Retail

Driving customer centricity, deeper engagement and higher sales, with technology.

THE FUTURE AS WE SEE IT

Future of retail we believe, is going to be about using technology as an insightful enabler for holistically personalizing and simplifying, the retail experience for today’s consumer. With the power of data, retail businesses can now know more about the consumer than before, with access to richer context (consumer lifestyle, shopping needs and preferences, payment and delivery preferences) to reach out to them and present relevant products and services. Technology helps create an integrated retail experience – from drawing inspiration and discovering products online to continuing with shopping and purchasing offline.

With Fashion retail, online social commerce platforms are becoming popular where people can follow influencers, draw inspiration from their network, stay on top of market trends and take data informed shopping decisions. Fashion brands are getting more exposure and visibility, from their online presence and influence.

Online marketplaces, connecting consumers and suppliers are creating new opportunities for more retailers & brands, to participate in the economy. Brick and Mortar shops are adopting smart POS systems and Inventory management systems that enable them to easily monitor stock levels, closely observe consumer demand in their neighborhood, analyse buying patterns and do pro-active hyper-local sales and delivery.

As per a survey by pwc in the retail sector:
56% shop at Amazon.com as per pwc.
59% want real-time personal offers designed especially for them.
70% of global shoppers still prefer to make their grocery purchase in store
60% of the global shoppers prefer buy books, music, games online
60% of consumers browse online before making an in-store purchase as per Nielsen survey
39% say that social networks provide their main inspiration for purchases as per pwc.

OPPORTUNITIES
Smart POS & Checkout
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Advanced Point of Sale (POS) systems for retailers, could do much more than automate billing, simplify payments and alert on lowering stock levels. A Smart POS could heighten retailer’s awareness on what products are being consumed most, what products if packaged together would create winning combo offers, how market demands change with seasons, how increasing or decreasing the price marginally changes consumer behavior, what brands attract high loyalty levels and other relevant insights that could enable the retailer to replenish right stocks on time and liquidate or return, others. This leads to effective supply chain management, lesser losses and higher profits. Data collected by POS, could also help retailers show relevant ads to consumers, driving engagement through meaningful ads and offers. Actionable insights from POS data can help multi-brand retailers to deepen relationship with suppliers; can help brand outlets and franchises to launch new styles based on changing market demand. Checkouts at large retail outlets can be automated with smart scanning of products, electronic bill sent to the customer’s mobile (email or app) and quick ‘peer to peer’ mobile payments.

Example: A large retail store, that has about 20 billing counters, can simplify and quicken the checkout process using Barcode / RFID detection & scanning of products, automatically generated electronic invoice and allowing payment via Mobile Wallets or UPI. Further, using continuous Machine Learning, the system could enable retailers to push relevant offers and deepen customer engagement.

Online Marketplaces
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Local businesses listings and eCommerce, have transformed how traditionally retailers & brands were running their business and engaging with consumers. Online Marketplaces (selling groceries, clothing, furniture, gadgets, home accessories and more) are serving as a platform for retailers, brands and consumers to come together and transact conveniently. Consumers have more choices than before, they can avail ‘lowest price guarantee’, as multiple retailers compete in offering the the most competitive price. Consumers can easily discover local produce, choose to buy and consume locally and help local retailers thrive, impacting local and global economy. With online marketplaces, Retailers and Brands, get more visibility, more reach and increased sales. Retailers, with the help of data can understand market trends, consumer behavior and buying patterns – to effectively sell and create contextual engagement with consumers. With digitized inventory management, retailers and brands can quickly supply as per changing market demands, take actions on lowering stock levels and replenish stocks on time. Online marketplaces are enabling newer, brick and mortar stores to also enter and participate in the economy.

Example: Peer to peer second hand sale platforms, enable consumers to fulfill their needs faster, by quick discovery of products that match their need, available nearby and falling within the constraints they are working with. Online platforms also ensure the seller and buyer profiles listed are verified and the transactions happening online are secure.

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