An industry player says the rise of e-commerce has not signaled the end of physical stores, but ushered in a new era of retail, where omnichannel strategies and experiential retail concepts reign supreme.
The offline shopping experience has been enhanced with the introduction of various technology-enabled tools such as augmented reality, virtual reality and artificial intelligence.
The Indian retail real estate sector has witnessed a lot of changes in the last few years, and technology has had a huge impact on this change. From online shopping to shopping in stores with tech-enabled tools, we have seen many changes in the last few years.
Consumers can shop whenever, wherever they want with the help of integrations and omnichannel retail. To interact with customers and provide a more personalized experience, retailers are using technologies such as smartphone apps and in-store kiosks.
There has been a huge growth in the retail real estate sector and it will continue to grow with the help of technology.
Nandini Taneja, vice-president (leasing), real estate firm ReachPro Group, said, “The offline shopping experience has been enhanced with the introduction of various tech-enabled tools such as augmented reality, virtual reality and artificial intelligence. These tools have made it possible for shoppers to have a more interactive and personalized shopping experience. For example, retailers can use augmented reality to allow customers to virtually try on clothing and see how it will look on them before making a purchase. In addition, mobile apps and smart mirrors can help customers find products quickly and easily.”
Integration and omnichannel allows retail customers to shop on their terms, whenever and wherever they want. Retailers are using technologies such as mobile apps and in-store kiosks to connect with customers and provide a more personalized experience.
Major brands such as Nike, Adidas and Apple India have also opened multiple experience-based offline stores across select locations in India. These stores offer customers a unique shopping experience that goes beyond just buying products. It features interactive displays, customization services and immersive experiences that allow customers to meaningfully engage with the brand. Internationally, some stores offer customers the chance to design their own shoes using the 3D printing process.
Landlords and mall owners are creating more flexible models of revenue sharing and minimum guarantees to attract tenants and drive business. These models allow tenants to pay a percentage of their revenue instead of a fixed rent, which lowers their risk and helps manage their cash flow. Plus, landlords and mall owners benefit from increased foot traffic and sales.
Shivang Suraj, Founder and Director, Inframantra, said, “The Indian retail sector is evolving, and is undergoing a profound transformation, as consumer preferences and buying habits change due to technological advancements, economic pressures and changing demographics. are developing rapidly in response. The traditional model of brick-and-mortar retail is no longer sufficient to meet the demands of today’s discerning consumers, who expect a seamless and personalized shopping experience across multiple channels. As a result, retailers and landlords alike must adapt to these changing dynamics by adopting new technologies, investing in innovative store formats, and creating a strong online presence.
Suraj said the rise of e-commerce has not spelled the end of physical stores, but has ushered in a new era of retail where omnichannel strategies and experiential retail concepts reign supreme. To succeed in this dynamic and competitive landscape, retailers and landlords must be agile, adaptable and forward-thinking, constantly seeking new ways to engage with customers and create value.
“Those who are able to embrace change and seize opportunities will thrive in the years to come, while those who cling to old models and practices risk being left behind. We anticipate that this will continue to gain momentum till 2023. Even amid tough global economic conditions, international brands are expanding not only in Tier-I cities, but also entering Tier-II and Tier III cities as they see India as a potential See it as a market. He added.
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