The Progressing Retail Sector & The Way Forward

Ratul Sethi Jun 10, 2021

The retail industry in India has been flourishing by the day. The sector is witnessing new horizons of success, thanks to the transformation that technology has brought to the country. The technological revolution in India has been aiding the retail industry to cut through the obstacles and resolve the conventional challenges to expand the reach and the profitability of the industry.

The numbers and the business were initially impacted by the pandemic. However, the sector managed to sail through the storm and is currently seeing an uprising while it redefines operations for itself. The overhaul of the sector has led it to progress and meet the new-day needs of the people while preparing to match their future expectations from the industry as well.

From physical stores to establishing online retail platforms for a robust virtual presence to cater to its customer, retail is only moving ahead rapidly.

Retail Gearing Up To Increase The Pace

The retail industry has made a major shift to the online retail segment. The retailers are launching their websites and services to get in touch with the customers contactlessly, crediting their growth to the pandemic. The global health crisis catalysed the progression which further led to digitisation reaching its zenith. The online retail experience has been keeping the customers hooked meanwhile increasing the reach of the brands to cover more people with their efforts on virtual media and its platforms. The sector is adapting to the advances with an intent to serve the customers while simultaneously endeavouring to align itself with the global standards and be on the maps competitively.

IoT And Augmented Reality Strengthening The Game

With the latest advancements, the industry’s scope of expansion seems to be widening every day. Tools like the Internet of Things and Augmented Reality are helping the sector to bring more than just products and services to the table. The industry is growing as it offers a wholesome experience to its patrons and achieves the utmost customer satisfaction with its modern day offerings such as RFID (Radio-frequency identification) and virtual replication of real-time on-ground stores. With smartphones targeting specific demographics, sending signals to influence people and maintaining transparency with the help of specialised RFID tags -- IoT and Augmented Reality are playing a crucial role in sustaining the sector as well as securing its near future.

The Switch In Modus-operandi

The sector has been progressing and seeing its ascent. The continuously increasing profitability of the retail sector is no news for the country; however, the operations of carrying forward with the operations are seeing a new dawn; the one which is led by retail management platforms. Retail management platforms are stepping up to help Kirana stores and local retailers step up and get acquainted with the contemporary ways of working. It is helping them keep an online inventory that alerts them when the stock is running low and also provides a credit system that helps streamline the process. Enabling retailers to have the reins as they run their own discounts, codes and offers, the retail management platforms offer independence along with a tech-savvy portal for both the parties to mutually profit from. Experts in the industry do not shy away from expecting these platforms to establish their flexible modus operandi and be the future of retail in the times to come.

Strengthening the business tactics with AI-empowered services, facial recognition, voice commands, digital logins and many other features, the retail sector seems to be taking the road to exploration. It is setting off on a path that shall lead the retail industry towards a future that brings enhanced efficiency and profitability.

The author is Ratul Sethi, Founder, Anystr.com.