The report by IMAGES Group is being brought out in collaboration with software development firm Fynd and consulting major Strategy& part of PwC network
New Delhi: The fourth edition of the India Phygital Index, a comprehensive and in-depth omnichannel benchmarking report will be unveiled at the upcoming Phygital Retail Convention (PRC 2024).
The latest edition of the annual report is being brought out in partnership with Mumbai-based software development firm Fynd and professional services consulting firm Strategy& part of PwC network PriceWaterCoopers (PwC).
“Phygital is the new normal and whether digital-first or physical-first, retail businesses of all types and sizes have to adapt to the business imperative. Being a retail-focused intelligence company, IMAGES Group has partnered with Fynd and Strategy& (part of PwC network) yet again to help them in this journey through the India Phygital Index 2024, which will be launched at the Phygital Retail Convention (PRC) this year,” said Amitabh Taneja, Chairman, IMAGES Group. “We hope that armed with insights from the report, businesses will be able to navigate the precarious path of omnichannel adoption, efficiently and profitably.”
This would be the second year of collaboration by these companies.
“As we navigate the evolving confluence of physical and digital realms, the 2nd edition of collaborating on the India Phygital Index 2024 marks a milestone in our journey towards omnichannel excellence,” said Harsh Shah, Co-Founder, Fynd. “Fynd, PwC and IMAGES Group are analyzing the omnichannel maturity of over 300 brands across 8 verticals, offering CEOs actionable insights to refine their strategies, benchmark against industry standards, and further deploy unified shopping experiences.”
What is the India Phygital Index
The India Phygital Index is the country’s first-ever in-depth omnichannel commerce benchmarking report. It delves deep into the truths of omnichannel adoption, exploring everything from technology integration to loyalty and marketing strategies.
The 2023 edition which covered over 300 retailers and brands across eight categories, provided insights into the evolution of commerce penetration, convergence of online and offline shopping journeys, winning omnichannel strategies and imperatives for the C-suite. Leading participants in the 2023 survey included Hamleys, Kaya, GNC, Ajmal, Westelm, Fila and Aurelia.
Methodology
Bringing out the report involves:
Collecting direct responses from retail brands via the survey
Fortifying the findings and filling the gaps with mystery audits conducted by a 3rd party across stores
Extracting key trends and best practices by analyzing survey findings and audit reports
Measuring and collating insights into an extensively researched report, with validation by partners.
Retail businesses interested in participating in the survey can do so by clicking here.
Why participate?
Participating in the survey can offer several benefits to brands, including:
Benchmarking: It helps a brand position itself against other industry leaders for a competitive edge and showcases its level of omnichannel maturity.
Recognition: It helps the brand showcase its commitment to adjust to the new digital reality and position itself as an innovator in the retail landscape.
Gap Identification: Brands can identify the gaps between ground reality and brand ideology, and evaluate the efficacy of the omnichannel strategies with mystery audits.
Best Practices: Brands can identify the best practices for in-store experiences, order fulfilment, marketing, and tech stack for offline and online convergence.
Future Insights: The report will help get insights into omnichannel trends in 2025 and capitalise on them to stay ahead of the curve.
Roadmap Development: Brands can identify areas of improvement, and emerging trends, and incorporate them into their future omnichannel strategies successfully.
PRC 2024 will be held at Jio World Convention Centre in Mumbai on 8-9 May, 2024 on an impressive floor plate of over 100,000 sq. ft. This year, it will centre around the theme Accelerate Retail @ Scale where it will act as a catalyst in transforming the Indian retail landscape by empowering its mega ecosystem and connecting best-in-class products, ideas and innovations to the retail capitals of India and the semi-urban and upcoming retail hubs of Bharat.
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