The Indian retail industry has put the country on the global map in terms of retail trends and profitability.
As per data released by IBEF, India established itself as the fifth-largest global destination in the retail space and ranked 63 in World Bank’s Doing Business 2020.
The sector’s operations might have been disrupted in the initial phase of the pandemic, but now, it has caught pace and is recovering well.
The COVID-19 crisis brought various changes to international and local markets. In fact, it also brought drastic changes to the consumerism pattern and buyers’ behavioural psychology.
The retail industry is strategising its future with new trends that will both adapt to the circumstance and also help the retail market to grow further.
Here are the top five trends that will drive the future of retail and escalate the business to new horizons of success:
Tech in the lead
Technological advancements have shown tremendous growth. The technological progression has been a great support for the country as it helped people to get accustomed to the new normal and the work-from-home culture.
For instance, the laptop industry expanded its footprint and launched various new ranges to offer the best to the customers technologically and ease their operations at home.
This technological boost is expected to skyrocket in the post-pandemic time and become an evident factor that increases the profitability of an individual, a company, and the industry as a whole.
Keeping it safe
The coming times will ensure businesses take extra precautions (now that they have faced the worse). The retail market will get back on its foot with health and safety guidelines, including maintaining proper distance, periodically sanitising the store, frequent temperature checks, and more.
The industry will observe the guidelines stringently for their delivery and in-store operations. Keeping the customers safe shall also lead to safeguarding the industry’s future plans as it levels up post-pandemic.
Essential over luxury?
The recent crisis has helped people understand the difference between their actual requirements and luxurious expectations. The pandemic altered consumer psychology in a direction where people prioritise their needs over desires.
Getting their essentials in place, including groceries and prerequisites for work-from-home such as laptops — people are focusing on smoothening their stay at home in these rough times.
The coronavirus outbreak has shaken the financial roots of the citizens deeply, which has created an impact on luxury goods. Keeping in mind the changing business environment, the focus of retail will also make a shift post-pandemic and focus significantly on essentials.
The business leaders in retail will prominently work on offering the required products and services to the patrons while passively serving the luxurious vertical in the background.
The ascent of ecommerce
The retail sector is anticipated to adopt different ways to sustain and flourish post-pandemic. The ecommerce retail domain is bound to grow with the number of online shoppers increasing by the day and more people resorting to tech-savvy portals to satiate their shop-it-all spirit.
Digital dependency on the rise
Making a move to the online world and digitising the sector is no more an option but a prerequisite to running a business, especially in the world of retail.
Many renowned brands have already made their space in the virtual world, and the local businesses, too, are shifting to establish their rapport online.
The digital dependency shall lead from the front in the post-pandemic era as customers will maintain a safe distance as a post-outbreak psychological impact.
Expanding businesses with virtual store tours and product experience, the retail market will tread ahead with digitising the industry and strategising it right to flourish digitally and on-ground.
These trends will not only be the highlight of the post-pandemic times but will also enable the sector to bring something different and evolved to the table to serve the customers.
They will empower the retail market and give it a fresh new start, leading to better results and increased efficacy and profitability.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
