Hassle-free payment, focus on cybersecurity to help promote growth of retail sector: Report
Focus on hassle-free online payment mechanism, cybersecurity and sustainability would help the country's fast growing retail sector register healthy growth rate, according to a report.
As FMCG and retail brands rebound post-pandemic with increased consumer spending, there is an evolving consumer behaviour influenced by technology, the Deloitte-Ficci report said.
“With e-tailers seeing an ever-increasing demand, the retail and FMCG sector must ensure personalized conversations, enhanced customer loyalty programmes, hassle-free online payment options and a robust cybersecurity regime for data protection,” it said.
Currently, with increased adoption of digital infrastructure and greater use of smartphones, the direct to consumer market has picked up in a big way with more than 1.35 billion potential customers across regions, it said.
Rajat Wahi, Partner, Deloitte Touche Tohmatsu India LLP said that retailers and FMCG companies are re-aligning their businesses to improve the consumer and shopper experience by building agility in distribution networks, accelerating adoption of technology for omnichannel growth, and digitizing the supply chain through sustainable business practices.
“However, the need of the hour is to embrace the future which is purely digital,” Wahi said.
Retailers, therefore, need to stay ahead of the curve by using the 'phygital retail' strategy which involves keeping an eye on health and wellness aspects, and includes a solid talent positioning in the new normal, he added.
In this dynamic industry, those who introduce innovation and adapt to the changing landscape will be best positioned for success, Wahi said.
The report also emphasised on the need for retailers to adapt their marketing plans to the evolved shopper journey, to create a seamless shopping and consumer experience for their customers across channels.
It added that brands today are building agility in their distribution networks, accelerating the adoption of technology and processes to drive their overall growth, and continuously improving, and digitising the supply chain by focusing on sustainable business practices.
Further, it said the pandemic has accelerated the need for ESG (environmental, social and governance) adoption in the country 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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Deloitte Touche Tohmatsu India LLP
- Rajat Wahi
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