~India Retail Forum 2015 captures the new consumption trend~
Consumption is driven by technology that is not only influencing the decision making but also helping them take quick decisions.
“Technology is driving the change to make the shopping experience faster, transparent and reliable,” said Sachin Oswal, Omni Channel Head, Shoppers Stop, speaking on the 2nd day of the India Retail Forum 2015.
Digital is now acting as a large force via word of mouth as it allows the retailers to be engaged with the consumers. Now, internationally 60% of revenue has been invested to do digital market research, panelists said.
Omni channel can expand the retail footprint where pincode’s aren’t available, said Rajesh Saboo, Head IT services, Future Group.
The informed consumer will also keep the retailers on their toes.
“Availability of information to the customers is high today. The consumer is well-informed and researched. So the brand need to be alert and competitive at the same time,” said C.K. Venkatraman, CEO, Jewellery, Tanishq.
Moreover, the face of supermarkets has changed over the years. They are getting bigger, better, longer and wider. Shoppers are embracing multichannel shopping and using various formats too.
Adding his perspective, Rajesh Jain, MD & CEO, Lacoste said, “Customers expect a unique experience in terms of service providers, visual merchandizing and global offering. But, there is a need to remain attached to the brand dna to preserve the authenticity for the growth process.”
Retail as an industry has been constantly innovating in terms of promotions and discounts but digitalization has now added a new dimension to this industry, a panelist aptly said.