In 2020, the retail sector in India received US$ 6.2 billion from various private equity and venture capital funds.
With expanding consumer goods demand in various industries, numerous corporations have made investments in the Indian retail arena in recent years. Due to the introduction of multiple new companies, it has emerged as one of the most fast-paced and dynamic industries.
Scope of Retailing
However, e-commerce is growing steadily in the country. The trend will alter the retail industry, with a profusion of products offered at the lowest prices. In addition, businesses are utilizing digital retail channels to reach clients in tier II and tier III cities.
India’s eCommerce business might grow by 84 percent to $11 billion by 2024. This shift will be driven by mobile shopping, which might rise by 21% each year over the next three years.
Retail Industry in India: Past and Present
Retail in India has gone through several stages. The history of retailing dates back to the time when the barter system was prevalent. The introduction of currency stimulated business, and small entrepreneurs opened stores to sell medicines, groceries, hardware, and other items.
Small kiranas, or general merchants, formed an important part of people’s daily lives. As a result, retail became recognized as a professional activity.
This progression resulted in the rise of two types of retailing. The first is the store retailer, the second is the non-store retailer, and the third is the virtual shop or internet retail.
Scope and Importance of Retailing in India
Here are a few points that highlight the scope of the retail industry in India:
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Click and Collect Products
The ability to click and collect things will be the most interesting advancement in the future year. All you have to do is save your shopping list, and it will be brought to the counter for you. As a result, there will be fewer people in the store.
It will be a game-changer for overpopulated countries like India. As technology advances, businesses will be able to include each product’s details in QR codes, including prices, nutritional information, and much more!
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Omnichannel Assistance
Omnichannel support would make it easier for retailers to maintain the offline experience while still giving the benefits of internet portals. It will facilitate more purchases and provide customers with rapid gratification. You will be able to effortlessly do the following things:
- Buy online or have it shipped from the store.
- Book online or pick up from the store.
- Get access to infinite store aisles and fit catalogs digitally if they are not physically available.
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Changing Significance of Physical Stores
While this would vary depending on the kind of buyer, going out with family is still an event for the Indian consumer, particularly for clothes and jewelry. Unfortunately, eCommerce lacks the human touch that a physical business can provide.
People will still conduct extensive research, go shopping, and read product reviews. However, online data will make shopping in stores a lot better experience, and Omni channeling will help with the physical element of the business. You will be able to study many possibilities and get quick answers to your questions, just like in a physical store.
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Smart Mirrors
When it comes to clothes, smart mirrors will become more prevalent. These will employ artificial intelligence (AI) and virtual reality (VR), as well as gesture recognition, and will serve as your virtual changing room. As a result, the time-consuming process of going to a trial room is avoided.
A smart mirror will include several clothing designs based on your physical appearance and present options. It may also present you with several color alternatives.
Surprisingly, you will be able to link these smart mirrors to your social network accounts. This way, you’ll be able to take images, share them with your friends, and get their feedback when choosing things and apparel.
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Touchscreen Orders at Food Courts
Touch displays will be installed at each table in more food courts. Customers would be able to skim through all available alternatives without having to visit overcrowded counters.
Furthermore, to attract clients, food courts will provide some surprise products or attractive deals. Additionally, checkouts will be converted to self-checkouts, allowing consumers with larger items to complete their transactions more quickly.
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Cost Optimization
When deciding on cost centers, retail businesses are taking dramatic measures and overhauling their budgets.
Stores will recognize in the future that there is a significant potential for cost optimization in retail. D2C and local kiranas will ensure that their brand can supply desired products to consumers while staying under budget. In addition, there will be a greater emphasis on sustainability in the coming years.
Conclusion
Formal occupations near neighborhoods will be created by modern shopping. It will also develop employment that is gender agnostic and community-based.
Also, as Kirana stores become more sophisticated, the traditional errand boy service model will be phased out.
They will gradually transition to self-service outlets, and they will even urge the next generation to join the family business.
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