With a population of around 400 million millennials, India will have the youngest population by end of 2020. Which means it’s a “Good News for Indian retailers!!” if you’re one of them.
The retail ecosystem of modern Indian markets is booming with new tech trends and innovations. This has become a new success mantra for retailers and companies to fish the rapid growth and conversions from Indian customers.
There are many factors driving the growth wheel of Indian retailers such as
- Demographic change
- Swift change in customer’s taste and preferences
For the repeated customers and strong business outcomes, Indian retailers are in the headlong rush to justify the customer’s needs and desires. But, even with the woosh change in customers’ tastes, preferences, and style, how some Indian retailers are saving their ships from sinking?
Here I have mentioned some key factors which will give you a sense of what the future of retail entails.
Also, the budding retailers can take it as life-saving tips to give a perfect head start to your business.
We are in the future now!
Wouldn’t it be great if the machines know your preferences? Well, here the AI comes in. Just by scanning your shopping history and search pattern, AI will sense your likes and dislikes just like your real mate! Be it customer relationship management or handling the logistics and deliveries of the product, AI has a way out to whizz up your business with the rocket speed.
Many big brands have already shaken hands with the AI and machines and now they are having the big bite of margins and profits by hitting the deadlines with more products in less time.
Social media presence is a new norm of the industry
Online presence is the new maddening. The Internet has the power to fuel up the growth engine of your business. Digital platforms like Facebook, Instagram and Twitter are the easiest way to ladder up to your brand into the spotlight.
The newborn trends and innovations in the online world such as
- Inspirational blogging
- Celebrity engagement
- Live stories
- Live videos
Are the new fishing techniques to attract the Indian audience for more growth and conversion.
This approach enables retailers to run the extra mile for their customers and helps them to reduce the customer’s efforts.
Creating the brand value is not less than surviving a battlefield, especially when your competitors are sniper ready to sabotage your game plan. In this scenario, retailer needs to open as many windows as possible for their target customers for a hassle-free shopping experience. They need to ensure that they are within the reach of their target customers not just through big shopping outlets, but also in all digital platforms
CEC :- The New Offline Tunnel
While E-commerce industry is spoon-feeding the customers with click shop and go facility, many consumers across the world still prefer to touch and feel before buying.
Retailers are making the right use of this opportunity by establishing “Customer Experience Centre” (CEC). This new approach enables customers to have high-end involvement with the products before making a purchase. This is the new offline strategy to wow the customers.
The Mobile app promotion is the new wave
Social media platforms like Facebook, Instagram and twitter has a gigantic influence on millennials.
Surveys are speaking that 70.7 percent of millennial in India prefer to go with mobile app shopping rather than visiting the shopping outlets. The sudden ads that lands in while online streaming is the new catch to drive revenues with less working