Interventions

Three innovations to shape the future of online retail in India

Indian eRetail will bridge the technology gap completely in the next 5-10 years and possibly emerge as the world leader in eRetail innovation.
Three innovations to shape the future of online retail in India

Now, when the world getting technologically advance the market retail structures too have catch up the trend of e-retailing.Many young and energetic entrepreneurs have upgraded their marketing strategy by getting connected to the world through technology. Innovation ad technology have said to carve and build a new future of Indian marketing strategy.

There are two main phenomena are enabling this change – Globalisation and the Internet. Indian entrepreneurs can now intimately study the evolution of their industry in countries like USA and China. Along with this, the internet places the industries of different countries, both developed and nascent, on an even keel. Both have equal potential of using the internet to evolve their businesses. With this levelling, Indian business are evolving within years to reach a stage that took businesses in other countries decades in the absence of the internet. 

eRetail in urban India is an apt example of this. In the United States, decades of mail order catalogues and home shopping via TV channels facilitated the shift from traditional to online retail. Back home in India, we largely bypassed this phase, perhaps with the exception from the cult classic Telebrands (remember them?). Even within eCommerce, we have transitioned much faster to mobile commerce – 50-60% of transactions of major eRetailers in 2014 were via mobile devices, as opposed to under 5% in 2013. 

With a rapidly expanding market and a young consumer base, India is the perfect laboratory for experimentation. It is conceivable that, difference of scale notwithstanding, Indian eRetail will bridge the technology gap completely in the next 5-10 years and possibly emerge as the world leader in eRetail innovation. We believe three innovations will shape the future of online retail in India. 

Brick-and-mortar hypermarket chains, though currently fledgling online, have reason to be optimistic. They have an established network of stores and warehouses, possibly wider and better located than their eRetail counterparts, especially in major residential areas. Brand value and consumer trust is also much higher than eCommerce. By applying good omni-channel strategies, they can harness this network and build large-scale and profitable eRetail practices. 
 

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