The retail industry is where change is the new constant. Globally, the retail sector has been undergoing a revolution of sorts – driven not only by fast-changing consumer preferences and behaviour but also advances in technology. Foreign and domestic retailers operating in India too have started taking steps to deliver the next unique ‘experience’ to their shoppers.
Resultantly, ‘in-store experiences’ are gaining importance not only for engaging shoppers inside the store but also to catalyse buying decisions of casual or undecided shoppers. Discounts offered by online retailers and marketplaces may be tempting but human engagement offered by physical retail is compelling and still not out of fashion.
Therefore, a few innovative retailers in India are responding to the want of ‘touch-and-feel’, as also adapting store formats to provide that interactive element, which many more consumers now desire. A few examples are below:
Although the Indian retail story has unfolded slowly over the decades, the pace of change has now accelerated to such an extent that outlets need to constantly innovate to remain relevant to shoppers, especially the ones from younger generations. The next decade of retail in India would no doubt belong to retailers who successfully adapt newer technologies and upgrade their in-store experiences quickly.