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9 best retail predictions for 2017

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With the growing influence of eCommerce, changing consumer preferences and growing urbanization, India’s retail industry is fast evolving. Every business demands best business practices and now more so in the retail and eCommerce space. So, here is a list of predictions for next year where the bridge between an online and offline touch-point would be further blended to perfect customer-centricity. Let’s check-out the retail trends for 2017.

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9 best retail predictions for 2017

  1. 1. wwww.etailingindiaexpo.com 9 Best Retail Predictions for 2017 With the growing influence of eCommerce, changing consumer preferences and growing urbanization, India’s retail industry is fast evolving. Every business demands best business practices and now more so in the retail and eCommerce space. So, here is a list of predictions for next year where the bridge between an online and offline touch-point would be further blended to perfect customer-centricity. Let’s check-out the retail trends for 2017. 1) More payment options The growth of mobile payments will make merchants to update their old payment terminals to newer models, which will not only help retailers with compliance and security, but also enable them to accept more payment (e-payment) options. 2) Mobile will play a bigger role in click-and-collect initiatives Retailers are increasingly experimenting with mobile to facilitate click-and-collect. Some merchants now enable customers to buy via mobile and pick up in-store, while others, such are using mobile to send notifications whenever an order is ready for in-store pickup. E.g. you can
  2. 2. wwww.etailingindiaexpo.com choose to have your order delivered to an Amazon pickup location, so you can collect it at a time that is convenient for you. Once your package is delivered to the pickup location, you receive an e-mail notification. Similar things could be expected from retail houses as well. 3) Unifying online and offline data collection Since today’s consumers go through multiple channels in their path to purchase, collecting and studying data in silos won’t cut it anymore. More retailers will start analyzing online and offline data together. Doing so will give them a more comprehensive picture of their customers’ shopping journeys. 4) Reducing friction from shopping Frictionless shopping has always been an objective of omnichannel. In 2017, we anticipate companies will further explore ways to reduce friction in the shopping journey. E.g. Omnichannel strategies deployed by retailers like Abof, Tata CLiQ and many more speaks for smoother shopping experience where you can buy online as well through offline touch-points. 5) Merchants will adopt in-store mobile devices After demonetization, we anticipate the continued adoption of mobile devices such as mPOS systems and in-store tablets. Having a tablet-based POS system enables them to improve the customer experience and speed up checkout. E.g. Paytm terminals adopted by Kirana stores for e-payment 6) Social will grow as part of the omnichannel mix Social media has been playing a big role in the shopping journey for a while now, and it will continue to do so. Therefore, more retailers will adopt social selling solutions. 7) Machine learning will revolutionize retail Machine learning is a branch of artificial intelligence capable of processing mounds of data to discover patterns that can later be used to analyze new data. Best of all, it gets better over time. Machine learning can also strengthen the reach of big data analytics and bring companies closer
  3. 3. wwww.etailingindiaexpo.com to the ideal of getting the right information to the right people at the right time. All the major retailers such as Big Bazaar, Pantaloon, Spencers Retail and more rely on Big Data and artificial intelligence for accurate business conventions. 8) Stocking up on more merchandise won’t cut it anymore Merchants will learn that they need to thoughtfully curate items, rather than simply stock more merchandise. They’ll win over customers not because they have the widest selection, but because they have the best and most relevant assortments for their target market, and they’re able to deliver those products using the preferred retail channel of each customer. 9) Bet on bots and conversational commerce Ignore the buzz around chatbots and conversational commerce at your own peril. This is not a passing trend; it’s a tool retail businesses can use to boost customer service and have more meaningful conversations with customers. Conversational commerce is the principal technology comprising chat, messaging or other natural language interfaces. It short-circuits the brand-to- consumer loop, facilitating “conversations” between people, brands or services and making it possible to use a device, notably a smartphone, to ask questions, place orders and get advice. Conclusion Consumers expect a seamless shopping experience that shifts smoothly from digital to physical stores and vice versa. So these key trends can help retailers to remember what consumers buy — a stepping stone to facilitating replenishment, and leaving a touch of personalization.

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