RETAILTAINMENT AND CONVENIENCE TO REDEFINE INDIA'S CONSUMER RETAIL STORY: DELOITTE

Deloitte India unveiled the 2021 edition of the report ‘KNOW Your Consumer – What You See Is What You Get’ at Retail Leadership Summit (RLS) organized by Retail Association of India (RAI), highlighting key trends that will drive a new wave of growth strategy in the retail consumer industry.

Adoption of digital technologies has significantly accelerated to compensate for store closures and the consequent reduction in customer engagement (due to lack of touchpoints) in the current times.

Amidst the massive disruption, the discerning Indian consumer has been seen to rather lead the narrative actively seeking information, comparing products available in the market, and taking informed decisions.

Speaking at the report launch, Rajat Wahi, Partner, Deloitte Touche Tohmatsu Limited(DTTILP), said, “The pandemic continues to transform consumer buying behaviour, making consumers more digitally inclined and demanding at one end, whilst becoming more health and socially conscious on the other.

Adding to this trend is the evolving technology-enabled lifestyle, better access to data, and the work from home and learn from home culture that often may lead to consumption uptick. Convenience continues to be an important factor impacting the shopper journey, and as per Deloitte’s Global State of Consumer Tracker, 73 percent consumers are ready to spend more on convenience, which is further driving online sales.

A new dimension in the world of retail known as retailtainment is also emerging, where shopper/consumer experience (CX) has become a key factor for consumers to differentiate between retailers – this implies that retailers and brands need to mine the consumer and shopper data better so as to provide best-in-class CX to their online and offline shoppers”.