India’s retail sector is expected to be $1,300,000,000,000 in 2020, compared to $672 billion just 3 years ago. Massive growth is happening in spite of the global slowdown, and domestic GDP dip temporarily.
As we have noticed that online shopping is increasing rapidly all over the world. Uses of the internet are increasing by 30% every year. Every Business Shifted on the internet. Many retail businesses still not on the internet. Due to online users, the retailer really understands what consumers want today?
Retailer and Consumer
- Despite variations in online and in-store, retailers are not capable to cache up customer expectations that move in the market and thus creating a huge discount. 70% of a retailer understands that the overall atmosphere in the retail store has become more attractive in the last 5 years. 30% retailer says that the user will more comfort to visit in-store rather than an online store.
- But 60% consumer says that they prefer to shop online due to that they can see many possible items in one place. And the rest of them describes that they would feel more annoyed. 95% of Retailers believe that engaging with clients on social media is important for making a stronger relationship with them.
Personalization difficulty
- Many consumers around 40% and two-thirds of millennials, and 60% of millennials seeing that they would prefer to pay more for improved personalization. And 20% of the retailer understands that their staff has a tool and information to give information to the consumer.
- The time period between consumer demand for improved personalization and the retailer’s experience to deliver harm the customer experience. Many of the consumers are upset with the way the store uses technology to improve Personalization shopping experiences. Consumers still felt negative emotions after visiting a store and many consumers feel confidential after visiting a store.
Latest Technologies are not satisfactory
- The retailer still maintains that they don’t have the tools and information required for the rapid changes in consumer objection. The study found that the new technology artificial intelligence (AI) and virtual reality (VR) are still not yet answer.
- 90% of retailers adopt new technologies and still not sure about the shopping experience to satisfy consumer demands. 75% retailer believes that AI and VR will increase their sales. And 20% of consumers believe that technology will have an important impact on taking conclusions.
Future of Retail industry
- As we understand that online shopping is in progress, still the physical store is not running anywhere. The consumer still doing shopping in-store. 40% of retailers think that consumers still desire to visit the physical store to purchase the item.
- And rest of them understand that maximum appealing retail stores have views that simplify the shopping experience. The latest technology increases the consumer’s activity on shopping in-store and online store. They are self-checkout, virtual image picture, instant payment.
- Ultimately, the technology you need to utilize in your business wants to be adaptable and agile to succeed. Cloud-based platforms are at the core of enabling businesses of all sizes to focus on increasing profits and satisfying consumers.
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