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60 per cent of brick-and-mortar retailers surveyed believe that improved access to technology can empower them to enhance their competitiveness in this evolving market, according PwC India report.
The influence of e-commerce and quick commerce is increasingly reshaping Indian retail, with 34 per cent of traditional retailers surveyed reporting negative impacts from online shopping. Traditional retailers are adapting to such a transformational market change by offering credit options, free home delivery and personalised services, while also looking at omnichannel strategies to stay competitive. However, our research shows that consumers want the best of both worlds--seamless digital convenience and the in-store experience. While online shopping dominates in personal product categories like apparel and beauty (preferred by over 50 per cent of consumers), in-store purchases remain strong for family-related products such as fresh produce and home furnishings (preferred by 36 per cent), highlighting the need for tactile engagement. In the light of these findings, the report introduces a comprehensive retail reinvention framework, guiding retailers to blend traditional and modern approaches. By embracing technology and focusing on experiential retail, retailers can create immersive consumer experiences that drive sustained growth. The framework emphasises the integration of AI-driven analytics and mobile applications to enhance customer interactions and provide valuable insights into consumer behaviour. Additionally, it encourages retailers to leverage geographic nuances and consumer utility profiles to tailor their strategies effectively. By aligning channel actions with consumer preferences, retailers can optimise resource allocation and remain relevant in a rapidly evolving market landscape. This strategic approach not only enhances competitiveness but also fosters long-term customer loyalty and satisfaction. Ravi Kapoor, Partner and Leader - Retail and Consumer, PwC India, said, "Indian retailers need to navigate the complexities of e-commerce--balancing online and offline channels, optimising supply chains, and enhancing customer experience." He added, "The future of retail belongs to those who seamlessly integrate innovation with localised strategies, leveraging data analytics and consumer insights to tailor offerings and drive sustainable growth in a competitive market." Raghav Narsalay, Partner and Leader - Research and Insights, PwC India, added, "Our research shows how dynamic the Indian retail landscape is and how the forces of technology combined with evolving consumer preferences across metros, Tier 1, Tier 2, and Tier 3 markets are driving retailers to innovate to maintain their competitive advantage." Sanjay Dawar, Partner and Leader - One Consulting, PwC India, said, "Brands must adapt to shifting consumer preferences by using technology and tailored channel strategies to maximise relevance and impact." (ANI)
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