The rise of e-commerce has not spelled the tip of bodily shops, however somewhat the start of a brand new period of retail, the place omnichannel methods and experiential retail ideas reign supreme, says an trade participant.
Offline buying experiences have been enhanced with the introduction of assorted tech-enabled instruments resembling augmented actuality, digital actuality, and synthetic intelligence
The Indian retail actual property sector has seen lots of modifications up to now few years, and know-how has been an amazing affect on this alteration. From on-line buying to buying in shops with tech-enabled instruments, there have been lots of modifications we’ve got seen these previous few years.
Customers are capable of store every time, wherever they need with the assistance of integration and omnichannel retail. To work together with clients and supply a extra individualised expertise, retailers are utilising applied sciences like smartphone apps and in-store kiosks.
There has been an enormous rise within the retail actual property sector and it’ll proceed to develop with the assistance of know-how.
Nandini Taneja, vice-president (leasing) of actual property agency ReachPro Group, mentioned, “Offline buying experiences have been enhanced with the introduction of assorted tech-enabled instruments resembling augmented actuality, digital actuality, and synthetic intelligence. These instruments have made it attainable for buyers to have a extra interactive and personalised buying expertise. For instance, retailers can use augmented actuality to permit clients to attempt on clothes just about and see how it will look on them earlier than making a purchase order. In addition, cellular apps and sensible mirrors will help clients discover merchandise shortly and simply.”
Integration and omnichannel retail allow customers to shop on their terms, whenever and wherever they want. Retailers are using technologies such as mobile apps and in-store kiosks to connect with customers and provide a more personalised experience.
Leading brands like Nike, Adidas and Apple India have also opened several experiential-based offline stores at select locations in India. These stores offer customers a unique shopping experience that goes beyond just buying products. It features interactive displays, customisation services, and immersive experiences that allow customers to engage with the brand meaningfully. Internationally, some stores offer customers a chance to design their own shoes using a 3D printing process.
Landlords and mall owners are creating more flexible models of revenue sharing and minimum guarantees to attract tenants and increase business. These models allow tenants to pay a percentage of their revenue instead of a fixed rent, which reduces their risk and helps them manage their cash flow. At the same time, landlords and mall owners benefit from increased foot traffic and sales.
Shiwang Suraj, founder & director of Inframantra, said, “The Indian retail sector is recovering, and is undergoing a profound transformation, as consumers’ preferences and shopping habits evolve rapidly in response to technological advancements, economic pressures, and shifting demographics. The traditional model of brick-and-mortar retail is no longer enough to meet the demands of today’s savvy consumers, who expect a seamless and personalised shopping experience across multiple channels. As a result, retailers and landlords alike must adapt to these changing dynamics, by embracing new technologies, investing in innovative store formats, and cultivating a strong online presence.”
Suraj added that the rise of e-commerce has not spelled the tip of bodily shops, however somewhat the start of a brand new period of retail, the place omnichannel methods and experiential retail ideas reign supreme. To succeed on this dynamic and aggressive panorama, retailers and landlords have to be agile, adaptable, and forward-thinking, always in search of out new methods to interact with clients and create worth.
“Those who’re capable of embrace change and seize alternatives would be the ones who thrive within the years to return, whereas those that cling to outdated fashions and practices danger being left behind. We anticipate that it’ll proceed to realize momentum by way of 2023. Even amid troublesome international financial situations, worldwide manufacturers are increasing not solely in tier-I cities but in addition penetrating in tier-II & III cities as they see India as a possible market,” he added.
Read all of the Latest Business News, Tax News and Stock Market Updates right here
