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Retail industry moving towards USD 73+ Billion by 2022

Indian retail industry has radically transformed since COVID-19. The pandemic reshaped public opinion regarding online shopping and digital payments, resulting in an inclination towards both. Even as stores reopen, shoppers continue to look for ease, efficiency and choices offered by e-commerce in terms of grocery, personal care, and more.

And technology is playing an important role in the retail industry as well, by unlocking quite a few opportunities for retailers to interact and engage with customers, with advancements like virtual shopping assistants, in-store stylist robots, AI-powered recommendation engines, Bot managed billing counters, etc. This has altered the dynamics of retail drastically and has contributed to the most visible transformation of the buyers, into a digitally empowered creed, who is also a hyper-connected consumer, with a complete view of the competing landscape.

To keep this momentum going, retailers should adopt newer technologies that guarantee ease and comfort without compromising on safety. They must continue to implement innovations that facilitate what customers want - convenience, product choices, value pricing, contactless payments, and quick delivery, to name a few.

Key Points

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