India’s retail market is expected to double to $1 trillion by 2020. Traditional retail is to grow by 10% and modern retail would expand twice as fast at 20%, while the overall growth is expected at 12%
Retail contributes more than 10% of the GDP and employs around 8% of the Indian population.
Trends in 2017 to look out while investing in the retail segment:
Personalized Services: The future of services is increasingly pushing for higher demand. With a pragmatic approach, the interface between companies, brands and customers will improve. Social media conversation tracking is going to be trending in 2017, which will be instrumental in determining customer behavior and deliver tailor-made solutions.
Omnichannel (from novelty to expectation): This involves using all platforms of communication to reach the customer. This will help the industry accurately tracking real time data and analyze the tendencies of a single shopper. Omnichannel changes the way we deal with a shopper. This route will give brands, and e-retailers a chance to pursue certain trend or season.
Effortless in-store shopping: Consumers are now seeking a clutter and trouble-free experience, enabled by technology and better quality sales people.
Switch to health & wellness-driven choices: There is a marked consumer shift towards products and services that are perceived to be relatively healthy and less harmful or enhance people’s sense of physical and mental wellness and the environment.
Rise of convenience: Cash-rich and time-starved consumers are seeking a new dimension in ‘convenience by knowledge’ to help them navigate to the right products and services that are relevant for them.
Growing social networks: The concept of ‘crowd clout’ is gaining significance as consumers realize that their collective networks are enabling them to demand improved products and services from companies.
Retail-tainment: Retail-tainment is transforming retail marketing to entertainment. It involves effective use of the environment and facilities available to get customers excited, while buying products and derive pleasure in the process.
Adopting mobile payment solutions: Mobile payments are the way of the (immediate) future. In 2017, we’ll see retailers, who haven’t already adopted them, making the efforts to do so.
Specialty stores will be productive than department stores: Specialty stores that focus on particular categories will have edge over others in 2017 as consumer interests focus in on curated selections and localized offers. Specialty stores also tend to provide better in-store experiences for their customers, with more knowledgeable staff, better prices, and more personalized service.
Retailers will turn to apps, services, and third parties to fulfill the needs of modern shoppers: Aside from shopping across multiple channels (i.e. brick and mortar, e-commerce, mobile, social), shoppers also want to get their hands on their purchases in the fastest, most convenient way possible (enter in-store pickup and same day delivery). That’s why we expect retailers to rely on apps and third party solutions to fulfill the demands of modern shoppers.
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