With the ongoing pandemic, Indian retail is undergoing a huge makeover. Despite this, the sector continues to be one of India’s largest industries that makes up for about 10 percent of the GDP and around 8 percent of the employment. Shopping habits have been largely affected during the pandemic, with safety now taking over as a new criterion over price range, variety and convenience. In India, hypermarkets are witnessing lower footfalls and most sectors including apparel, accessories and durables have faced a lack of demand. Essential category players are also facing challenges, albeit of a different kind-managing huge spikes in demand, ensuring liquidity, modifying and managing store operations to maintain safety standards, managing employee and health and grappling with a shortage of staff.
While it is yet to be determined which consumer shopping trends will have a lasting impact coming out of COVID-19, what we know for certain is that the digital shelf is now more important than the physical shelf. While many brands are taking this time to innovate and nd new strategies for greater personalisation and digital connection, they’ll need to ultimately unpack what is a passing trend versus a real shift in consumer behaviour.
KEY ASPECTS:
Considering some of these changes, below are a few key aspects which retailers should consider post the COVID-19 scenario if they are to survive in this new reality:
Going Hyperlocal
New Age Phygital
Using Digital Technologies Maximum
Supply Chain Resilience
Revised Media and Advertising Spends
Staying Close to Customers
This story is from the October 2020 edition of Images Retail.
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This story is from the October 2020 edition of Images Retail.
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