Omni-channel solution to Indian retail challenges in 2023: Unicommerce

Omni-channel retail is a solution to overcome retail challenges in India this year, a blog by the Indian e-commerce-focused supply chain software-as-a-solution technology platform noted.

Ship from the store, ordering offline-return online or vice versa, and routing online orders to offline stores are some of the services that businesses are making the most of, it said.

While India’s retail market is estimated to reach nearly 2 trillion by 2032, e-commerce alone has been estimated to cross the $350 billion mark by 2030, growing at a compounded annual growth rate of 23 per cent, and have a market penetration of 12 per cent.

E-commerce retail, clubbed up with traditional selling strategies, is going to be the need of the hour, it noted.

Both a sudden hike and an unexpected dip in demand could create clusters and dilemmas in the minds of sellers. The only way to fight this is to develop a strategy or system to track and monitor inventory while aligning it with market demand.

As customers are no longer forced by ‘brand loyalty’, it has become difficult for retailers to retain old customers and optimise their sales between old and new customers.

Online and offline experiences can and should be complementary. But the problem arises when retailers are unable to integrate multiple channels. Due to this, customers have a different experience every time they buy from you. The sellers should have a holistic view of the customers, regardless of the channel they are using, the blog suggested.

Retailers today need to invest in technology that can help them handle the huge amount of data generated. Technology will help win a competitive advantage over competitors, it noted.

To be a step ahead of competitors, retailers need to change investment strategies, including operational planning, it noted.

Fibre2Fashion News Desk (DS)