Retail in India: Social Responsibility and Other Trends Players Must Embrace to Rise Higher in 2015
Some Facts and Figures: I) The estimated value of Indian retail sector in 2013 was no less than $520 billion II) Indian retail industry has ranked as one of the top recruiting industries in India III) Till 2018, the growth rate for retail in India should be around 13% and expected to become a $950 billion market IV) Food and grocery to occupy almost 60% of the entire retail market, followed by clothing and mobile devices
V) The young consumers, especially teenagers, will function as major driving forces for retail boom and usage of mobile devices in retail shopping experience is expected to rise significantly
The Bottlenecks: I) A long distance to cross before the international standards of retailing are met II) Cumbersome supply chain management III) Unpredictable consumption trends and inefficient human resource IV) Lack of automated infrastructure and distribution channels
The Major Trends Indian Retailers Should Embrace in 2015:
Omnichannel fulfillment is a must. While retail environment in the developed countries have taken significantly leap towards omnichannel fulfillment, India is still lagging behind. If the big fat Indian retail industry is serious about reaching the desired heights of success by 2018, the participants should promote and practice multichannel fulfillment, starting this year.
Mobile payment solutions (mobile wallets) should be more secure and seamless with particular attention to the convenience of mobile savvy, technologically sound, young consumers. (They really don’t like carrying cards or currency bills in leather wallets and they hate waiting in a queue). In‐store personalization for customers will keep retailers busy in 2015. This is something quite common in ecommerce sites and now the feature should go viral in brick‐and‐mortar retail stores. Using the Bluetooth Low Energy (BLE) technology, now retailers can deliver tailored notifications about new product launch, discounts, preferred purchases or discount coupons directly to customer smartphones, as per their previous purchasing experience. Customers will enjoy buying in‐store just the way they want, matching their personal taste. More and more technological integration to brick‐and‐mortar environment and improved store automation. mPos and cloud‐based shopping applications will empower retailers to go increasingly mobile in 2015. Relationship marketing and market revolutionizing strategies will dominate sale and marketing strategies in retail environment. Retail operations will be performed faster than ever before, thanks to customers’ demand for speedy operations, product tracking, purchasing and checking‐out. ] Social media will emerge as one of the most powerful touchpoints when it comes to improving product development, product marketing‐campaigning and delivering customer assistance. Read more for Updated information on Retail, Brand Management, Customer Analytics and Proximity Marketing Technology at Tickto Blogs ‐ http://tickto.com/blogs/