Authored by – Mr. Ratul Sethi, Founder Anystr
The retail industry in India has been picking pace in the past few years and evolving by the passing day. The sector has leveled up in business statistics and been welcoming towards the latest technological progressions. Analyzing the current situation, it is evident that COVID has severed the overall profitability of the retail industry. However, the sector is recovering well from the damage. The retail market in India is rejigging itself to sustain and prosper under the current circumstances while building a better tomorrow for the sector.
Some of the technological trends that are responsible for the current overhaul in the industry and will lead towards changing its landscape are–
Internet of Things (IoT) leading the way
With the technology evolving and IoT coming into play, the industry is seeing retail brands refurbishing their conventional approach and modus operandi with IoT. From smartphones picking the signals and sending them to cloud servers to target content to specific phones or customer-base to RFID (Radio-frequency identification) tags reflecting smart codes that offer complete transparency of products offered by the retailer– IoT is acing it all. It is leading the way to modernize the services offered by retail, helping the industry grow multifold.
Augmented reality swooping in
Augmented reality and AI-enabled applications are making their mark in the retail space. With people staying inside and ordering at the comfort of their home, it is only valid for them to want a wholesome shopping experience, thus being intrigued with “try before you buy” features. Augmented shopping creates a vivid experience on a virtual platform replicating real-life stores, catching the eye of the patrons, and thus helping the brand in building a loyal customer base with this technological tool.
Tech-enabled retail management platforms
Retail Management Platforms are one of the key drivers of growth for the retail industry, especially in these unprecedented times. It is easier for the big sharks in the sector to sustain themselves with their resources amidst this crisis, however, the Kirana owners and local retailers who are accustomed to traditional ways of working still lack the knowledge to keep their boats afloat.
They aren’t aware of building an online presence independently, they require external help. This is where retail management platforms swoop in to help them. The management platforms enable them to opt for a technologically sound approach and establish themselves online while simultaneously keeping a track of their stocks with inventory alert feature and other credit services. Offering the local retail owners the flexibility and independence to run their own offers and discounts online, they aid the retailers to adapt to the technological progression and increase their business numbers.
Facial recognition and AI-powered applications
Several big names across different verticals in the market are exploring AI-enabled smart ways to cater to their patrons. The retail industry is not untouched by the idea and thus it is adapting to facial recognition of customers at the time of log in. The two-factor authentication clubbed with facial recognition and AI-powered application (that, at times, also come with voice control) is anticipated to be a great initiative boosting technological growth across the sector.
The unique application of technology and the latest progression is helping change the retail industry’s landscape. Along with increasing the efficiency and profitability of the brands, it is also expanding the horizons for further tech-supported growth while making a mark in the history of technological innovation. These advancements in technology are acting as a harbinger of change and will bring reform in retail for good.