Growing at a CAGR of 13%, the Indian retail market is projected to double over the next four years to reach $1.08 trillion by 2020 from the current $585 billion, and the share of organized retail will increase from its current 7 percent to 24 percent. With retailers in India focused on delivering the right shopping experience, technology’s role as an enabler is becoming very significant.
Ashok Ghose, senior vice president of Tata Teleservices says: The coming year will see the consumerization of technology touch an all new level, with consumers not just in control of brands but also open to new paths of purchase. Indeed, the era of digital consumerism that unfurled earlier this year is now here to stay.
Ghose describes top technology trends that will reshape the retail landscape in this year:
Business Intelligence: Telecom operators are increasingly applying business intelligence for enhanced consumer satisfaction, revenue streams and cost savings, and with adequate support from business intelligence, these firms are able to further monetize the mountains of data that flow through their networks.
Smart shelves/Digital Signage: Smart shelves can automatically monitor inventory in stores, and the technology then notifies the manager when an SKU is about to go out of stock. Digital signage display ads and price changes to stores in real-time, which creates target sales for consumers
Retail Beacons: Retailers can use beacons to automatically send notifications and discounts directly to shoppers’ smartphones when they enter a store. In this manner, stores can push relevant information to its customers without resorting to too many text messages and app notifications.
Share of Screen: Consumers are shopping across multiple platforms and devices, and brands need to continue to invest in implementing multi-channel loyalty strategies that deliver personalized and consistent experiences across them all.
Ghose adds that e-commerce is changing the face of Indian retail sector, and a growing number of consumers are flocking to online shopping alternatives. E-tailers are increasingly using social media in innovative ways to interact with their customers.
