Technology Integration spurs growth in for retailers in India
This is one of the most important and more experimented growth trends in the retail industry in India. While the adoption of technological tools has been underway for quite a while in the retail industry, it’s scale rapidly expanded over recent years as businesses sought innovative technologies to gain a competitive edge in the market.Retailers in India are increasingly focusing on providing personalised shopping experiences to their consumers through omnichannel strategies exploring 3 trends:
- cashless and contactless digital payment modes
- hyperlocal marketing campaigns
- customized communications and offers.
Capitalizing on Government Initiatives and Policies for Retail Growth in IndiaThe government of India has been launching many nation-building initiatives over the last decade, to increase the prominence of the country as a key hub for manufacturing, trade and other sectors. These include initiatives like , , , and many more. The drive to promote digital transformation was essential to India’s digital strategy which has empowered several sectors including the retail industry in India to increase the database of customers that they can reach. The Central Government has opened the doors for 100 percent foreign direct investment in online retail of products and services. Moreover, small and medium sized players are being provided platforms like ONDC to expand their reach to both local and national customers, provide a more seamless customer experience and gain opportunities for retail innovation. Initiatives like the National Logistics Policy focuses on establishing India as a major trade hub with improved connectivity, better logistics infrastructure, enhanced digitalisation of the sector and better processes. The improvements brought about by this initiative will empower retailers in India by boosting their supply chain management capabilities for both their online and offline business strategies.
Improved Logistics Infrastructure for better growth in India’s retail industryLogistics plays an essential part in the end-to-end supply chain of any industry. The retail industry in India needs an ideal logistics operation that can empower them to maintain just-in-time strategy for the movement and storage of their products. This means that there are many angles that need to be taken into consideration when planning the logistics operations. It is essential to choose a logistics partner who can satisfy multiple aspects of the retail logistics operations, in particular, speed to market and inventory management. An ideal logistics partner should be able to provide retailers with:
- Improved transportation networks
- Temperature-controlled movement and storage
- Better warehousing and storage facilities
- Own delivery network and fulfilment centres
- Seamless last mile delivery empowered by digitalisation