How Technology Has Become a Game Changer in Retail Space

Retailers have now realised that the lines between services, products, and entertainment have blurred and there is a need for an integrated approach that helps in creating an end-to-end experience for the customers…

- Bimal Sharma

Over the years, the retail industry has emerged as a fast-paced industry. India is the world’s fifth-largest global destination in the retail space. As traditional and unorganised retail formats are making a strong impact in the market, an organised retail format is also growing at a fast pace with the advent of technology. Another reason for this growth is changing consumer preferences. Increasing disposable income, changes in demographics, change in preference and taste, and urbanisation are some of the changes leading to retail growth. E-commerce, experiential retail, Omnichannel, change in consumer behavior are some of the trends that are defining this sector.

Recently, the focus of many retailers has changed as they seem to have more success with small-format stores across a few retail categories. As more and more brands are coming up, the retail market has seen an increase in the popup stores. These small-format stores are gaining popularity among consumers and retailers. This helps brands to focus on a diverse set of audiences as they tend to provide an immersive experience to their customers.