Revolutionising the future of ecommerce industry through technology

When was the last time that you visited a physical store? How often do you visit them? Do you prefer to go to stores physically or purchase items online? If these questions are asked to anyone in today’s time, there is a high chance that many people will prefer to purchase things online. Times have changed and today, everything is available at our doorstep, thanks to the rapid digitisation that is transforming the ecommerce industry, and the pandemic has accelerated its growth journey. 

Thousands of brick-and-mortar stores are closing every year, struggling for their existence as they need a purpose to stay around. Does this mean that traditional retail is dead? Well, not really. If we look at the US market, even though online sales have grown 4X in the last ten years, 89% of retail sales are still generated in-store. When it comes to India’s ecommerce market, as it continues to grow and mature, the segment is expected to demonstrate its strong performance in terms of sales, value, and user base. In fact, according to a recent Bain report, Ecommerce in India is projected to scale at a rate of 25-30% annually for the coming five years, which might beat the United States – the world’s second-largest Ecommerce shopper base.

According to research, 85% of shoppers plan to stick with the hybrid shopping habits they adopted during the pandemic. These days, the consumer wants the best of both online and in-store shopping, including omnichannel, self-checkout, and personalisation. Therefore, two types of companies are opening new stores. ‘Ecommerce first companies’ – which aim to provide a true omnichannel experience to their customers and ‘Traditional retailers’ – that have adapted to the change in customer demands and changed their store format and offerings.

The next growth revolution in the Ecommerce domain in India is driven by emerging and fast-growing technologies like Artificial Intelligence (AI), Data Analytics, and online payment gateways like Unified Payments Interface (UPI). This is reshaping the way we purchase our daily use items. Here are five important areas to work on to make your store future-proof and delight customers at every touchpoint –

1. Bridging the virtual gap

The world has become digital, and we are going to witness numerous digital solutions across industries. Customers are tech-savvy more than ever before. Therefore, retailers must invest in in-store technologies to bring efficiencies and provide a better customer experience. Technologies like virtual try-on, video walls, and large digital displays provide enriching in-store experiences. In the post-pandemic world, more and more customers are demanding a contactless experience, hence, advanced technologies such as AI, Computer Vision, and IoT are taking the checkout experience to the next level. 

Moreover, digital pricing labels empower retailers to provide dynamic pricing and other contextual information like offers, QR code for reviews, and personalised pricing. 

1. Providing personalised experience

Every customer is unique and each of them has different shopping patterns/behavior. In today’s scenario, geolocation marketing and AI-driven contextual offers are giving retailers more levers to pull to influence consumer behavior. For instance, when the customer arrives at a departmental store, the mobile app greets the customer. It provides a personalised coupon to check out the product which is sitting in the customer’s shopping cart on their mobile application. As soon as they reach to check the handbag, he/she was browsing online, a notification is sent to a nearby associate with the customer profile. The associate arrives if the customer needs any help and provides a personalised recommendation, making a customer’s experience more convenient and engaging. 

1. Building simplified and secure ways to pay

Payment is usually the last hurdle in making the sale complete. It must be fast and friction-free. Long queues can motivate customers to drop the product and walk out without purchasing it. A slower checkout experience can be frustrating to the customer. These days, retailers are implementing a range of frictionless and cashier-free payment options. Technologies like ‘scan and go’ or ‘pay using your mobile app’ are making the checkout process super convenient and fast. Moreover, retailers are also providing smartphones to their associates so that they can check out the product anywhere in the store and customers don’t need to go to checkout registers.

In today’s era, even though people have been singing the dirge of brick-and-mortar retail, they are not dead. The entire concept of retail has evolved. In these competitive times, retailers who cannot adopt an omnichannel strategy and upgrade their in-store experiences will be left behind. Moreover, they must reimagine their store experience using technology to elevate the customer experience. A retail store mustn’t work only as a standalone entity but follow a well-integrated approach to the entire customer journey.

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