In today's fast-paced world, the retail industry has undergone a massive transformation, driven by the adoption of new technologies and changing consumer preferences. One of the biggest challenges that retailers face is the preparation and execution of festive sales. With the surge in traffic and orders during these peak periods, retailers must ensure that their technology infrastructure is robust, reliable, and secure.
According to a recent report by Statista, in 2022, retail e-commerce sales were estimated to exceed US$5.7 trillion worldwide, and this figure is expected to reach new heights in the coming years. India's e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026 according to a report by IBEF.
In the context of festive sales, a report by Accenture states that during the festive season in India, online retailers experience a surge of up to 80% in traffic and sales compared to non-festive periods. This massive increase in demand puts a significant strain on retailers' technology infrastructure, with up to 30% of festive sales lost due to technology failures, according to a report by Gartner.
In light of these statistics, it is crucial for retailers to have a robust and reliable technology infrastructure in place during festive sales. In this context, Lowe's India is leveraging innovative technologies like Al and machine learning to enhance its technology preparedness and testing during festive sales.
Minu Sirsalewala, Executive Editor - Special Projects delves into Lowe's India's approach to festive sales, their technology infrastructure, and their efforts to balance innovation with reliability, all of which provide insights into the future of retail technology. In conversation with Mayur Purandar, VP Enterprise Architecture, Lowe's India. Excerpts:
Tell us a bit about festive sales and what makes it challenging for retailers?
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