The retail landscape in India has undergone a significant transformation over the years. The rise of online shopping has been a game-changing event for the industry, leading to a dramatic shift in what consumers expect. Nowadays, customers seek enhanced convenience and personalisation when they go shopping in physical stores.
A key report by Shekel suggests that 75% of consumers are more inclined to shop with a retailer that offers a personalised shopping experience. Needless to say, many brick-and-mortar stores in the country have accelerated their pace of technology adoption, aiming to create engaging and exciting physical retail spaces – ones that surpass conventional shopping experiences. The establishment of experiential retail stores is becoming more prevalent, aiming to engage customers at every step of their retail shopping journey.
New-Age Technologies
Data Analytics and AI: Notably, new-age technologies such as Data Analytics and AI are playing a pivotal role in driving this change. These tools are being effectively utilised by retailers to understand the distinct preferences and buying behaviours of individual customers. Armed with this information, they are able to provide personalised recommendations, offers and promotions to each one of them. Apart from driving sales, this also enables brands to establish meaningful connections with their customer base through targeted email marketing, ultimately leading to enhanced loyalty and customer satisfaction.
AR & VR: Furthermore, retailers are increasingly adopting Augmented Reality (AR) and Virtual Reality (VR) technologies to create highly engaging and immersive retail environments. These technologies allow consumers to creatively visualise products, virtually try them out, and even receive personalised recommendations based on their preferences. Some brands have also integrated cutting-edge digital displays and intelligent touch screens into their stores. These interactive displays enable customers to conveniently explore product information, view photos, access exclusive offers and promotions. They also provide customers with the opportunity to design and assemble their own wardrobes, living spaces, and more. Additionally, the use of AR-VR enabled smart mirrors is gaining greater traction among the retail fraternity. These mirrors deliver personalised recommendations and seamless product exploration, enriching the shopping experience for customers with a touch of uniqueness and delight.
IoT Devices: The use of IoT devices has also become widespread, enabling retailers to build smart, interconnected stores capable of monitoring and controlling various aspects such as lighting, temperature, etc. within their store environment. Other IoT-enabled devices such as smart shelves and sensors allow retailers to gather real-time data on products, equipment and customer behaviour. This valuable data can then be utilised to further optimise inventory management, boost store performance and enhance overall customer satisfaction. Expanding the scope of IoT applications, cutting-edge smart carts equipped with scanning and weighing capabilities are now being introduced. These carts facilitate efficient payment and self-checkout. Moreover, this technology can be strategically harnessed to offer personalised discounts to customers as they enter the store, particularly for products they might have previously browsed on the store’s e-commerce platform.
Using Technology for a Faster Checkout Experience Another key concern of shoppers that retailers are trying to address through technology is the frustrating, long queues at checkout counters. As per an Accenture report, customers who have had an unsatisfactory shopping experience are 3 times more likely to avoid future purchases from the same retailer. To combat this issue, many brands have strategically placed self check-out kiosks throughout their stores, enabling customers to independently scan and pay for their items in just a few simple steps. Additionally, the introduction of RFID-enabled checkout solutions has further streamlined the check-out process, minimising any inconvenience to customers. Thus, self-checkout technology has successfully empowered customers by granting them more control over their shopping experience, ultimately resulting in heightened levels of overall satisfaction.
Clearly, technology is revolutionising the retail shopping experience with its boundless innovation and creativity. It is empowering retailers to efficiently cater to the needs of their target customers by offering the right products at the right prices, exactly when they are needed. Embracing these innovations not only guarantees enhanced customer satisfaction but also fosters unwavering customer loyalty, thus paving the way for a thriving future for Indian retailers. Moving ahead, as technology continues to evolve, we can expect to see even more innovative ways to use it to create more seamless and personalised shopping experiences. This exciting prospect will enable Indian retailers to not only keep pace but also outshine their competitors in this rapidly transforming retail landscape.
