The retail market has always been one of the fastest and dynamic sectors in India but the unprecedented situation created by COVID 19 has made quite an impact on this sector. Despite the setbacks, the industry recorded 93 per cent of the pre-COVID sales in February 2021, but the second lockdown during the month of April, derailed the process again..
The pandemic has forced the industry to shift its business model and focus on online capabilities. The second wave has directly affected the production, demand & supply chain, and operations of the Indian retail sector. The disruption involves all the activities of reselling new & used goods primarily to the general public for consumption. The pandemic has also altered the consumption volume in the retail sector, with higher consumer preference for home deliveries rather than visiting stores.
Retailers have been experimenting with a myriad of ways to provide the best services to consumers. But they need to understand how they should use the technology and nd new innovative ways to build up the new business model, driving the business digitally along with their traditional methods.
Digitalisation: The New Deliverance
E-commerce has become the new normal, with government restrictions and lockdown, there is a decline in visits to the mall. There are so many brands who unfortunately couldn’t survive this situation and had to shut down their business, while others digitally transformed their businesses for survival. Digital agility created by such transformations is going to improve the service delivery and bring up the satisfaction of the consumers which will enable them to tackle the current and future challenges. The retail industry has started accelerating the technological revolution and started establishing its presence in the virtual world where we have seen more launches of websites, application and other digital portals.
Technology is changing at a very fast pace and is making huge contributions to the retail sector, especially in this pandemic situation. People are shifting their habits from Facebook to Instagram, blogs to vlogs (video content), Google to Pinterest and so on. Digitally transforming the Retail Industry will bring a revolutionary change in the eld of business and these have been witnessed by most companies who have joined this bandwagon. Technology adoption has been leveraged by the retail sector and here are different tools one can adopt for digital transformation.
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Destination Korea – In just a click!
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Superplum, a start-up backed by some of Silicon Valley’s most notable investors, is addressing Indian agriculture’s issues by building the country’s most sophisticated supply chain for fruits and fresh produce in the country. The company is bridging the gap between the farms and consumers by digitizing the fresh fruit industry.
Shopping Malls: Building A Social Connect
COVID has accelerated technology transformations in retail, but that’s not all. The pandemic has changed the facets of retail across segments, markets, channels and shopping malls too. Today malls are no more just a place to shop, but they have turned into ‘social spaces’.
SOUTH KOREA E-COMMERCE MARKETPLACE TO SURPASS $242.2 BILLION: GLOBALDATA
As the e-commerce trends continue to improve worldwide ahead of the pandemic. The Global Data reports stated that South Korea’s e-commerce market ranked among the top e-commerce marketplaces.
Surviving The PandemicLessons Learned In Online Retail
To understand the challenges and new lessons, roadmaps and constraints related to transformed e-commerce and Omnichannel retail, this session of the ‘Omnicomm Intelligence Series’, discussed the necessary changes and themes basis a roundtable session. The fourth episode revolved around a discussion on the topic ‘Surviving The Pandemic-Lessons Learned In Online Retail’.
Warehouse Leasing to Touch 100 Mn sq.ft. Over the Next Three Years; E-Commerce and Third-Party Logistics to Drive Growth: CBRE
Against the backdrop of robust growth of manufacturing, e-commerce, and third-party logistics (3PL) sectors, the report highlights how Industrial and Warehousing (I&W) activity has gained momentum over the past few years in India
Customer Loyalty in Retail: Technology Trends
Customer loyalty has now become a very hard thing to get for any retailer as customers these days have an abundance of options to choose from when shopping in the highly competitive retail market. Global Data Thematic Research highlights the key technology trends impacting the customer loyalty theme.
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