The world's sixth-largest economy, India also has the world’s youngest population. According to India Brand Equity Foundation, this will boost consumer expenditure in the country to $3.6 trillion by next year as emerging new technologies is changing the overall shopping experiences.
As Prasad Shejale, Founder and CEO, Logicserve Digital says, personalization, ultra-convenience, social commerce-marketing products via inspirational blogs, celebrity engagement posts, etc, and smart mirrors equipped with AI and VR will be the four leading trends to rule the industry in 2020.
Unified and API-driven commerce, visual search to rule
The traditional retail industry will observe massive changes in coming years as stores will function more like websites, while websites will function more like stores. Other trends to rule the industry are: unified API-driven commerce architecture, the direct-to-consumer approach and visual search.
Shorter lead times will be another trend to gain importance as customers will emphasise on same day delivery of products. Kalpataru Retail is trying to keep pace with this drastic change by studying the changing trends in-depth and strategising accordingly. The company advises marketers to ensure that these trends are on-par with the technologies available in the market.
Disruptive strategies to help maintain market relevancy
On the other hand, Makani Creative advises retailers to create disruptive strategies that will help them stay relevant in this e-commerce driven age. The company says, listing of Big Bazaar on Amazon India will open new avenues for retail marketers, and provide shoppers more agility and efficiency from the retailers. This partnership will also provide retail stores new horizons across the country and enhance the overall buying experience for the shoppers.
As change is the only constant, retailers need to adapt to changing trends by innovating their retail experiences. Only then can they expect to thrive in a competitive market.