Omnichannel has emerged as the ‘hero’ for retail since the pandemic and in our quest to decode the omnichannelmaturity narrative for retail, we set out to examine the retail scape through IMAGES India Phygital Index (IPI) 2022. Following a grand success and huge positive response on IMAGES India Phygital Index (IPI) 2021, this year we set out on the path to analyse the omnichannel strength and maturity of India even further. We have examined almost 102 retailers encompassing online and in-store retail across fi ve segments. Unlike last year, this year our analysis includes fi ve business parameters: e-commerce share of the business, organisational maturity, omnichannel features, practices, and capabilities, and customer journey seamlessness. Each of these parameters has been broken down further for more in-depth investigation.
The IPI 2022 brings to the front important benchmark and best practices that can be applied to prioritise and plan for the new normal. The idea of omnichannel retail at present has begun to receive a new meaning owing to the new tech implementations and renewed strategies that are making shopping personalised, seamless, convenient,and experiences more noteworthy. The idea of omnichannel has been a buzzword for months now, but how many retailers have been able to achieve that is a question that we want to ask and answer through the new study put forth here.
Through this index, we look forward to noticing the changes that have happened within the retail domain and observing the gaps that exist and bringing to the front the technology adaptation and other factors, which have contributed to the omnichannel propagation in retail. From the time we conceptualized the IMAGES India Phygital Index, we have tried to understand the backdrop of omnichannel growth in India and whether it has matured over time or if it is still in a very nascent stage. Through our research and understanding, we intend to measure the omnichannel gap every year through IPI and will continue outlining our fi ndings to note how each sector is reducing the gap to make omnichannel a reality for retail.
Through our fi ndings, we understood that customer today is demanding quicker delivery and is looking for faster resolution of returns too. From same-day delivery to ordering online and picking up in-store, ordering online paying for it at the doorstep, and other such convenient propositions emerged as a winner. We also notably understood that loyalty is winning big with the customers today and it is fast-changing the omnichannel landscape. So, we wish to dive deeper into the concept with our fi ndings every year and build the omnichannel growth story in India!