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.
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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.
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