In today's fast-paced world, the retail industry has undergone a massive transformation, driven by the adoption of new technologies and changing consumer preferences. One of the biggest challenges that retailers face is the preparation and execution of festive sales. With the surge in traffic and orders during these peak periods, retailers must ensure that their technology infrastructure is robust, reliable, and secure.
According to a recent report by Statista, in 2022, retail e-commerce sales were estimated to exceed US$5.7 trillion worldwide, and this figure is expected to reach new heights in the coming years. India's e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026 according to a report by IBEF.
In the context of festive sales, a report by Accenture states that during the festive season in India, online retailers experience a surge of up to 80% in traffic and sales compared to non-festive periods. This massive increase in demand puts a significant strain on retailers' technology infrastructure, with up to 30% of festive sales lost due to technology failures, according to a report by Gartner.
In light of these statistics, it is crucial for retailers to have a robust and reliable technology infrastructure in place during festive sales. In this context, Lowe's India is leveraging innovative technologies like Al and machine learning to enhance its technology preparedness and testing during festive sales.
Minu Sirsalewala, Executive Editor - Special Projects delves into Lowe's India's approach to festive sales, their technology infrastructure, and their efforts to balance innovation with reliability, all of which provide insights into the future of retail technology. In conversation with Mayur Purandar, VP Enterprise Architecture, Lowe's India. Excerpts:
Tell us a bit about festive sales and what makes it challenging for retailers?
Bu hikaye DataQuest dergisinin October 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye DataQuest dergisinin October 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
How big is India's Computer Accessories Market? Innovations expected by FY25
India’s computer accessories sector grows with Make in India, Digital India, and rising demand for high-tech accessories like AIl-powered devices, boosting exports globally.
When Network Threats Are Not Allowed to Check-in
Like elevators, networks in this hotel are segregated for guests, for service, and locked for outsiders unless they prove bona fide. Does this approach work?
Robotic Surgeries can turn into double-edged Swords
Technology should never come at the cost of affordability, privacy, training ease, the ability to practice anywhere, CRM’s real use and sensitivity to patient experience. Surjeet Thakur, CIO Rajagiri Hospital, Kochi gives us an X-ray from different angles.
Does Santa Claus watch when you pay rent on time?
If yes, what kind of diary does he use to distinguish good kids from delinquent ones? And what stockings can you hang to translate this good behaviour into rewards home loan discounts, prop-tech speed, landlord KYC or more?
Roadmap for Bank-based Apps to Gain UPI Market Share A missed opportunity!
As UPI dominates, will banks step up to reclaim their market? UPI continues its meteoric rise, handling 69.6% of India's digital transactions and reaching ₹20.6 lakh crore across 14.8 billion transactions in August 2024 alone.
The Future of Machine Identity
The biggest challenge today in the digital security sphere is securing machine identities -the digital entities such as APIs, software applications, and IoT devicesthat are constantly being targeted due to the changing nature of cyber threats.
Redefining AI Application Delivery
In this discussion with F5’s Ahmed Guetari and Adam Judd, we explore the collaboration between F5 and NVIDIA, which leverages the innovative capabilities of NVIDIA's BlueField-3 DPUs and F5’s BIG-IP Next platform. This partnership is set to redefine AI application delivery and security, particularly in the high-growth Indian market, by enabling better resource allocation, faster data processing, and robust security enhancements. With AI adoption surging across industries, F5 and NVIDIA's synergy brings transformative solutions for service providers and enterprises, poised to drive India’s AI-led innovation.
EPAM's Bold Leap: Transforming Business with Al-Driven Salesforce Solutions.
Siba Padhy, Head of Salesforce Business, EPAM Systems highlights how Salesforce has evolved from a core sales solution to a comprehensive platform that encompasses service, marketing, and commerce, with a significant emphasis on leveraging AI technologies, particularly the newly launched Agentforce and Einstein GPT. Padhy discusses the burgeoning agent tech economy in India and EPAM's strategic focus on delivering tailored solutions that address specific market needs. With ambitious growth targets, EPAM aims to double its Salesforce expertise in the coming years, positioning itself as a key player in driving digital transformation across various industries.
The Smart Manufacturing Revolution in India
Explore how cutting-edge technologies are redefining manufacturing in India, shaping a future where efficiency and sustainability go hand in hand.
Digital Governance: Changing that Red Carpet into a Green One
India's approach and success stories in digital governance show how technology should be used to cover the entire carpet area - From expanding inclusion to the digitally not-so-savvy folks to strengthening interoperability - we have made sure the grass is green, every side
