Retail Industry Embraces Digital Transformation & Omnichannel Strategies

Industry experts share insights on the transformative impact of technology and changing consumer behaviours in reshaping the retail landscape at the BW Retail World’s Building Blocks of Retail Summit
Technology has had an immense impact on the retail industry in recent years. There has been a lot of chatter on how new formats of retail spaces are in demand at present and the new approach to retail is being appreciated at a macro level. Privacy is key to giving a seamless experience to the consumer and with the advent of technology, privacy is paramount.
Varun Tangri, Founder & CEO of QueueBuster finds the retail industry’s challenges particularly invigorating as he thrives on overcoming obstacles. “At present, I think retail spaces have grown and evolved to become experiential stores. One encounters a lot of new things that brands have to offer. I think additionally over the years technology has made a lot more happen, for the good of all,” he stated. He further emphasised on the strong omnichannel presence being a game-changing factor for all brands in the industry today.
Lalit Kumar Jha, National Head VM Retail ID, Landmark Group, Max Retail focusses on the pandemic being a valuable teacher, imparting numerous lessons.
“Everyone became very tech-friendly during the pandemic and as the retail industry has evolved so much whether you are online or offline, you have the visibility and availability of all the products you need,” he said.
Jha believes that the transition to newer formats has simplified processes for customers, catering to their needs effectively.
Sharmila Senthilraja, Industry Platform Leader for Consumer Products and Retail – India, Capgemini, stated that, “Gone are the days when retail was all about high CapEx, stores, locations etc. Now anyone who has a good product or good service to sell has access to customers across the globe.” She noted the shift in the retail format, highlighting the unprecedented access to customers and consumers. Retail, according to her almost became a form of entertainment during the pandemic and online shopping became very popular. “I think that direct to consumers along with omnichannel got accelerated by a huge margin in the last 5 years,” she added.
Ramaswami Lakshman, Director, Emerging FBA, IN Marketplace, Amazon gave a new perspective noting that while ecommerce and digitisation were already underway before the pandemic, there has been a rapid acceleration in retail digitisation since then in the retail space. He highlighted, “Now most people are comfortable buying what they need, from digital market spaces whether it is garden equipment or even fashion accessories. Online pharmacies are also very popular now.”
According to him, this shift in consumer behaviour was not as prevalent before the pandemic, indicating a rapid transformation in the nation’s buying patterns. Lakshman further suggested that this transformation is just the beginning, as India’s retail market penetration is currently only at 3 to 5 per cent, indicating an ambitious way ahead for global expansion.
The panel discussion took place during the second edition of the BW Retail World’s Building Blocks of Retail Summit.