The Future of Retail Stores in India: Dead or Alive?
Website design By BotEap.comWith the increasing penetration of e-commerce in India, a national discourse has prevailed for the last few years, which is: what is the future of retail stores in India?
Website design By BotEap.comIn recent years, India has witnessed a boom in Internet-driven technologies and has also seen new ways of conducting business with the help of these technologies. At that time, we also became aware of many new terms like online marketplace, e-commerce portal, online shopping, etc. With an ever-increasing number of online marketplaces, online stores and ever-increasing e-commerce, it is only natural that this discussion should take place as these platforms are perceived to pose a serious threat to traditional retailers.
Website design By BotEap.comBut is it really so? Are physical retail stores about to die in India? Is it really such a serious matter to worry about?
Website design By BotEap.comBased on insights, revealed by leading agencies like KPMG and others after surveying buying trends and shopper behaviors in India, we say no.
Website design By BotEap.comThe future of retail stores is still secure here, but only through the timely adoption and upgrading of technology, providing a great in-store experience for shoppers.
Website design By BotEap.comDelving deeper, this is the fact that, anywhere in the world, the shopper’s inclination towards online and mobile shopping is due in large part to the fact that these platforms offer great convenience, speed and ease of use, while the outdated physical stores do not offer the same. This also applies to India. Furthermore, the Indian industry has also seen major disruptions from e-commerce due to all the technological interventions and huge discounts being offered on online or mobile purchases. All of these factors severely affected bricks and mortar and posed a threat to offline businesses.
Website design By BotEap.comHowever, to solve the problem of huge inappropriate online discounts, the Retailers Association of India (RAI) approached the Indian government many times, and as a result, the policy to regulate e-commerce is now in the pipeline. . But that is not the only tool for offline retailers to establish themselves in such fierce competition, they really need to be on the warpath to meet such challenges, and that is only possible by adopting cutting-edge technology.
Website design By BotEap.comNow, we also need to look at the other factors as advantages or disadvantages for online and offline retail. If the online platform has an advantage in the form of “ease of purchase”, brick and mortar has an even more special advantage: having face-to-face interaction between customers and their associates, which is rare in other channels. But, even being in this advantageous position, a physical store has to suffer due to the lack of convenience for the consumer. State-of-the-art retailing involves even more, in addition to attractive design, well-executed store fixtures and fittings. In the new age retail, it is very essential for a retailer to take care of the convenience of the customers and provide them with the best shopping experience. Furthermore, it is not that only physical stores are facing problems, but online gamers are also suffering due to various implications. In this country of 1.25 billion people, only 330 million people have Internet access, the majority of the population still lacks basic services, and people are more attached to local physical stores for their household needs. So looking at all these aspects, although the number of online stores is growing, but after a certain point, the online platform has limitations, but the physical stores do not.
Website design By BotEap.comIndia is one of the largest markets in the world; Here the consumption of products and services is constantly growing, income per capita is gradually increasing, and urbanization is occurring rapidly, so you have a great opportunity for successful retailing. Therefore, in order to make retail more convenient, many surveys have been conducted in recent years and the data shows that Indian consumers are gradually becoming more aware of ease and convenience during shopping. So it’s time for retailers to embrace cutting-edge technology. They can also enable integration between online and offline retail with the help of technology to provide a great and seamless shopping experience for customers. If a customer actually feels that ease of clicking on a brick and mortar, that experience gives them a kind of satisfaction and eventually that converts too.
Website design By BotEap.comFurthermore, the importance of physical stores is so fundamental that many successful online retailers have realized their importance and are also going offline to touch a previously untapped consumer base. In India, there are many winning omnichannel players who are constantly upgrading their operation and expanding their business day by day, for example Lenskart, Zivame, Pepperfry, Raymond’s etc. they are the leading names in new age retail. Therefore, the omnichannel retail concept, which is successful in many countries, is also viable in India.
Website design By BotEap.comIn a nutshell, the future of retail stores is not doomed in India but is even brighter with constant innovation and updating.