The pandemic has made retailers resilient and efficient, and many of them have embarked on a home delivery model. Going forward, companies will continue to adopt advanced analytics to improve sales and gain granular actionable insights on buyer behaviour," Razdan said.ĮY India National Leader - Consumer Products & Retail Angshuman Bhattacharya said with increasing consumption, growth of e-commerce and quick commerce, the industry is expected to come back to pre-COVID growth levels. "I believe that we are now gradually moving away from 'retail' into 'consumer commerce', a phenomenon where consumers are at the centre stage and are responsible for generating demand and shaping the value chain. KPMG Partner and Head - Consumer Markets and Internet Business Harsha Razdan said investments in digital technologies, platforms and customer-centric technologies such as chatbots and dedicated websites have increased significantly. ICRA AVP & Sector Head Sakshi Suneja said the spread of the Omicron variant poses a key downside risk to the recovery path. However, there are still worries around Omicron and the third wave, leading to a feeling of cautious optimism," RAI CEO Kumar Rajagopalan said. "Business is improving and we hope this will sustain. Recent data from the Retailers Association of India (RAI) showed that retail sales in November 2021 was up 9 per cent growth over the pre-pandemic levels of November 2019 and 16 per cent growth compared to November 2020. "We are seeing a major erosion of brand loyalty across everyday categories as new products and brands are being launched by both retailers as private labels and by the 'from home' entrepreneurs, leading to rapid commoditisation across categories," he said. However, the retail industry, which is now leveraging technology to engage with and reach their end customers, are also grappling with certain implications. According to him, retailers have to imbibe an integration strategy to enhance customer value proposition and experience.ĭeloitte India Partner Rajat Wahi said COVID has defined a "new normal" for retailers and has altered the business dynamics forever for them.
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Hence, phygital has emerged as an intrinsic part of customers' shopping experience, and this integration between offline and online retail is likely to grow," Mediratta told PTI. They are looking at a seamless omnichannel experience. "Customers now decide 'when to shop', 'where to shop' and 'how to shop'- be it online, offline or a mix of both. He also pointed out that health and safety concerns predominantly led to consumer decisions that resulted in people looking for essential products, especially the ones with health benefits.
Metro Cash & Carry India MD & CEO Arvind Mediratta said COVID has changed consumer behaviour and buying patterns drastically.
Moreover, with social media and influencer marketing coming to the forefront, creativity and content push, especially with regional languages, will gain more importance. Concepts like video shopping may become more mainstream and companies will continue to adopt advanced analytics to improve sales and gain granular actionable insights on buyer behaviour.
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