Going forward, technology like ‘AI’ will be further used to get an integrated view of consumer behaviour. Preferences obtained from store and non-store-based sales and marketing channels will allow retailers to offer personalised and consistent experiences and will facilitate the seamless switch between channels.
Technology has always played a major role, creating a massive impact in reviving the retail industry, bringing it renown and repute. It is assisting retailers to become highly-equipped and advanced in the way they enhance the experience for consumers.
The Industry Growth
As per Euromonitor International’s recent retailing research, the market size of Modern Grocery Retailers in retail value sales at current prices (including inflation) was `603 Billion in 2017. Modern Grocery Retailers grew at 13.2 percent in 201617. The category is forecast to grow by CAGR 9.2 percent through 2017-22.
The search for a one-stop shopping destination keeps making consumers shift from traditional to modern retailing stores. Modern retail stores attract footfalls in their physical store in Tier I and Tier II equally, albeit for different reasons. Aspirational Tier II consumers look at modern retailers as places to experience the new age retail. Equally Tier II & III cities have lucrative geographies for expansion of modern retail.
This story is from the July 2018 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2018 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Here's How India Shops Online
Over 60% of people prefer shopping via apps over websites with a clear preference for marketplace apps
Why Are More And More Retail Brands Advertising Online?
Returns on investment ranging from 2%-10% from their digital ad spends is just one of the reasons why brands and retailers across categories are taking to online advertising
Mini Mall, Mega Experiences
Lulu Group’s first mini mall brings the best of retail to the aspiring consumers of the tier 3 town of Palakkad in Kerala
How Daalchini is Spicing up Micro Retail in India
Through its smart vending machines, the Noida-based company is offering 24/7 convenience to customers, reach to over 200 brands and new business opportunities to entrepreneurs
AI, Cloud and SaaS Play a Pivotal Role for Banjaaran Studio
Banjaaran Studio’s founder Meera Dureja on the brand story, business model and adding a modern touch to traditional shoemaking
How Myntra, Amazon, Shoppers Stop, Peesafe & Indiamart are Using AI for CX
From improving product recommendations and personalised fit suggestions to delivery, here’s how retail biggies are using artificial intelligence to offer delightful customer experiences
Store Launches Surge 23% in Feb
While the number of store openings increased, fundraises in the month dropped significantly
The Government Realises the Importance of Domestic Market
Rahul Mehta, Chief Mentor of CMAI on Indiasize, the government’s focus on domestic retail, industry’s asks and more
In 3 years, PepsiCo India Doubled its Previous 30-year Capacity
As the director of channel, customer and go-to-market (GTM) development for PepsiCo India, Anand Mohan Sharma has anger on the pulse of India’s consumption story—especially in the food and beverage segment.
A Look at the Indian Athleisure Market Play
The dimensions, driving forces, and potential of the Indian athleisure market