Omnichannel marketing strategy needed
The Indian e-commerce market is expected to become the fastest growing business in the world driven by the robust investment and the rapid increase in the internet users, V K Saraswat, Member – Niti Aayog, told the inaugural session of Virtual Series “Retail 360° – Future of Retail” organized by PHD Chamber of Commerce and Industry.
The FMCG sector growth was also a reflection of positivity recorded in the overall macroeconomic scenario and opening of the economy and easing of lockdown restrictions, said Saraswat at the forum on 21 Jan 2021.
The Indian Retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players, he said while giving an overview of the industry.
Saraswat emphasized that e-commerce is expanding steadily in the country and customers have the ever-increasing choice of products at the lowest rates, adding that e-Commerce is probably creating the biggest revolution in the retail industry, and this trend is likely to continue in the years to come.
The long-term outlook for the industry looks positive, supported by rising income, favorable demographics, entry of foreign players, and increasing urbanization, according to Saraswat.
But he underlined the need for omnichannel marketing strategy, finding the best technology solutions, and retaining and engaging employees as retail has the highest employee turnover rate.
While discussing the major challenges faced in the retail industry, he explained the 10 prominent technologies that could remake warehouse operations which included multi-shuttle systems; analytics tools; optical recognition; conveyor connection; management systems; smart storage; 3D printing; swarm AGV Robots; smart glasses and picking robots.
The supply chain management needs to be at the top priority for strategic development for smart manufacturing and forecasting and coordination plans. The global retail industry has undergone many changes and transformations, most of these changes have been felicitated by technology. The rapid consumerism of technology has impacted the Indian Retail industry and the current landscape is marked with developments that are as shocking as real, he pointed out.
Addressing the forum, PHDCCI President Sanjay Aggarwal deliberated about the effect of the pandemic on the retail industry but, there is a rise in the usage of e-Commerce platforms and consumers spending. While the retail industry is one of the fastest-growing sectors of the country and India can be seen as the hub for retail space for the future, Indian retailers are faced with a multitude of challenges from customers and the government side, he highlighted.
Aggarwal sees the need retailers to focus on transforming to succeed in a new business landscape. The challenges would be to cater to consumers via their preferred channels and to build business resiliency to operate smoothly during any future crises.
Digitalization is increasingly playing a major role in shaping the future of the Indian Retail Sector. Retail companies across the globe are prioritizing the health and safety measures of their workforce, enabling a remote working environment wherever possible.
Further, Aggarwal emphasized that retailers have the opportunity to imagine or seek out new partnerships and new retail categories including product and service categories that consumers didn’t know they needed. To seize this opportunity, it is time to rethink partners, suppliers, and alliances and examine ways to serve low-end customers while exploring new markets.
PHDCCI Retail Committee Chairman Shashvat Somany noted the paradigm shift in the retail industry that has allowed smaller retailers to rethink how they do business, gain new revenue, engage with existing revenue and create efficiencies.
Retailers today are looking to get a competitive edge and know that the key lies in providing the best customer experience possible, he observed.
The invaluable 360-degree view of the Retail Industry, now being called Retail 360° enables retailers to leverage the different aspects of data and technologies to make smarter business decisions.
Retail Committee Co-Chairman Saurabh Bansal pointed out that the future of retail is in a period of change since the advent of online shopping.
He further highlighted that retailers are expected to keep their consumers engaged across every channel of shopping and ensure that they offer too many benefits to be replaced by online shopping entirely.
“It will be important for these companies to stay attuned to the shifting habits and needs of consumers to continue thriving,” stressed Bansal. #e-commerce #retail #markets #manufacturing #industry #investment /fiinews.com
