Future of Retail – Connected by Technology Retail is a big thing today and here's what is making it successful

By Sharad Venkta

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With the passing of time, a lot of retailers have started to experiment with the latest technology. Although, we know that technology is really important to any retail organization, and retailers are doing their best to serve their customers. On this journey of customer satisfaction, retailers work towards implementing the ideas and also ensure that the entire process is seamless. Over the years, customers have become connected to their favourite brands in a way that was never seen before. One of the most common ways is by interacting with them on the various social media platforms where the brands educate and provide relevant information to the consumers.

  1. Look into easy checkout at stores- digital payment modes, self- check- out especially the kind Amazon stores will facilitate in the future. See if any Indian retailers are implementing such features.

2. Technology which makes customer feedback in store far simpler, like touch screens at billing. Retailers are always looking for ways to bridge the gap between the physical and digital world. Analytics will play a very important role in reducing the gap between physical and online stores. This data will help retailers understand their customers easily.

3. Trying and testing a product in-store made simpler with concepts like a magic mirror, you can get examples of sunglasses and apparels easily. This can be done by implementing all the technologies that are currently available and help in facilitating the entire business.

4. Omnichannel – how a customer can look for something in one store and have a product delivered to them in any location. This is a modern approach that helps in designing a seamless user experience at each and every touch point. Omnichannel has become more and more of providing the users with experience and giving them what they want, whenever they want. In today's world, not even a single consumer shop through a single medium. Instead, consumers love to explore through various mediums.

5. AI using data to enhance consumer marketing strategies. Hence getting customers to the store when most beneficial or preferred by the customer. The growth in the mobile phone market has forced all the retailers to look for a change in their strategy and deliver the best to their customers. As consumers are becoming more and more aware of the product, the retailers have moved their focus on meeting the expectations of the consumers.

6. You can even touch upon digital and social media linkages to easing the sales experience. Personalization can now easily be achieved with the help of data that is available for the retailers. The retailers are now able to gain enough insight into their customers which helps them in giving the required services. Customers are now looking for offers and ways pertaining to their needs. And this is the reason it has become important today to make use of the data that the retailers have to take care of all the needs of the customer.

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Sharad Venkta

MD & CEO, Toonz Retail

Mr. Venkta is a CA and holds a position as a member of Institute of Chartered Accountant of India (ICAI) and an IIM Calcutta alumni. Mr. Venkta brings in one and a half decades of experience in retail industry. Mr. Venkta was also awarded as the "Most Influential Retail Leader" at Asia Retail Congress for the year 2016 and 2017. Please find attached his profile for your kind reference.

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