As consumer behaviour rapidly changes in India and the country’s tech-savvy consumers embrace newer technologies in a big way, it becomes important for the retail industry to acknowledge and adapt to this change. The retail industry’s leaders and laggards of tomorrow will be determined by how quicky they are able to leverage technology to their advantage and give to their customers the ultimate shopping experience, be it online or in an offline store. The silver lining of the COVID-19 pandemic was that the pandemic turned out to be a major catalyst in bringing about a seismic shift in the way the retail industry has adopted technology. Today, there are several areas in the retail industry that are seeing technology make deep in roads and revolutionise the customer experience, and two of these include: Data Analytics – Data is a quintessential element for any business to derive actionable insights from and use it to streamline operations and improve processes. Gone are the days when retailers had to make "intelligent guesses" around their customers to get a sense of the top categories, spend patterns, and other aspects of the business. In today’s heightened competitive environment, any strategy made around such guesstimates […]
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