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wwww.etailingindiaexpo.com
India’s Retail Pain Points and Its Solutions Revealed
Welcome to our 5th part of the “Retail We...
wwww.etailingindiaexpo.com
Retailerscanmeetcustomers’expectationsbymakingstrategicinvestments in technology, engaging in
d...
wwww.etailingindiaexpo.com
 We want to know our customers better
A seemingly simple but important question is how you kno...
wwww.etailingindiaexpo.com
 We have orders but cash transactions delays SCM
Postdemonetization,retailershave faced the br...
wwww.etailingindiaexpo.com
Brand consistency- All channels need to have consistent graphics and messaging to increase bran...
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India’s Retail Pain Points and Its Solutions Revealed

Welcome to our 5th part of the “Retail Week Series”. Today we strive to shed light on the Major Pain Points faced by Retailers and dealing them effectively will be our Solutions. The article is immensely helpful to all retailers, eCommerce firms, technology players and budding entrepreneurs for running a successful Retail business. So, let’s go through it one by one.

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India’s Retail Pain Points and Its Solutions Revealed

  1. 1. wwww.etailingindiaexpo.com India’s Retail Pain Points and Its Solutions Revealed Welcome to our 5th part of the “Retail Week Series”. Today we strive to shed light on the Major Pain Points faced by Retailers and dealing them effectively will be our Solutions. The article is immensely helpful toall retailers,eCommerce firms, technology players and budding entrepreneurs for running a successful Retail business. So, let’s go through it one by one.  We Collect Data now But don’t do anything Many retailers have put some sort of CRM platform in place to collect the data their customers give them;names,emails,phonenumbers,purchase history,etc.Itwasclear that thisinformationwasgoing to be useful, however, many retailers never figured out what to do with it. Soon those daily, weekly, monthly records turned into huge heap of data to figure out. Solution: Let them use Big Data analytics to make sense and draw insights from it. Integration of CRM with analytics enables retailers to see actionable insights that come out the other in easy to read reports.
  2. 2. wwww.etailingindiaexpo.com Retailerscanmeetcustomers’expectationsbymakingstrategicinvestments in technology, engaging in data analysis and carefully managing their various digital channels.  We want to connect our online and offline marketing campaigns Anotherpainpointthathas become a trendisdisconnectionbetweenretailer’soffline andonline touch- points.Plentyof customershave probablyinteractedwithyourbusiness onyourbrick-and-mortarshop. However,you are still missing your online presence in case you don’t have one. Also, those who have multiple online channels such as mobile, social, web in-store, it can be difficult to recognize those several interactions from one person. Solution: Firstthingfirst,those whodon’thave an online shop please go and make one. You have to be aware of the infinite opportunities present on the web. Again for Omnichannel players, connecting the dots is important for marketing to become much easier. Instead of sending same promotional content to all customers,retailerscannowpowerthemselvestosendfewerrelevantofferstosegments of customers that resonate better with each individual. When a customer feels a business truly understands their needs, they become much more loyal to that business.
  3. 3. wwww.etailingindiaexpo.com  We want to know our customers better A seemingly simple but important question is how you know your customers better. Solution: The challenge hascouple of differentvariablesto it; data collection, data analytics, actionable insights, and follow through. The firststepis collectingpermissible datafromyourcustomersat everytouch point, this means asking certainquestionsonsurveys,addingfieldstoyourloyaltyprogramsignup form, and observing patterns inbehavior on different platforms. Next you need to have the ability to analyze, scrub and harmonize this data and pull out actionable insights. These are the hard parts, which you need to work hard to excel at. Once this is done, follow through is the key. Making changes, based on these insights will improve the customer experience.
  4. 4. wwww.etailingindiaexpo.com  We have orders but cash transactions delays SCM Postdemonetization,retailershave faced the brunt just like any citizen of our country due to shortage of cash. There had been a substantial drop in business for retailers as the supply chain process took longertime thanusual.Truckersandvendors/distributorswhere notable topaymoneyrequiredduring transportation. This had a direct impact on the business of retailers. Solution: A UPI-basedpaymentsolutioncansolve manyof the paymentissue withsimple and effective payment procedure.OnlinemarketplacesandRetailerscan make logistics handlers utilize the payment solution by tying them up with the help of developers. Similarly,OnlineRetailerscanextendcredittoitsdistributorssothattheywill dothe same to theirretail partners, in an attempt to deal with the liquidity crunch. Thus going cashless is the key for smoother business to happen.  We want to know the best way to present our brand on multiple-channels Oftenyourfirstimpressionturnsyourlastone.It’simportanttorememberthatthe success of any sales strategyhingesasmuch onexecutionasonthe strategyitself.Sohow dowe leverage the multi-channel retail? Solution: Differentiate- Conveying a value proposition at first glance is essential for merchants to stick out in a competitive field.
  5. 5. wwww.etailingindiaexpo.com Brand consistency- All channels need to have consistent graphics and messaging to increase brand recognition. Streamlined operations- Synchronization of multichannel retailing is essential in managing sales, processing orders, and fulfilling customer purchases — across multiple channels.  We are traditional retailers and losing out customers because of eCommerce firms Many retailers have bitten the dust due to old methods of trading. One big example was during demonetization itself. Since, they don’t have the capability or necessary infrastructure for online presence; they miss out on the drifting online customers. Solution: Theyshouldexplore the deal of sellingtheir products online through any major eCommerce platforms. Etailerssuchas Flipkart,Amazon,SnapdealandPaytmtoname a few have thousands of sellers on their platform. Sellers also get an opportunity to put their products for international customers. Also, they receive easy-repayment loans from their etailers to stock products. Conclusion Market presentsbothgreat opportunities as well as some unique challenges for Retailers. Technology inclusion and smart selling can make them sustain and expand their business.

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  • PiyushDesai14

    Mar. 21, 2021

Welcome to our 5th part of the “Retail Week Series”. Today we strive to shed light on the Major Pain Points faced by Retailers and dealing them effectively will be our Solutions. The article is immensely helpful to all retailers, eCommerce firms, technology players and budding entrepreneurs for running a successful Retail business. So, let’s go through it one by one.

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