iWorld

Future of retail in the age of e-commercialisation

http://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/internet-images/2015/03/05/comment.JPG?itok=xL6R5ZuB

The India retail industry accounts for over 10 per cent of the country?s GDP and contributes to around eight per cent of the employment. This space is undergoing transformations due to scores of e-commerce firms gaining huge popularity. In such a scenario, it is the brick and mortar companies that are gradually feeling the heat waves of the rising competition level in the Indian market. The truth is, the future of Indian retail holds value both in offline and online retail, especially in impulse categories like fashion jewellery and accessories.  

Over the last decade, the Indian retail industry has grown phenomenally with a remarkable shift towards organised retailing formats. It is gradually shifting towards a modern concept of retailing, which is a seamless blend of online and offline formats. This concept is called ?Omni-Channel? retailing, which focusses on employing all kinds of shopping channels like internet, brick and mortar, television, direct mail and radio among many others. Merging the two formats of online and offline retailing is to blend technology with smart merchandising and imbibe community building, customer engagement and targeted marketing in their operations. For instance, to tackle the queue problem at its stores, customers have the option of shopping online and opting for home delivery or store pick up at WalMart. Customer friendly tactics such as this have helped WalMart to be counted among the top five online retailers in the US with estimated revenues of $10 billion in 2013 from the online segment alone.

It is predicted that the Indian retail market will grow by seven per cent over the next 10 years, eventually becoming a whopping $850 billion industry by 2020. Coming specifically to traditional retail, a growth of five per cent is expected in the same and is estimated to reach a size of $650 billion (76 per cent). Organised retail is likely to develop by 25 per cent and reach a size of $200 billion by 2020. Since the last five years, Online Retail, both direct and through marketplaces has had a roller-coaster ride in metamorphosing itself from being at a nascent level to becoming the most promising sector in India.

For the future growth of the industry, retailers are also set to embrace Targetted Marketing to augment their operations and keep themselves on par with global standards. Targetted Marketing aims to make the promotions, pricing and distribution of the products and services easier and more cost effective. It envelopes all the aspects of marketing and involves breaking a market into segments and paying more attention to the ones that are of paramount importance for the company. For instance, firms can create e-mail campaigns and send to a specific set of customers depending on who the company wants to target. In order to know their target audience, companies can use various nifty tools like social media. These have helped marketers and SMEs track the target audience in real time through the fan pages of other companies. Besides this, they also provide an in-depth graphical data about every person who is connected with the page. Targetted Marketing is the mantra for finding the target audience that will help the retail sector survive cut throat competition. Innovative thinking and technology aided growth strategies are what will separate the lions from the lambs when it comes to this ever-evolving industry.

(These are purely personal views of Youshine founder Ashish Sood and Indiantelevision.com does not necessarily subscribe to these views.)

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/18/vodafone.jpg?itok=Nvp96HU9
Vodafone Idea board approves merger of Aditya Birla Telecom

The board of Vodafone Idea Ltd has approved the merger of Aditya Birla Telecom Ltd (ABTL) with itself while the latter holds an 11.15 per cent stake in telecom tower firm Indus Towers.

iWorld Telecom
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/18/walker.jpg?itok=W_v-btT8
CloudWalker partners with Spuul to liven up the living room with 10,000 hours of your favourite Bollywood and Regional movies

CloudWalker, a Smart TV company and Spuul, a popular online video streaming service has announced a partnership to enable users to watch Bollywood and regional movies on Cloud TV X2, India’s First 4K-Ready Full HD Smart TV on Android 7.0 Nougat OS.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/18/eros.jpg?itok=QSnAA7hO
Eros International joins hands with Ajay Kapoor of Kyta Productions for Pataakha & Kirik Party

Eros International Media Ltd (Eros International), the leading Indian film and entertainment company, announced its collaboration with Kyta Productions Pvt Ltd for two forthcoming films – Vishal Bhardwaj’s Pataakha and the Hindi remake of Kannada super hit Kirik Party.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/18/Flipkart_Hotstar.jpg?itok=IfVsgygr
Flipkart likely to buy stake in Hotstar: Report

Flipkart is taking a leaf out of Amazon’s book. Like its US rival, Flipkart is looking at buying a stake in India’s leading OTT platform, Star India-owned Hotstar, according to a report in Mint.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/18/YouTube_ott.jpg?itok=kga61EZt
Local OTT players not distressed by YouTube's Originals plan

YouTube is battling OTT giants neck-to-neck with its introduction of Originals. YouTube’s wide reach in India is well-known to everyone. For a decade almost, it has been go-to place for any type of video.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/17/yuptv.jpg?itok=pr9NLnHY
YuppTV bags exclusive digital rights for ASIA CUP 2018

YuppTV, the world OTT leader for South Asian content has bagged the exclusive digital rights for ASIA CUP 2018 in Australia, New Zealand, and all countries under Continental Europe. Commencing on the 15th of September

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/17/zee5.jpg?itok=DTMjA9oA
ZEE5 leads the OTT industry towards language-enabled search

ZEE5, India’s largest multilingual digital entertainment destinationannounces a special feature for their viewers, an industry-first, with the introduction of the searching the content repertoire in multiple languages on the app.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/17/Viacom-18.jpg?itok=35Xgc-fV
Viacom 18 adds ThinkAnalytics personalized multi-language recommendations to VOOT

Pay-TV and OTT content discovery and viewer analytics vendor ThinkAnalytics™ today announced that Viacom18 in India has gone live with ThinkAnalytics on the ad-funded OTT service VOOT. VOOT’s 37 million monthly active users now have personalized recommendations in seven languages on the home...

iWorld Video On Demand
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/17/YouTube_Originals.jpg?itok=7oAnhP5a
Content creators unfazed by YouTube Originals

YouTube’s ambitious announcement of launching India Originals is being seen as a bid by the Google-owned video platform to occupy a prominent place in the world of online streaming and earn more ad dollars. However, content creators believe this move will not affect their opportunities and existing...

iWorld Social Media

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories