The retail industry in India is in the midst of a paradigm shift, transitioning from an unorganised sector to an organised venture. Small enterprises are working towards the formalisation of their companies for a better growth prospective. The ongoing Coronavirus pandemic has furthered the shift towards organised industry since retailers have been forced to adopt technology and automation to forward their businesses.
Added to this, companies are now looking to hire tech-savvy people to cope with the ever-changing environment. Moreover, customers too are now looking for alternative mediums to shop as well as a variety of items which they can buy online. This clearly shows that the future of shopping is going to be technology-driven.
Another prevalent emerging trend in the retail industry is application-driven shopping experiences. End consumers now prefer mobile apps while shopping since it eases the process for them, while saving time – for both the buyer and the seller. Mobile commerce has enabled retailers to adopt various tech-based marketing techniques as well. The sellers now get a ‘personalisation’ option to market their products to potential customers. Not just that, a one-to-one connection is also built over such a marketing approach.
Revenge Shopping
Retailers in India are currently expecting a surge in revenge shopping across various segments. The buyers were restricted to their homes last year with a cut in disposable income for many. As a result, industries witnessed a massive downfall in their sales numbers; expecting a V-shape recovery in 2021. The outcome of this wishful thinking would result in a huge boost in the Indian economy.
However, some sectors have already seen a sharp recovery in their financial data that went negative last year. One of the biggest jumps was seen in the food & beverages industry. This has resulted in various governments cutting down the subsidies options given to various brands in this sector.
New Trends
Social media marketing, especially involving influencers of various niches is another one of the most trending techniques in the retail sector. Currently, we have online creators for almost every industry out there in the market. Earlier, the scenario was a bit different as influencer marketing was restricted to limited products/services only.
Coming to the informal retail sector, they turned out to be the heroes during the Coronavirus pandemic as they did tremendous work. They are expected to do so in the coming times as well as they come with the leisure of convenience to the customers. People in India still love to visit their nearby small shops and outlets for busying basic household products. This practice is here to stay, especially when it comes to Tier II or Tier III towns and cities. However, we may witness a dynamic shift in these areas as well when internet accessibility and its penetration increase throughout the nation.
The retail sector in India has seen various switches over time and they will keep evolving just like any other industry contributing to the GDP of the country.
