There is no doubt that technology has made a giant impact on the retail industry, and the transformation is only just beginning. What’s next for the future of technology in Indian retail business ? Our Retail Guru’s business consultant found that.
1. Increased Socializing
The store may be brick and mortar, but it still needs to have an online presence. Going online will help to build a brand and get the name out to more people. Engaging with customers on social media will help reach out to potential customers. Retailers can take a look at their consumers’ shopping histories, profiles, and interests to mine more details about them. Social media, if used wisely, can be a powerful tool to attract new people to buy the store’s products. Obviously, visual uploads such as photos and videos appeal more to people than a long page of text.
It is important to note that customers see the Facebook or Instagram account as a means of interaction with the retailer. According to Sprout Social, more than 1/3rd of people turn to social media for customer care rather than calling the store, sending an email, or visiting the website. So, don’t just use social media pages or groups as another advertising tool. With the proper dash of sharing knowledge, Search Engine Optimization (SEO), timely offers and a sprinkling of paid ads, they could establish your brand as numero uno within the community. Whether it’s about low prices, superior quality, or great service, let the ‘share’ inform other people about it instead of only self-promotion.
2. Big Data
I predict that the retail sector will be one of the most prominent to heavily use data and analytics in this decade. Analytics keep track of inventory levels, sales, and profit margins. Retailers can analyse the data and statistics to calculate trends and predict what may happen. They will know what day the most people show up, what day the least show up, which hours are the most busy, what products sell well, which ones aren’t selling at all, and a lot more. Companies have always used data as a basis for implementing changes, but the speed at which this data can be analyzed is unprecedented, with some results available for real-time viewing.
Big data Analytics can also figure out correlation between two related or unrelated events. Ice cream and juice are more likely to see an increase in sales during the hot summer months, while firecrackers spike during Diwali, or rather used to spike during Diwali, now that environment matters more than the sparkle.. That’s common sense but if its bullion pricing or a fashion trend, you may need technology to help you figure out. Big data is a game-changer in its own right. It has made its mark in retail through the use of metrics such as average order value, customer increase rate, total spending amount, and purchase frequency. Now, retailers can use analytics to gauge customer experiences and make changes as necessary. They can take decisions in a scientific and logical manner rather than relying solely on their instincts.
3. Mobile Payments
Cash may still be king in India, but mobile is soon catching up. According to Bluebird, there are almost 448 million mobile payment users on planet Earth, and Asia has the largest number of mobile payment users in the world. Thanks to banking apps that allow online fund transfers. Even the government is pushing for paying through mobile with the release of the UPI and BHIM apps. PayTM has become a popular form of online payment as India attempts its transition into a less cash (not cashless) economy.
Mobile POS systems, custom apps, and third-party apps are on the rise. Tech giants have rolled out smartphone apps like Samsung Pay, Google Wallet, and Apple Pay. I predict that smartphones will soon become more important than wallets.
4. Virtual Shopping
Through machine learning and artificial intelligence (AI), stores have gone virtual in an attempt to compete with e-tailers. Some fashion stores are already experimenting with ‘virtual trial rooms’ that allow people to try out apparel to see how it looks on them through their smartphone. A person just has to select the clothing or jewellery they want and the app superimposes an image of the dress or necklace on their body.
They can even check all the angles to see how it looks and if the size is appropriate. This allows people to decide what clothes or jewels they are going to buy even before entering the store. It also saves them the time of taking off and putting on many sets of clothes just to find the right one.
Those were four pieces of technology that will surely transform the Indian retail sector in the coming years. Some retailers are even looking into using drones for delivery and employing robots. It is up to retailers to give customers a reason to choose their store over others, and Retail Gurukul’s business consultant programe can help. We can offer tips on improving your retail shop’s ambience to retain loyal customers and reel in new ones. Your Digital Marketing budget needs to be increased. How are you going to spread it around? Facebook? Google? SEO? Talk to us to get a feel of the latest in Digital Marketing.
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