Nowadays, disruption in the retail sector is common. Since retailers try their best to differentiate themselves in the marketplace, success in the retail industry is assessed on an all-new metric – client experience. Over the upcoming years, this accomplishment will be driven by different factors: an intense insight into and relationship with the authorized client; the retailers’ capacity of adopting brand-new business models and technologies – both online and offline; and forming future-ready capacities. To stay competitive in this world, now retailers are embracing technologies to meet demanding clients’ requirement. Often some SME retailers lack in funds which is why they are taking up small business finances from different lending institutions.
Currently, the whole retail ecosystem has revamped with technology. There are lots of things people can experiment with in case a retailer utilizes technology, for instance: in-store services, smart displays, smart shelves, brand optimization options, home delivery, logistics automation, and supply chain optimization to name only a few. Then there are social networking, POS (Point of Sale) data, and wallets – where you can focus on complaints and get praised also. All these are driven by retailers into applications where customers see, feel, and ask questions and eventually purchase products.
How Technology Is Reforming India’s Retail Market
As already mentioned, different retailers are adopting different tactics for maximizing their digital index. Some have formed their online presence based on client-centricity. Here are some technologies that are reforming India’s retail business:
The introduction of eCommerce in business has been proved a boon to business owners. ECommerce has made the business run round-the-clock, promote the business to the large targeted audience, made worldwide reachable, capable of serving the clients of remote places. Usually, eCommerce has made the business develop to different folds at one go, without being present physically.
2. Use of POS machines
After the declaration of demonetization, nearly everybody has had the bitter experience of cash crunch, simultaneously credit and debit cards had come as saviors. With the advent of POS machines and the debit and credit card transactions, shopping has become easier. The risks of carrying too much cash and the stress of getting pickpocketed have been reduced. Additionally, it has certainly lessened the time of counting notes and calculations for the consumers and the retail shop owners also. This is why retailers take up Merchant Cash Advance from alternative lenders like Indifi for buying POS machines to provide a hassle-free experience to their shoppers.
Barcodes are small black lines on the product covers, we purchase from supermarkets and shops. These are the electronic lines that carry the unique ID number, every data of the item hidden in it. For avoiding misplacement, duplication, and thefts of the items, the manufacturers label them. These barcodes can safeguard the organization from getting sued legally by adulterated or duplicate items.
The launch of robotics has lowered the burden of the retailers by reducing expenses, manpower. It has made the retail business persons capable of making the items more precise, in less time, more in numbers since the robots have reduced the wastage and don’t take breaks. According to the surveys in 2017, we have to see the utilization of robots in retail maximize over the supply chain, and possibly into aisles and checkout counters of brick-and-mortar shops, and possibly into home delivery as well.
Bottom Lines: The future of the Indian retail market will be reformed by consumers’ expectations regarding choice, pricing, experience, and feasibility. Nevertheless, it is the retailers’ capability and willingness for transforming which will do the needful. If you are also into a retail business, it is high time to embrace such technologies now. Feel free to contact Indifi in case you need a small business loan for using such technologies.