Retailing is defined by a multi-channel approach: Report
During the pandemic, e-commerce became the shopping channel of choice as consumers were reluctant to leave their homes and wanted contactless delivery.
E-commerce became the preferred shopping channel during the pandemic as consumers no longer wanted to leave the house and wanted contactless
The way forward for retail will be a mix of brick-and-mortar stores and online selling platforms, with both continuing to grow in markets like India, says Deloitte India report
New Delhi: Indian shoppers and consumer goods companies are adopting a multi-channel approach after the pandemic changed shoppers’ habits and led to a shift in retailers’ offerings, consulting firm Deloitte India said in a report released on Monday.
“The future of retail will be defined by a multi-channel approach where online and offline channels will not only compete but also support each other. The future of retail will be a mix of brick-and-mortar stores and online sales platforms, with both likely to continue to grow in markets like India. Brands and retailers are recognising the shift and realigning their strategies to reflect this change,” the report –ReWriting the Rules
The platform already has a presence in 29 countries, including the U.K., Australia and Ireland, and has been seeking expansion opportunities due to its appeal,
.The pandemic has led to a permanent change in consumer behaviour. While shoppers returned to stores after the curbs were lifted, they are far more discerning when it comes to getting the products of their choice. This means they are willing to switch to different platforms and shop across channels.
As a result, retailers, especially offline retailers, have had to adapt to the ‘new normal’ and develop alternative ways to engage with and reach their end customers, develop new business models – including direct-to-consumer – and rapidly improve their online presence while maintaining their offline businesses and presence.
Increasingly, consumers expect to be able to buy any item when and how they want, in real time, he added. This has far-reaching implications for brands.
“This instant multi-channel shopping is being accommodated by retailers not only in-shop, but also in the upstream supply chain, which is also undergoing a massive omnichannel transformation,” Deloitte said in its report.
Retailers can use this as an opportunity to transform their stores to allow customers to pick up and conveniently return their goods.