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5 Latest Trends In The Indian Retail Sector

Let’s begin on a delightfully promising note – The Indian Retail sector is one of the fastest developing and advancing markets in the world. Even with a pandemic in our midst, the local retail industry is predicted to be worth more than USD 30, 000 million by the year 2023.

There are many reasons facilitating this progress. Many of them are related to new technologies, methods and trends.

So, here are top 5 trends that promise to continue taking our retail sector to greater heights:

1) Retail E-commerce

Naturally, e-commerce is the way to go under the current circumstances. But this trend was an inevitable one, regardless of the lockdown rules. With increased internet and mobile penetration, internet usage, and the inculcated habit of convenient shopping experiences, we can safely foresee 530 million shoppers fulfilling their purchase needs via online methods.

The top online market places in India include Amazon, Flipkart, Jabong, Myntra and Snapdeal among others. These leading online shopping websites facilitate thousands of small and mid sized merchants with reliable payment gateways, sale and delivery. This has resulted in a considerable boost in the local retail scenario.

Consumers are also able to choose from a larger variety of products, as unlike brick and mortar shops, there is no need to stock up before purchase is guaranteed.

2) Consumer Data and Analytics

Big Data is a vital aspect of focused retail efforts. Online retail is getting increasingly refined and sophisticated owing to exact details about consumer buyer habits, preferences and trends. Optimized, researched measures fuel the sector to achieve better customer satisfaction levels and increased profits for retail players.

Analytics also assist in managing inventory, forecast market trends, better customer engagement and price optimisation.

3) Awareness Via Social Media Platforms

Its the generation of Millennial and GenZ shoppers. Social media are huge influencers on this target group and many others. Spreading brand awareness has never been easier, especially via engaging and immersive content.

Advertising via social media is more effective than any other traditional promotional method. Striking images, entertaining videos and keyword-rich content make up the world of online advertising and effortlessly lead consumers to online shopping websites.

One can even promote product trends via social media, followed with online shopping links to complete the entire buyer process within minutes! Often undertaken by consumers over their smart phones.

4) Augmented and Virtual Reality

AR and VR tools, also known as immersive technologies are offering experience-based shopping and transforming retail as we know it. Imagine choosing an outfit and viewing yourself in it through a VR set, before purchasing. Technology such as this, not only enhances the customer experience but also minimizes loss incurred via returns and exchanges.

The visual aspect of AR and VR creates long-term impressions in the consumer mind, leading to better brand loyalty and a more pleasing customer experience.

5) Omni-channel Retail Customer Support

Speaking of customer experiences, the retail industry is forecasted to be further boosted owing to technology-led customer support platforms.

All the top retailers in India practice high quality customer support practices, largely outsourced to leading customer support service companies. With increased customer demands and needs, omni channel platforms are here to keep up with consumers, across age groups, geographical locations, sectors and languages.

A sound customer support system can be utilised by retail companies to conduct surveys, train and offer apt after-sales services to their valued consumers.

All these trends are designed to work cohesively and advance the Indian Retail sector, under every circumstance. Whether under the lockdown measures and even after, these full proof methods are here for the long run and lend a promising outlook for the retail game.