Retailers investing in innovation to enhance shopping experience

BANGALORE, INDIA: BT launched a report titled, "Retail 2.0 - Next generation retail" examining how the Indian retail industry is preparing for the next wave of customer experiences and expectations.

The report shows how technology helps the modern Indian retailers to deliver a better customer experience and how it can improve efficiency at supply chain and store operation level. This study aims at assessing the Indian retail industry's technological readiness.

The retail industry is accustomed to waves of technology transformation. Retailers now need to adapt to new platforms and to social media in order to make the most of the opportunities they present. BT's "Retail 2.0 - Next generation retail" report focuses on how "brick and mortar" retailers are becoming as connected as their online counterparts.

Going forward, everything in the store and everyone in it will be connected in real-time to create a personalised environment for shoppers and for store associates as well as managers. By using sensors, video, RFID, precise location data and analytic technologies, store managers will have visibility of everyone and everything within the store.

The report shows how retailers are investing in innovation and are increasingly mobilising sales associates and digitalising their marketing to enhance the shopping experience. 

Sudhir Narang, managing director, BT in India, said: "India is a vast and diverse country and therefore faces the obvious challenges of long distances, and a multiplicity of local regulatory regimes that creates challenges in the effective movement, and monitoring of products as they go through complex supply chains to consumers. Therefore there is a need for technology solutions in the retail sector to deliver a great customer experience, efficient operations, with an eye into consumer insights and employee engagement."

Kumar Rajagopalan, CEO, Retailers Association of India, said, "Retailers in India operate in hyper competitive environments, catering to consumers who are young, smart, more informed and demanding. The market provides immense opportunity for retailers to thrive thanks to the voluminous customer segments; it comes with its own set of challenges that continues to grow in speed, volume, and complexity. We believe implementing best technology to harness the process and organizational objectives would provide a more sustainable action plan."