Hassle-free payment, focus on cybersecurity to help promote growth of retail sector: report

Focus on hassle-free on-line fee mechanisms, cybersecurity, and sustainability would assist the nation’s fast-growing retail sector register a wholesome development price, in line with a Deloitte-Ficci report.

As FMCG and retail manufacturers rebound post-pandemic with elevated shopper spending, there’s an evolving shopper behaviour influenced by know-how, the report mentioned.

“With e-tailers seeing an ever-increasing demand, the retail and FMCG sector must ensure personalised conversations, enhanced customer loyalty programmes, hassle-free online payment options and a robust cybersecurity regime for data protection,” it mentioned.

Currently, with elevated adoption of digital infrastructure and better use of smartphones, the direct-to-consumer market has picked up in an enormous approach with greater than 1.35 billion potential prospects throughout areas, it mentioned.

Rajat Wahi, associate, Deloitte Touche Tohmatsu India LLP mentioned retailers and FMCG firms are realigning their companies to enhance the buyer and shopper expertise by constructing agility in distribution networks, accelerating adoption of know-how for omnichannel development, and digitizing the provision chain by way of sustainable business practices.

“However, the need of the hour is to embrace the future which is purely digital,” Wahi mentioned.

Retailers, subsequently, want to remain forward of the curve by utilizing the ‘phygital retail’ technique which includes keeping track of well being and wellness features, and features a stable expertise positioning within the new regular, he added. In this dynamic trade, those that introduce innovation and adapt to the altering panorama will probably be greatest positioned for achievement, Wahi mentioned.

The report additionally emphasised on the necessity for retailers to adapt their advertising plans to the advanced shopper journey, to create a seamless procuring and shopper expertise for his or her prospects throughout channels.

It added that manufacturers in the present day are constructing agility of their distribution networks, accelerating the adoption of know-how and processes to drive their general development, and repeatedly enhancing, and digitising the provision chain by specializing in sustainable business practices.

Further, it mentioned the pandemic has accelerated the necessity for ESG (environmental, social and governance) adoption within the nation and worldwide.

“As a result, FMCG companies and retailers are expected to incorporate sustainable practices as an integral part of their business models,” it added.

Stay on prime of know-how and startup news that issues. Subscribe to our every day e-newsletter for the most recent and must-read tech news, delivered straight to your inbox.