CHANGING SCENARIO OF RETAIL & E-COMMERCE

Ever since the coronavirus pandemic, the retail and e-commerce sectors have witnessed tectonic shifts in terms of commerce and business. During the pandemic, the retail industry was inclined towards necessities and basics as the coronavirus ensured that such utilities never be out of fashion, but as vaccination picked speed and the festive season came closer, consumers dedicated their spending to revenge expenditure in travel, shopping, outings and more.

Technology continues to disrupt and transform the retail landscape. As the customer behaviour changes, retailers should hawk-eye the dynamic trends to ensure the success of the businesses for years to come.

Raghunandan Saraf, Founder and CEO, Saraf Furniture, says that retail is witnessing a strong shift and customers are demanding end-to-end experiences at their doorstep. “It is not limited to e-commerce of the products. It is more inclined towards the change in needs and demands,” he adds.

Here are trends that retailers should focus on:

Creating Omnichannel Routes

It is the latest trend in the retail sector to create omnichannel strategies for success. Nykaa is exemplary of its success as customers are opting for the players with omni-channels. Customers are looking on their devices for the routes, products, reviews, description, utilities and results. The ubiquity of devices means that consumers demand a seamless experience across multiple touchpoints.

Personalised Retailing

Customers need personalised shopping experience. This involves retailers giving genuine suggestions for customers based on their tastes, locations, history and needs. This also includes simplification and ease of retailing with chat-bots, text messages and emails providing delivery updates and other related services.