate human conversations, chatbots are definitely able to gather heaps of customer data. Retailers can leverage the analytics and use the data to personalize consumer shopping experiences.
Ecommerce growth is a stated fact: As per a noted industry report, global e-Commerce market will grow at a rate of 10.4% by 2020. In fact, India alone is expected to be a key driver behind that growth. For instance, around 350 million Indians are already online and the number is expected to reach 600 million by 2020, basis which the ecommerce preference will rise accordingly.
Omnichannel is the way: Ensuring presence in both online as well as offline setup has become a necessity for all the retailers now. With the rise of intelligent consumers and the demand for dynamic shopping experience, brands who can mark their presence in both offline and online setup will be the ones who will be the most preferred retail brands for the consumers as per their changing attitude.
What can you do?
Upskilling their domain expertise along with technical know-how is the only way to remain relevant in this dynamic era. Some quick tips to proceed in this direction:
· Become adopters of emerging technologies and practices instead of shying away from them
· Embrace an ‘analytics first’ approach, which essentially means putting a stats-driven decision-making system in place
· Become observant – retail is one of the most dynamic industrial spaces, if you miss the trend bus, you miss a lot
· Even when you adopt omnichannel approach – ensure none of the inclusive channel is ignored
Do you know of any other ways for sustaining and succeeding in today’s retail battle? Please share with us your thoughts in the comment section below.