By Nikhil Aggarwal
When it comes to adopting new digital trends, India has never shied away from it, in fact, e-commerce was boosted due to tech advancements and shifting consumer behaviours. Over the last decade, e-commerce in India experienced a watershed moment – smartphone proliferation, increasing disposable incomes and affordable data plans – all contributed to the nation’s digital revolution. Digital adverse consumers soon became its evangelist with the advent of cash-on-delivery payment options. Today, India is one of the fastest-growing e-commerce markets in the world, with predictions to surpass $200 billion in transactional value by 2026.
As the country’s behaviour pattern changes, so too must the retail landscape, with a new paradigm emerging: the rise of omnichannel. The advent of multiple touchpoints across multiple platforms has completely transformed the digital shopping experience in India. Due to connected commerce, retailers can offer seamless shopping experiences across multiple channels, blurring national boundaries and physical and digital realms.
There are 700 million internet users in India, with 500 million users consuming videos across various platforms. Approximately, 190 million of these users are shoppers. This shopper base will reach 400-420 million within the next 3 to 5 years, and the retail experience must address this diverse consumer. The rise of omnichannel retail gives consumers the flexibility to browse, compare, and purchase products online, have it picked up at a store nearest to them or have them delivered straight to their doorstep. This has not only raised expectations but also consumer satisfaction, along with increased sales for retailers who embraced this new vertical model.
The future of connected commerce in India is a bright spot. Mobile penetration with significant growth of e-commerce, positions India as a leading destination in the omnichannel retail market. The recent Covid-19 pandemic, accelerated online adoption amongst consumers, prompting retailers to focus more on seamless shopping experience across all the channels – online platforms, social media, physical stores and mobile apps.
Let’s also not forget the demand for personalised yet convenient shopping experiences amongst the now digital shoppers. Artificial intelligence (AI) and machine learning (ML) will play a significant role in addressing this demand. Data is the new oil and retailers will utilise data analytics to glean significant insights into a customer’s behaviour, choice and preference. This will allow retailers to execute targeted marketing campaigns, across diverse customers and across different regions.
Recent findings reveal 93% of discerning consumers harbour lofty expectations for a hybrid journey, accompanied by seamless omnichannel experiences across diverse sectors. Hybrid shopping amalgamates the online and offline realms, birthing a customer-centric aspect that is both flexible and convenient. Within the retail industry, a mere 32% of enterprises have wholeheartedly embraced the notion of providing such an immersive experience. Omnichannel is no “trend” or “fad” but a competitive advantage, one that will undoubtedly separate the victors from the rest of the crowd in a matter of months.
The renaissance of in-store shopping has served as a catalyst for imaginative and ground-breaking endeavours aimed at elevating customer experiences across the digital and physical realms. In a matter of days, customers will bear witness to an array of digital innovations strategically integrated within brick-and-mortar establishments, encompassing interactive touchscreens, captivating displays, and tailor-made applications designed exclusively for in-store use. These additions to the shopping landscape serve to facilitate a more streamlined and pleasurable experience for customers. These concerted efforts not only bolster transactional efficiency but also nurture unwavering brand loyalty.
In conclusion, the emergence of connected commerce has undoubtedly sparked a transformative wave across the retail industry in India. The integration of physical and digital channels through the ingenious application of omnichannel strategies has gifted customers with a seamless and unified shopping journey. By skilfully eroding the boundaries that once separated the online and offline domains, retailers have catered to the needs and preferences of consumers, along with, embracing cutting-edge technologies like artificial intelligence and machine learning, retailers have further amplified the scope of personalized and convenient shopping experiences, heralding a new era of retail excellence.
The author is CEO at Campus Activewear Ltd.