To cater to the quick commerce model, brands are launching products specifically tailored for rapid delivery. Miniatures, curated kits, and essential skincare items have become popular choices.
With the rise of platforms like Blinkit and Zepto, fashion brands see quick commerce not just as a delivery mechanism, but as a critical part of their retail strategies.
With India producing more than two million tonnes of e-waste every year, it has raised some questions about how to reduce this burgeoning issue that poses a threat to the environment.
Cross-border e-commerce unlocks a world of limitless opportunities for company growth and global influence because of its ability to interact with clients across the world and transcend geographical borders.
Analysis of the supply chain, inventory, and POS data provides retailers with a pre-emptive prospect of quick re-arrangement of merchandise, stores, and logistics to stay aligned with the changing market dynamics.
Many brands have picked up the Metaverse space to create their experiences, like Rexona's Marathon Run, Close-Up worked on a City of Love in Decentraland, Magnum Ice Cream made an entire museum.
To quantify digital marketing ROI for money invested, you really want to realize the amount you've spent on a mission and the amount you've acquired from it.
With a high-quality talent pool and unmatched cost advantages, homegrown apps and platforms not only have it in them to survive the tough e-commerce market but also grow into businesses that dominate on the global stage.
Retailers must invest in robust camera-enabled systems for greater data collecting, processing, and analysis if they want smart retail to become even smarter.
The emergence of suggestion-based shopping, influencer, and creator-led live commerce, and other factors that give consumers a rich and innovative buying experience from the comfort of their homes have undoubtedly given social commerce a significant boost
With e-commerce now a part of mainstream retail, livestream shopping can facilitate greater customer satisfaction while benefitting both brands and buyers.
Customers who shop online today expect personalization, and there are many use cases for boosting the sales process with personalization throughout the entire customer journey in the B2B sector where the buying cycle can be terribly complex.
Establishing an open network for social commerce will be a game-changer not just for MSMEs in terms of opportunities and growth, but it is India's next step toward building a self-reliant and independent economy.
Omnichannel CX is a unified approach to customer service that engages customers across multiple touchpoints, such as phone, email, social media, chat, and more.
E-commerce is, by its very nature, an extremely experimental industry. Try out fresh concepts and put new developments into practice that support your objectives.
The meat industry needs an overhaul. While leading D2C meat brands have transformed the experience of meat purchase for consumers, the purchase experience for bulk buyers continues to remain archaic.
Just like live streaming is beneficial for the audience to understand the brand in depth on a real-time basis, it is equally advantageous for the brand to understand the reach they have gained.
Live Commerce is largely a creator economy where content consumption happens via influencers or brands that people are engaging with on a personal level and who trust each other in a close-knit community.
Payment touches every consumer and small business in India and with all the available options one has to give the customers the option to choose how they want to pay.
The user journey has changed many folds. Google with its set of product suites like Google My Business, Youtube, cloud platforms, shopping platforms, etc. is enabling retailers to make that transition towards manifesting a digital transformation.
Blended physical and digital platforms will deliver a seamless and ubiquitous buying journey. It will be one connected ecosystem elevating the consumers' end-to-end experience.
The Metaverse has the potential to transform the way we communicate and shape our experiences using an additional multi-dimensional layer by merging the physical and the virtual worlds more realistically.
Factors like high customer expectations, panic buying, fluctuating trends, and ambiguous consumer data have led to manufacturers, distributors, and retailers, all finding it difficult to forecast the actual demand.
With no access to physical markets, people were left with little option but to use online platforms to make purchases, and online purchasing emerged as a lifeline for both retailers as well as consumers.
According to reports, online stores with a social media presence, such as a Facebook and/or Instagram account, have 32 percent more sales than the average store that is not present on social media.
Firms need to consider a company-wide perspective - a cross-functional relationship truly powered via technology that benefits every pocket - internally as well as externally.
In FY23, along with grocery - the mainstream categories of e-commerce (electronics, fashion, footwear, and others) will adopt the same concept from Q-commerce and move their inventories further closer to the customers.
The retail sector has been witnessing technological intervention for the last few years and it is expected that it will see the introduction of many more technologies in the years to come.
At IReC (Industry of Retail and E-commerce summit) 2022, Muthukumar Kandasamy, Director of Engineering, Caratlane talked about the strategies that the brand has adopted to enhance consumer experience and how important is technology in today's time.
With the onset of bidding big in advertising, marketers can use the Metaverse to flex their creative muscles in a lucrative new space as now more than ever it is evident that Metaverse real estate is surging and the time to take a giant leap is right now.
"We are enabling and establishing protocol for multiple platforms to come together and interact within a common language," T Koshy, MD and CEO, ONDC said.
BNPL in B2B has leveled the playing field for businesses that were previously neglected and deprived of access to essential resources like regulated credit lines and working capital.
Post pandemic, the rise of D2C brands on social media platforms is on an upward trajectory and is projected to touch the whopping value of $100 billion by 2025.
So what does all of this eventually lead to or if we flip the question around, what does the future of retail really look like for businesses and consumers?
The rise of tech-powered start-ups and online market players, as well as investment commitments by leading brands, indicate that businesses have realised the value of building internal capabilities involving smart commerce to become “Smart organization"
According to a survey by Snapbizz, smart Kirana stores are the best proposition for the shopper not just in terms of order fulfillment but also in terms of prices.
The question retail brands should be asking is not when's the right time to enter the Metaverse, but rather how well are they prepared to unleash a parallel economy?
From Augment Reality (AR) to Virtual Reality (VR) tools, live commerce to social commerce, such immersive state-of-the-art technology being effortlessly integrated by the beauty brands has opened a new world of opportunities.
Let's have a look at the various brands that are changing the game in the retail industry by integrating Metaverse technology in their retail operations.
A RedSeer survey found that less than 10 percent of riders see it as a long-term career opportunity. Still, this business model will boom, reaching $5 billion by 2025.
Headless Commerce is also called API-based commerce as the communication between the frontend and the backend happens through application programming interface (API) calls.
Abroad, brands like Gucci, Ferrari, adidas, Dominos, Nike are stepping ahead to experiment with the Metaverse world, the market of Metaverse is still at its nascent stage in India.
The future of metaverse commerce in retail appears bright as it will provide consumers with a non-traditional design experience wherein brands can transform their old-fashioned malls to new-age shopping hubs for customers in the virtual reality domain.
This new venture aims to provide rapid delivery services, ensuring that its customers can receive their favorite VIP inners products right at their doorstep in no time.
As technology evolves, keeping an eye on how it will be able to uplift and ease the lives of the fast rising rural and economically weaker classes, is going to be key for all digital services and commerce in the future.
The customer retention rate for omnichannel is 90 percent higher than for a single channel when a business has a solid omnichannel strategy for the business.
New innovations in artificial intelligence (AI), augmented reality (AR), blockchain (blockchain), the internet of things (IoT), live chat (ChatBots), and other areas are driving the expansion of the D2C and e-commerce sectors.
Smart stores are essentially brick-and-mortar stores that have been established using innovative technologies like digital payments and voice commerce.
However, in recent times, many companies first went online and did digital retailing and then are now wondering, are they missing out on something big by not going offline in physical retailing?
Q-commerce has made inroads into Indian cities making small quantities of goods available to consumers with instant delivery on a whenever and wherever need basis.
The online world, flush with data and a capability to test and tweak in real-time, has been able to use artificial intelligence and machine learning algorithms to personalize user journeys.
From creating virtual (called synthetic) models to automate image generation, to creating world-class content using AI, merchants are tapping into new customer cohorts through targeted media.
Phygital is the new normal, and successful brands will be the ones that embrace digital technologies much before others to deliver a flawless omnichannel experience to customers.
Going ahead, 2022 will witness a greater emphasis on highly personalized one-to-one advertising, mobile advertising with in-app and in-game ads, video advertising, etc.
From opportunities offered by new tech to challenges posed by the climate crisis, the industry anticipates a dynamic year in which competition is fierce, innovation is critical and the potential gains are significant.
Retailers have emerged out from the profound upheavals by embracing new opportunities: the customer-first approach, friction-less shopping, utilizing technology, providing real-time solutions, and many more.
Between October and December 2020, FMCG & Healthcare (F&H) category volume grew by 46 percent year-on-year (YOY), as per the Q4 2020 E-commerce Trends Report by Unicommerce and Kearney.