The recent chaos has hit the retail industry hard and technology has emerged as the saviour for nearly all segments. Brands are realising the importance of digitisation and a new wave of customer-centric business models have begun.
According to a report by IBEF, “The Indian e-commerce market is expected to grow to US$200 Bn by 2026”. Rise in digital literacy, penetration of technology in tier-2 and tier-3 cities are some of the reasons behind this big shift. Needless to say, this shift was further accelerated by safety concerns and lockdown due to Covid-19.
The entire sector was seen focusing on integrating technology such as AI, ML, AR and adopting new strategies for marketing. Omnichannel business model was one of the key trends witnessed by the industry and continues to be the rage.
Omnicomm: Increasing Profitability By Connecting Online And Offline
Indiaretailing is presenting ‘Omnicomm’, in partnership with Omuni. Omuni is India’s largest omnichannel retail platform, currently working with more than 50 global brands. In the latest episode, we talked to some of the key players in retail to discuss the challenges and solutions of connected retail.
Moderated by Mukul Bafana, cofounder and CEO of Omuni, the session hosted Satyen Momaya, CEO of Celio; Ankur Bhatia, CEO of Columbia Sportswear; Manisha Sangani, Director of Just Watches; Lalit Agarwal, CMD of V Mart Retail and Kavindra Mishra, CEO, House of Anita Dongre.
Some of the key insights from the session:
- Adoption of omnichannel amidst the pandemic to survive
- Integration of technology to keep up with the evolving consumer behaviour
- Driving profitability through connected retail
- Reaching Tier II & III cities
- Focusing on enhancing the customer experience and more