Rapid advancements in digital and automation technology have added new breakthroughs in the retail industry. Retail technology is now using innovations and digital solutions in retail and e-commerce sectors to enhance the shopper experience. So, we can say that integrating retail technologies in a business directly influences the customer experience. Now, both brick-and-mortar and eCommerce businesses invest in various aspects of this technology to meet customers’ expected shopping experience.
In India, the retail sector has seen several transformations and grown dramatically over the last decade. Post pandemic, we are witnessing a major reform in the retail sector. The quick adoption of technology by retail businesses is helping the sector’s growth in India. Hence, we can say that India has the brightest future in retail technology.
As per Kearney Research, India’s retail industry is projected to grow at a pace of 9% from 2019 to 2030. The market size of the retail sector is expected to be worth US$ 1.8 trillion by 2030.
This blog will help you in understanding the future of retail technology in India.
Yes, it will be bright and full of opportunities!
So, the retail business has been around for a long time in India. During the old days, markets and fairs were set up on the weekends and on holidays so that people could buy and sell things. But, over time, there became a place where people could exchange and buy things they needed. As the country developed, a more common type of retail business was set up.
In India, the retail market is expanding at a quick rate. India, with a population of over 1 billion people, is a very appealing market for retailers. India’s whole retail market is going to be worth $780 billion, accounting for 10% of the country’s GDP. So, there’s no question about the bright future of retail technology in India.
What Exactly Is The Retail Sector?
The retail industry is a type of economic sector that is responsible for the distribution of goods and services. Retail technology helps bring together businesses, traders, products, and customers. The most common ones are supermarkets, shops, and bookstores that are utilizing retail technology in a broad manner.
After understanding the changing consumer behavior, you need to employ technology that can bring value, efficiency, and ease. The use of proper tools and technology to push the boundaries of customer experience and retail innovation comes in retail technology.
Future Of Retail Technology in India
According to a recent report, India is one of the finest places to invest in retail space. Over the last 10 years, there is a big reform in the retail sector of India. In the coming years, you can expect a major transformation in the retail sector. Technology will be the driving force behind it.
Let’s Look at Some Retail Technology Trends of The Future-
- Sensors and cameras: Retailers are now using sensors and cameras to provide consumers with a better shopping experience. For Example, Amazon has created an Amazon Go convenience store network, in which feedback from cameras and sensors is combined with technology such as computer vision and deep learning. Users may simply pick an item and exit the store. There is no need to pay at the counter, no need for facial recognition, and no need for a product scan.
- Omnichannel Experience: In India, customers are constantly considering when, where, and how to shop, whether online, offline or a combination of the two. They want a smooth omnichannel experience. As a result, this combination of offline and online retail markets is going to increase. To improve the customer value proposition and experience, retailers will need to adopt such technology and strategy.
- Effective Supply Chain and delivery solution: Customers expect to be able to order everything with a single click of a button and receive deliveries in less than half an hour. Furthermore, customers desire a one-stop shop for all product and service requirements. People now don’t want to wait hours or days for their things to arrive. So, there is an urgent requirement for effective supply chains and delivery solutions. The future of retail in India will include capabilities such as speedier deliveries, AI/ML-based demand forecasting, IoT for real-time monitoring, and other similar capabilities.
- Robots & Automation: Retailers are going to use robots and automation technology in a more frequent way. When a consumer walks into a store, robots may recognize them and greet them. They can also use speech recognition software or touch screens to communicate with them. They make recommendations or even direct the consumer to the relevant aisle in the shop where they can find the product based on the interaction with the customer. Robots can also take a picture of a customer and save purchase information and other facts so that the robot knows them the next time they come in to shop and provides loyalty rewards or other targeted promotional offers.
To Sum It Up
The goal of retail evolution has always been to improve the in-store shopper experience. With the worldwide pandemic acting as a catalyst, digital change in the retail industry is accelerating across domains and verticals. It is now up to retailers to accelerate technology adoption in order to create a consistent consumer experience and maximize scale potential. Machine learning, data analytics, computer vision, augmented reality, and other tools will provide the best solutions for recent issues. The retail sector in India has seen several changes over time, and it will continue to evolve, just like every other industry contributing to the country’s GDP.
What are some innovations which will shape India’s retail future?
Augmented reality, just walk out shopping, face-based buying, artificial intelligence, process automation, etc. are the technologies that will change the future of retail in India.
How can retailers use technology to its full potential?
Retailers will need to redefine the fundamental nature and role of physical shopping to succeed in a world of growing technology. Technology can improve the customer experience while also lowering retailer expenses, but it will require modifications to the procedures and activity chain. Rather than simply automating their present business model, retailers should reconsider their entire value offer for brands, consumers, and staff.