2018-2020 will witness massive technology development which shall considerably impact the Indian retail industry.
The future of retail will be focused on seamless shopping experience through AI and big Data integration.
Personalized experiences: A blend of technology and personalised toivh will offer improved customer experience. Customers are more likely to shop at a retailer, in-store or online, that recognizes them by name, preference and past shopping. As technology is evolving, brick and mortar stores are slowly closing their doors. The experience is becoming more and more common, and this type of service is no more limited to Retail industry only. These days, small retailers are focused on shortening the gap between the personalized in – store experience and shopping online.
IoT: The internet of things (IoT) is moving beyond the hype cycle, as many retailers are turning possibility into reality. Internet of things offers great opportunities here. Retailers are slowly and steadily adopting Internet of Things across various applications like that of store operations, reduction in theft, improving purchases through various methods, helping store inventory, and most important of all, helping enhance the overall experience of the customer.
Omnichannel: Future of retail will be just commerce as the line between physical and online stores will keep on diminishing. Data driven retailers will move towards offering seamless shopping experience to the customer offline and online giving greater convenience to buy or return. An omnichannel model gives customers the best of traditional shopping. Customers are getting smarter with each passing day. Consumers now have more than one way of going about it. And it is because of this that brands are now not restricted to one channel of retail. Brands these days have a number of channels for retailing – outlets, social media, and online stores. Though it is effective in its own way, a multi- channel approach does not communicate the exact message to the audience. This is where omni- channel comes into play – with an objective to provide a seamless experience to the customer. The advantage of omni channel is that it is trying to bring online and offline closer. It was thought earlier that online platform is an obstacle to the offline platform, and vice versa. But, Omnichannel has created a pool for cross – channel sales.
Social & Location Search Integration: With more and more people spending time on social media, brands are taking into consideration their buying patterns, along with integrated location mapping and helping customers buy the products. Data is becoming one of the powerful ways to connect with customers. Brands know this and they have integrated recommendations across the buying experience. The brand uses the data to decide what the customer wants to purchase next. This not only helps in increasing the sales of the brand, but it also shows that the whole process is seamless and the brand also caters to the needs of the customer.
Payments: Technology has helped in reinventing e-commerce. It has opened a wide door for the audience and brands to engage with the customers in various ways. Payment is becoming a commodity in the commerce experience. Easy check out with various options is another driving factor in retail. With digitalization picking up, many Fintech companies are offering numerous offers which shall be the key towards how customer will transact in the future. Consumers are now expecting a frictionless checkout experience along with the same level of safety across all the platforms and devices that are there today.
