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How Digital Transformation is helping the Retail Industry
How Digital Transformation is helping the Retail Industry

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As consumer behaviour rapidly changes in India and the country’s tech-savvy consumers embrace newer technologies in a big way, it becomes important for the retail industry to acknowledge and adapt to this change. The retail industry’s leaders and laggards of tomorrow will be determined by how quicky they are able to leverage technology to their advantage and give to their customers the ultimate shopping experience, be it online or in an offline store. The silver lining of the COVID-19 pandemic was that the pandemic turned out to be a major catalyst in bringing about a seismic shift in the way the retail industry has adopted technology.

Today, there are several areas in the retail industry that are seeing technology make deep in roads and revolutionise the customer experience, and two of these include:

Data Analytics - Data is a quintessential element for any business to derive actionable insights from and use it to streamline operations and improve processes. Gone are the days when retailers had to make "intelligent guesses" around their customers to get a sense of the top categories, spend patterns, and other aspects of the business. In today’s heightened competitive environment, any strategy made around such guesstimates will never deliver the desired results.

Data analytics helps retail merchants get a customised view of data from all their integrated stores. Detailed store-level insights can then help them make strategic decisions and improve operational efficiency.

Checkout Experience - Another area where technology has immensely helped retailers is in elevating the checkout experience for their customers. Today, a significant number of Indians are using digital payments and there’s no better example than the phenomenal success of Unified Payment Interface (UPI) which is today processing 7.53 billion transactions in a month (Source: February data from NPCI website). Retailers must embrace this wave of digitalisation and ensure their point-of-sale infrastructure equipped to process digital payments. The focus must be in giving the control back to the consumer on how they want to pay to complete their store purchase, be it via QR code, tap-and-pay or via any other mode of digital payment.


The giant leaps that the retail industry in India has taken towards digitalisation will go a long way in making the industry more in sync with the times and help them to the needs of the modern consumer who is constantly looking for a better service experience. It is important for the retail sector to continue embracing the best of new and emerging technologies and further fuel its growth trajectory and contribution to India’s GDP.


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