How innovation can transform retail, and path to e-commerce for futuristic customers

The future of retail is inspiring, with technology, telecom and urbanization amping up the power of businesses to better serve their customers in the jewellery industry. At the recently held Retail Jeweller India Forum 2023, keynote speaker Ankur Bisen, Senior Partner and Head, Consumer, Food and Retail at Technopak Advisors, said, “Despite Covid and economic uncertainty, we saw much positivity in retail demand as India is largely a private consumption-driven economy. Domestic consumption, the bedrock of retail, will continue to be the strong base. The Indian retail industry is about $ 833 billion, and in the next 10 years, we will add 80% of additional retail in terms of consumption.”

Applauding the industry’s contribution, he said, “Jewellery retail takes the next big spot after food with a combined $ 72 billion in value, only to grow more than double this size in the next ten years. The key development in jewellery retail is the emergence of modern retail to the tune of 40%. We also have single retail shop owners trying to have franchises. In 2032, modern and traditional retail will be 50%, with each segment worth $ 95 million,” Bisen added.

Bisen highlighted how digital and e-commerce have only assisted brick-and-mortar businesses and helped small and mid-sized retailers operate in a democratized marketplace instead of encroaching on their customer bases.

He talked about how network and connectivity, telecom subscription, digital payments and open networks for digital commerce will create a strong ecosystem for e-commerce. “India will soon surpass the core density of the United States, which will only matter when the quality of smartphone data access improves,” he added.

Talking about the Indian consumer in the next decade, Bisen offered insights on Indians born post1999, i.e., the GenZ, for whom smartphones are a necessity. “They are transactional, will lack brand loyalty, will be digitally enabled, and want commerce on the go. To engage with this group, one needs a very different requirement of products and services,” he informed.He urged retailers to factor in that 40% of India’s population comprises migrants, economic uncertainty and high inflation and time poverty.

“Digital enablement is powering the transition from brand ambassadors to influencer marketing,” he stated, adding that influencers, with their massive following, can make or break brands. Therefore, legacy businesses have had to adapt to them.

Bisen maintained that there is a strong transition from a mass market to a community-driven market where experience and brand loyalties are formed around specific communities.

Courtesy: Retail Jeweller India Forum