Indian retail quotient: Think global, implement local
Source: The Economic Times
The Covid-19 pandemic caused shifts in shopping behavior - online purchases increased, and retailers responded with e-commerce offerings. Ubiquitous connectivity, spanning semi-urban and rural areas, is driving the shift to online shopping.
Sourav Banerjee, Senior Vice President, Consumer, Retail & Logistics, Infosys, discusses how Indian retailers can benefit by implementing a digital ecosystem:
Retailers should devise a phygital strategy combining brick-and-mortar and online marketplaces to give consumers more choice.
Readily available credit attracts and retains customers, ensuring conversion rates and sustainability of the business, as well as customer satisfaction.
New fulfilment strategies
Retailers can convert unused store capacity into mini fulfilment centers for e-commerce operations. They can adopt 'buy online, pick up in store' to enable social distancing.
Retailers need to capitalize on the cloud for centralized IT as well as a seamless customer experience. Cloud platforms offer visibility into operations, along with customer metrics.