The yr 2018 witnessed most important traits across all industries and verticals, such as some of the maximum vital flip of occasions inside the retail enterprise in India.
The 12 months become sincerely no longer the same for all—whilst the world’s biggest athletic-gear maker Nike went on a consolidation spree in India to curtail losses, famed manufacturers like Adidas and Reebok shifted in the direction of athleisure upon gauging its capacity inside the Indian marketplace.
From predominant acquisitions inclusive of that of Flipkart with the aid of Walmart, and of Heritage Foods, Lee Cooper and UK-primarily based Laura Ashley via Future Retail to international furniture large IKEA beginning its first save in India at Hyderabad—the retail industry has visible all of it in 2018.
In 2019, the marketplace could be described by rising technologies that alternate the way customers have interaction with their preferred brands, a shift in preferences, and the emergence of the latest war traces for e-commerce.
As we move towards 2019, right here are some of the key trends which have been expected to reshape the retail industry:
Trend 1: Experiential Retail
Experiential retail attracts the focus to a consumer-centric method wherein the consumer is capable of interact with product or emblem as opposed to being a passive participant.
As purchasers pick to spend money on stories as opposed to products, retailers want to reply to meet the desires in their clients. Customers do not need to simply stroll into the shop, purchase the product and leave because they may try this inside the comfort in their personal domestic.
For instance: Slew of retailers offer a screen for customers to use where they can sign in and seek their purchase records and bucket listing, supplying purchaser perception for the sales assistants.
There is likewise a smart replicate that allows you to request specific sizes, opportunity products or maybe pay without leaving the dressing room. Their high tech advancements additionally give the clients the opportunity to customize and order shoes, with distinct patterns and fabrics.
Trend 2: Augmented Reality vs Virtual Reality
Retailers are beginning to experiment with digital trade, which leverages digital and augmented fact devices to create completely new conveniences for a day after today’s consumers. Augmented fact (AR) is barely specific from digital reality (VR) because it overlays holograms on a pinnacle of the bodily world around us. Experts have noted that via 2020, the retail industry is slated to be the top spending enterprise on AR and VR.
For example, IKEA released a brand new VR revel in that locations shoppers in the center of a shoppable, 3D kitchen.
Trend 3: Multi-Channel Retail
Moving far away from the tenants of the conventional retail marketplace, multi-channel retailing has won growing popularity. The aim is for the store to be to be had to the consumer on all devices. The maximum commonplace device utilized by consumers nowadays is their mobile phones.
With online buying to be had at the press of a button and functions like product information, size guide, and free delivery, it is vital for outlets to move their corporations online.
For instance: Future Retail owns brick and mortar stores, whilst they have additionally tied up with e-commerce websites inclusive of Amazon and Myntra for selling its products. Future Retail also has a cellular app and Big Bazaar website for shopping.
Trend 4: Hyper Personalisation
The riding reason at the back of today’s retail traits is to elevate the patron-store dating by increasing personalization, remodeling customers into fanatics and boosting Customer Lifetime Value.
Imagine a shop where 99 percent of the items are selected for a consumer based totally on their history and alternatives. A shoppable digital fridge stocked together with your favorite meals. A smart speaker that is aware of your order history and might order your usual coffee with an easy voice command. A store where the stock, messaging, costs and sizes are dynamically changed for you. It will quickly seem absurd that we ever wasted time purchasing at stores now not designed for us.
For instance: Stitch Fix is a web store that offers clients get admission to private stylists who assist them find garb based on their sartorial tastes. The hand-decided on pieces are shipped to their door and clients preserve what they want and ship lower back the relaxation. With the option to try this automatically or on call for, customers can purchase what works best for their budget and their closet.
Trend five: Automated Retail
Lastly, the retail enterprise is slowly running closer to developing a human interplay-unfastened revel in for the customer. Moving rapidly towards automation on all fronts, many retailers have already adopted the cashier-much less version – be it small merchants or big ones.
Automated retail is now a wide place including everything from vending machines to unmanned kiosks to unattended grocery stores.
For instance: BigBasket has launched BB Instant, as part of a broader strategy to increase the quantity and frequency of orders on its platform.
Bigbasket has positioned physical kiosks containing grocery objects and consumables in numerous rental complexes. These are unmanned kiosks. Customers can place orders on the BigBasket app and once they pick out up the order, it mechanically bills the pockets.
The retail industry will keep evolving at breakneck speed, however optimistically, getting ready for those 5 trends will arm outlets with the insights and capabilities to develop the retail store in 2019 and beyond.