Customer Is The Undisputed King Now
Retail consumer appetite for purchasing in-store is expected to remain healthy in the coming years, irrespective of the rapid growth of e-commerce in different markets including India. US-based eMarketer, an independent retail research firm, has forecast that while about 63% of the US population will make a digital purchase in 2015, only 6.5% of US retail sales are expected to come from internet transactions, increasing to 8.9% by 2018. The report maintains that the majority of US consumers are making purchases online, but more than $10 out of every $11 are still spent in stores. As US and China are currently the world’s leading e-commerce markets, trends spotted in these markets could indeed be the shape of things to come in the Indian retail market.
One can surmise from the global retail market trends that brick ‘n mortar retail would not lose traction even if e-commerce were to gather greater momentum than seen now. But, that does not mean the brick ‘n mortar retail players should rest on their oars. Rather, they need to redefine their customer engagement strategies by leveraging the new Internet and mobility driven channels to connect with a larger customer base. Omni-channel retailing is perhaps one way of achieving this goal. This edition of VM&RD directs sharp focus on this dynamic dimension of retail business.
What is equally noteworthy is that in the retail sphere, customer-centricity has sharpened manifold in the wake of increasing competition. This is a welcome development. Retail industry leaders are now constantly exploring new ways to engage customers by creating great retail experiences at their stores and other outlets. Against this backdrop, In-Store Asia 2015, being organised in Mumbai during February 5-7, will bring key retail players under a single roof for intense knowledge-sharing and business discussions – to identify innovative ways to enhance customer engagement by adopting innovative retail solutions.
Hope to meet you at the Conference!