Over the past two years, industries across the globe saw massive disruptions due to the sudden outbreak of the COVID  pandemic. Even the retail industry was taken aback but thanks to the digital adoption in their ecosystem that sustained them. If you are a start-up, an SMB, or an entrepreneur in the retail sector, you’d now acknowledge the massive capabilities of an AI-ML-enabled digital intervention that can fetch you the best returns in your retail business. Post Pandemic era has a lot to offer as e-commerce, and online retailing are surging ahead creating innovative retail industry trends for the year 2022. While 2021 was a year of adjustments that allowed economic recovery albeit, at a slow pace,2022 looks more promising with major retail trends. Let’s discuss the top 5 key retail industry trends in 2022:

Trend#1 Rise in Digital Channels & E-Commerce

Consumer behavior has drastically changed over the last few years because of the convenience and easy method of shopping via smartphone upon clicks, and digitally-enabled payments like a digital wallet, online banking, etc. Varied digital channels have become the preferred mode of seamlessly connecting with target customers.B2B, B2C, and C2C retail businesses are reaping benefits out of digital channels in some way or other. As per recent stats, in Latin America, the most relevant and popular media tools & techniques for marketers in the retail sector are digital marketing(it tops their list with 83% hold), social networking channels account for 73% while e-commerce rules with 63%  in their preference-list. Besides, the omnichannel retail trend has also picked momentum and online & offline channels are increasingly becoming a part of marketing strategies. Providing a personalized customer experience requires constant interaction with customers, so, digital channels are one of the growing retail trends worldwide.

Trend#2 Personalized Customer Experience

Identifying the right channel and right time for every customer is a major challenge that the retail industry facing today. The solution is to provide each customer with unique and personalized offers and experiences. It means, that what suits A may not suit B, and also C is different. As per the Hot Retail Trends 2022 study, a massive 44% of marketing personnel consider user experience as a major strategy constituent. It means personalized customer experience, providing a frictionless, seamless shopping experience to consumers will be one of the key retail trends in 2022. ROPO(Research Online Purchasing Offline), a multi-touch shopping model is an example of this trend.

Trend#3 Social Shopping

Today, almost 64%  of the global population uses social media for online shopping, the major shopping activity. This is driving marketers to spend massively on their advertising and paid media campaigning to boost social shopping activity. As per the Tiendeo Study, 58% of retail executives will increase spending on advertising on social media for the purpose just mentioned!! Indeed a hot retail industry trend in 2022 and beyond, too.

Trend#4 Cashierless Self-Checkout Stores

Magic Mirrors, virtual trial rooms, digital mannequins, smart shelves, AI-ML-enabled robots to guide customers inside stores and check inventory levels for regular replenishment, there are many ways digital technology is helping the retail sector to provide a seamless customer experience. Cashierless Self-Checkout retail shopping stores and other innovative features are surely becoming a happening retail trend in the years to come. Some retail giants like Walmart and Carrefour have already adopted many of these retail features and giving tough competition to their e-commerce counterparts!

Trend#5 Sustainable  Circular Economy

Customers are increasingly becoming environment-conscious, and the need for sustainable practices that protect natural resources is growing parallelly. This is leading retailers to reassess their marketing strategies in line with the environment-friendly dynamics and making a fine balance between sustainability and economic growth. This is a circular economy that leverages natural resources at the maximum level and digital becomes the medium to accelerate this phenomenon. In the previous year,2021, many retailers across the globe implemented sustainable marketing activities that advocated for huge industrial waste reduction. This model helps 80% waste reduction in the process involved. Indeed an immense retail trend in 2022 and further, too!

Bottomline

The message is simple and clear. Businesses across the retail industry will increase their budget allocations favoring more investments in digital marketing, digital advertising, and campaigning, garnering growth and fetching the best returns. As per a study conducted by EMEA & LATAM, it is expected that in 2022,  86% of the total budget allocations will go to digital channels while 14% to offline media channels. This is a shoutout to all the retailers who want to stay competitive in the retail world.

Are you a Start-Up, SMB, or an Enterprise in the retail industry, wishing to leverage the power of digital in your retail business? Contact our experts!

The post Top 5 Key Retail Industry Trends in 2022 appeared first on AI and IoT application development company.

Retail is not a standard commercial transaction-based activity, rather involves multiple layers to it.

The retail business is undergoing continuous development, while retailers are struggling to stay afloat in the face of severe market rivalry and rapidly changing client buying patterns, which can turn out to be difficult to determine.

Retailers are putting money into cutting-edge technology like artificial intelligence (AI), robots, data analytics, and logistics automation to become more customer-centric and responsive to industry trends.

 It has evolved into a multi-layered activity that now includes technology to refine its operations and the experiences for the customers. The way retail is structured and run has altered as a result of technological advancements, particularly with the introduction of AI in the value chain.

For years, the retail business has been undergoing a digital change. It has improved speed, efficiency, and accuracy across the board, in an extensive way to enhance data and predictive analytics technologies that enable businesses to make data-driven business choices.

Without the internet of things (IoT) and, most significantly, artificial intelligence, the insights that help businesses make well-informed decisions would not be possible. AI in retail has given firms access to high-level data and information, which they can use to enhance retail operations and create increased business prospects.

AI in the Retail Industry

Artificial intelligence (AI) is rapidly transforming the way business operations unfold daily. Countries are attempting to make smart investments so that operations on a global level may benefit from this transition.

Artificial Intelligence is only the beginning of the trends and their successful integration with retail. Along with Artificial Intelligence, the retail industry continues to reap the rewards of Data Analytics and Machine Learning.

AI Technologies Implemented in the Retail Industry

Despite the widespread mention of artificial intelligence in industries worldwide, many firms don’t completely understand what it entails. When we say artificial intelligence, we’re referring to a set of technologies, such as machine learning and predictive analytics, that can collect, process, and analyze massive amounts of data and use that data to predict, forecast, inform, and assist retailers in making accurate, data-driven business decisions.

These technologies may even function independently, converting raw data acquired from IoT and other sources into meaningful insights utilizing powerful AI analytical capabilities. Behavioral analytics and consumer intelligence are also used by AI in retail to get important insights into distinct market demographics, enhance a variety of customer care touchpoints and predict the behavior of consumers.

How AI has been able to Enhance Operations for the Retail Industry

The initial and the most common thoughts about artificial intelligence may still be robots and science fiction. AI, on the other hand, has progressed significantly. AI is both a subject of research and a blend of technologies in today’s environment that help individuals as well as firms to make better and more well-informed decisions. It’s based on the human brain, which perceives, interprets, and responds to data, learning and adapting over time, mostly through data pattern recognition.

The strength of AI in retail comes from the capacity to leverage this intelligent technology across the customer’s purchasing cycle as well as within your business, allowing you to tap into even more potential and change what’s possible.

Chatbots, cognitive and machine learning, sophisticated analytics, and blockchain, when integrated with connected devices like machines and headsets, can infuse data and insights wherever they’re required. This eventually results in personalized, contextual, and relevant digital engagements based on purchase history, demographic data, location, time of day, and other data sources.

Apart from the business insight and sheer speed that these technologies may bring, the digital revolution in retail is simply drawing the line between the thriving firms and the still-developing firms. There are several advantages of Artificial Intelligence in the Retail Industry, we have listed them below –

1. Create an Engaging Experience for the Users

Retailers must distinguish their product or service and provide consumers with experiences that appeal to the customers to maintain their attention. Retailers may lead with innovation rather than react to change by incorporating predictive analytics to acquire more market knowledge.

When it comes to the most important retail developments of the recent decade, the personalized shopping experience stands out. Businesses have been able to significantly improve customer experience because of the continuously expanding AI technology. The trend has further been refined with smart chatbots and voice assistants driven by natural language processing algorithms.

Some of the most substantial AI advantages will be found in the shops too. Store staff may assist with sales using AI-enabled mobile devices, resulting in improved conversion rates and a better experience for the customers. 

2. Better In-Store Experiences

Brick-and-mortar retailers were forced to downsize their on-ground staff and minimize consumer interactions as the COVID-19 infection swelled and lulled. Physical retail businesses can now provide the same level of service that customers have come to expect thanks to conversational AI-powered chatbots.

Customers may use interactive chatbots to get real-time answers to their questions, automate check-out counters with cashless payment options, and streamline the processes and inventory using Real-Time Monitoring.

3. Demand Forecasting

The capacity to pivot and make amends is what distinguishes the successful market players. Organizations are yet to hit the bullseye with the evolving market as trends and attitudes vary every quarter. Retailers can now construct forecast models to assist predict industry trends and making changes throughout their Marketing strategies. This can be done best by mining information from multiple channels such as customer, marketplace, and leveraging the competitor’s data.

4. Create Actionable Insights from Data

Retailers must sift through the noise to translate diverse data sources into consumer-first strategies when confronted with an endless information stream from all elements of their organization.

For years, businesses have attempted to forecast the customer’s next move and determine how the demand curve will shift in reaction to a specific occurrence. With AI algorithms capable of analyzing massive amounts of data, businesses can now not only properly determine which goods a certain client would be most interested in, but also forecast demand for new market entrants.

5. Aligning an Offline and Online Retail Experience

Digital and physical shopping channels often follow different agendas and techniques, but considering them as separate business units creates friction for customers looking for a smooth shopping experience and inefficiencies for retailers.

This further helps the retailers with other factors such as setting realistic timelines, allowing firms to focus on high-value uses and helps to analyze the workforce.

6. Safety and Security

The problem of digital security has become one of the most critical in retail due to the rising percentage of e-commerce sales and the overall trend of digitization. And it is here that AI is utilized by organizations to ensure the security of sensitive data. Neural networks can detect possible weaknesses in a retailer’s environment, prevent money leakage through unsecured payments, and detect procurement fraud, among other things.

7. Customer Service Improvements

Retailers have been able to ensure that interactions with customers do not end at the door thanks to the use of omnichannel marketing.

Building interactive communication channels have increased the quality of consumer engagement activities for retail business owners. For example, Chatbots may ‘speak’ to consumers in a human-like and compassionate manner, assuring a seamless experience. They can also answer frequently asked questions, provide product recommendations, and respond to customer complaints in real-time.

The capacity of a chatbot to capture critical data from client interactions and utilize it to develop meaningful customer profiles remains to be one of the most important aspects. This type of self-learning helps the AI Bot to improve its interactions with consumers, ensuring that businesses do not miss the mark when it comes to human interaction.

Key Takeaways

The AI sector has seen a surge in new entrants throughout the world. These major firms are cooperating with many sectors to provide tailored AI solutions that will help businesses expand at a quicker rate to match the growing demands of the retail industry. The retail business hasn’t been immune to this trend. It has been and continues to use AI-based technologies to handle a variety of tasks.

Explore how AI can improve your retail operations and enhance business prospects and fetch you massive returns. Contact our experts today.

The post What Makes AI and Retail a Hit Mix? appeared first on AI and IoT application development company.

With the rise of online retail activities, the retail industry is experiencing a wave of business upheaval. However, the COVID pandemic hit the retail industry as well as online retail’s rapid expansion. It is for this reason that merchants throughout the world are striving to implement AI in the retail industry.

Let’s take a look at how retailers are leveraging cutting-edge technologies such as Augmentation, Artificial Intelligence, and Machine Learning to stay ahead of their competition today, and what innovations are being pioneered as possible game-changers in retail over the next decade.

1. Recommendations for Products Based on Clients’ Purchasing Habits

Users will be able to create accounts in retail locations by following the same procedures as they do online. Stores have taken some steps to make this easier, such as allowing customers to pick up their purchases, get them delivered, and keep track of their points. This makes it easier for store employees to cater to the unique needs of each customer who enters the store. The types of things you buy, the combinations you buy, the brands you favor, the amount you spend, and how often you buy, all play an important role in determining your purchasing habits. To date, the emphasis has been on making product recommendations. Additionally, this approach can foretell customer demands and predict their arrival to the physical stores and online stores with a specific set of items to purchase, which is a ground-breaking approach.

2. Expansion of the Consumer Base with High-Value Services

Customers create their trust in a brand based on product quality, pricing, delivery, and response services. People are more likely to come into the store if the brand is well-known. Your brand’s ability to retain and attract new customers is a hot topic in the industry. Prompt customer service increases consumer traffic in the business since it demonstrates a company’s commitment to meeting the needs of its clients.

Customers can get answers to their questions through AI-enabled in-store assistants, which create a strong communication channel. There are no better examples of AI innovation in the retail industry than digital assistants powered by artificial intelligence (AI).

3. Inventory Management and Demand Forecasting

Product profiling can be done in the same way as customer profiling. Which items people choose to buy in what combination and what quantity, as well as the position in the actual store where this product is stored, are all factors in determining how much of this product is accessible at any one time. The goal is to ensure that this product is always sold in conjunction with other products and that the ideal quantity of the product is always available in the store. AI may be used to create efficient models, and the results can then be displayed on a dashboard enabling the store operator to take the proper measures towards the inventory.

4. Product Bundling and Pricing Strategy

Much of the work done in retail centers is on product pricing. For non-urgent items, customers wait for the price to drop before making a purchase. They also wait for things to arrive in combination at an appropriate price. For a short period, this can lead to greater sales and higher income; on the other hand, sales at prices below the procurement price might lead to overall unprofitable sales. In order to get the best price for a certain group of clients, AI can identify the price that will compel them to make an immediate purchase. Another group of clients can benefit from AI’s ability to recommend a product combination at a reasonable price. AI will be able to ensure the strategy’s profitability as it is being developed.

5. Chatbots for Customer Service Assistance

In addition to providing better customer support, AI chatbots also help with the search, send alerts about new collections, and make suggestions for related items. For example, a chatbot can advise an appropriate snapback to go with a black hoodie a consumer has already purchased. AI chatbots are already being used by 80% of global brands or will be in the near future. Chatbots have been deployed by Tommy Hilfiger and Burberry to help customers navigate their collections.

6. Logistics and Supply Chain Management

Retailers throughout the world lose around $1.1 trillion a year as a result of subpar execution in this area. It’s possible to avoid having leftovers or running out of supplies. When it comes to retail supply chain refilling, artificial intelligence (AI) may be utilized by taking into account factors like past sales, location, weather, trends, promotions, and more.

7. Search Visually

Customers can upload photographs and search for similar products based on color, shape, and pattern using visual search engines driven by artificial intelligence. Cortexica’s image recognition system claims a 95% accuracy rate. 90% of customers gave the Discover Similar feature a thumbs up. American Eagle’s infrared technology makes use of Visual Search, which not only directs customers to similar or identical clothing but also suggests complementary items.

8. Virtual Changing Rooms

We can’t forget about this amazing FUNCTION. With virtual fitting rooms, buyers can select the right outfit with all of the elements properly matched in a matter of minutes instead of spending hours searching. AI has developed a virtual fitting kiosk that can scan you in 20 seconds and measure 200,000 points of your body in this time. The installation of these scanners by retailers such as Levi’s, Gap, Brooks Brothers, Old Navy, and others resulted in significant gains in sales.

9. Voice Search

You can also use voice search to find what you’re looking for. Several major retailers utilize Google or Amazon AI technology to make voice search simple and fast for customers. Using Alexa, users can simply ask for the item they’re looking for and its delivery status without having to type anything at all. 27% of the world’s population use the voice service, while 52% prefer the browser search in mobile apps and websites for convenience.

10. Assistance in the Store

For both customers and store employees, retailers are investing in cutting-edge technology. Smart shelf tags, made possible by Kroger Edge technology, have replaced paper price tags in their shops. Video commercials, nutritional data, and promotions can all be portrayed on the displays thanks to this new technology. A robot called Lowebot from Lowe’s helps clients locate what they’re looking for by speaking a variety of different languages. Due to its real-time monitoring capabilities, it also aids in inventory management.

Conclusion

One of the top Artificial Intelligence vendors claims that the implementation of AI in inventory management resulted in a 32% cost reduction across all operations. AI’s ability to improve supply chain management and return on investment is expected to save 80% of the money. According to respondents, chatbots and self-checkout systems will be most advantageous for retailers in terms of customer-facing functions. Over the next five years, the worldwide retail AI market is predicted to reach over $5 million dollars.

The post AI Use Cases in the Retail Industry appeared first on AI and IoT application development company.

As retail outlets are being replaced by internet buying, AI in retail is taking center stage for businesses. The use of artificial intelligence in retail is enabling merchants to better understand their customers’ needs and expectations in an increasingly digital world. Artificial intelligence is having a significant impact on the retail value chain and is quickly becoming a valuable tool for retailers looking to get an advantage over their rivals. It has been anticipated by Tractica, a marketing research firm, that global AI revenues will rise to over $36.6 Billion in 2025.

If you’re considering implementing AI in your company, it’s important to know how other merchants have done so.

1. Improving the Shopping Experience In-Store

Retailers’ operational costs can be reduced by utilizing artificial intelligence to streamline in-store operations. It can take the position of salespeople to assist customers in the store, eliminate queues by accepting payments without a cashier, restock inventory through real-time stock monitoring, and digitally display products in stores and in trial rooms, among other things. AI is a must-have for merchants looking to save time and provide better service to their customers. Amazon has adopted a technology that responds to every pick-up of a product from a store shelf. Smart shelf tags, instead of paper price tags, have also been introduced by Kroger Edge technology in order to reduce expenses.

2. Chatbots for Customer Service Assistance

Omnichannel retail has ensured that customer connection doesn’t end in a store location. A chat program built using artificial intelligence in retail can easily increase client interaction. The use of chatbots to communicate with clients is a viable option. If necessary, they can transfer the call to a telesales representative who can provide answers to frequently asked questions, make product recommendations, deal with customer complaints, and gather useful data from your clients. The chatbots can be trained to learn from their previous encounters and use that information to improve and personalize their interactions with customers in the future. H&M’s Kik chatbot, which lets customers choose from recommendations, filters, and personal style preferences, put the clothing retailer ahead of the pack in 2016 even before the rest of the industry caught up.

3. Effective Supply Chain Management and Logistics are Necessary for the Success

Every year, retailers throughout the world lose money as a result of poor inventory management. AI-enabled logistics management can estimate demand for products by analyzing previous sales, location, purchasing tendencies, etc. Many organizations have just created AI-powered drones for warehouse management that can access hard-to-reach areas and automatically update a central database with real-time inventory availability. Retail supply chains, including inventory, staffing, distribution, and delivery can be fully automated using artificial intelligence.

4. Personalization and Understanding of the Client Base

Customers may enjoy a more personalized shopping experience thanks to AI technologies in retail. These technologies, such as biometric and face recognition, are able to recognize retaining clients and retain their preferences. Accordingly, they can recommend products and design promotional materials for them. Using advanced artificial intelligence algorithms, it is possible to decipher customers’ preferences by looking at their demographic information, social media impressions, and digital footprints online. Boston Consulting Group research found that “Brands who develop tailored experiences by combining advanced digital technology and proprietary data for customers are seeing revenue increase by 6% to 10% – two to three times quicker than those who do not.”

5. Prices can be Adjusted Depending on Market Conditions

A price-sensitive business like retail can benefit from the use of artificial intelligence solutions. Many different pricing models can be compared using these programs, and then the best price for a product can be determined. Seasonal fluctuations, competing items, and customer demand can all influence how much retailers charge. If we take into account the long-term revenue it will bring in, it is a worthwhile investment.

6. Intuitive Product Searches are Sixth

Automated product discovery is another benefit of AI in retail. It’s now easier than ever for customers to take a picture of a product they want and then use the picture to look for a merchant selling the thing on the web. As a result of machine learning retail software, buyers can search for and compare products more quickly and easily than ever before.

7. Improving the Efficiency of Retail Operations

The operation of retail stores has become more difficult due to the proliferation of multichannel retail. In a warehouse, store personnel must take care of several different duties. It’s no longer enough for them to just receive things, store them, and keep track of inventories. They are responsible for providing product information, tracking promotional offers, and merchandising. Automating back-office tasks and employing robots to do quality checks are two ways in which AI in retail can help a store manager’s work be done more efficiently. The saved time can be put to better use in the warehouse, saving a significant amount of time.

Artificial Intelligence As the Future

AI has the potential to revolutionize retail enterprises in every way. It replaces intuition with intelligence and provides retailers with a long-term perspective on the market. When it comes to deploying AI, business executives must take a realistic approach. They must realize that this is a high-risk, high-reward investment that will pay off in the long run. To be successful with AI, a business must have a long-term goal in mind. Small projects should be the starting point, and subsequently larger ones should be geared toward developing long-term AI capabilities.

Are you a Start-Up or an SMB in the retail sector and want to leverage AI for your business returns? Contact Us.

The post 7 ways AI is Disrupting Growing Retailers appeared first on AI and IoT application development company.

Consumer expectations.Customer experience. Consumer behavior. Does your retail business relate to these three terms? Do you know they are the major drivers behind the success of your business? So, to add real value to your business you must solve your customers’ problems first, listen to their growing shift in expectations and changing behavior. You got to mold your offerings, products & services as per their changing shifts. So, what will be the top transformative consumer trends in 2022?

Trend #1  Digital Comes First

Your retail business has already adopted digital routes to connect with your customers, right? But, is it sufficient or do you need to expand your horizon? So far your digitization journey has incorporated only these channels – your websites, your social media channels, email offers, and maybe more, however, you have added them as an add-on and not the primary channel for your business. Today, the consumer prefers retail experience exclusively on digital channels. B2B or B2C, customers are opting for their business routes via a digital channel only. For customers, digital comes first before the rest! Your business must focus on building an improved version of digital-first interactions with prospective or existing customers. Three ways your retail business can do this-

• Switch over to web & mobile apps
• Focus on digital-only products/services
• Set up a smooth omnichannel environment that will enable customers to have a seamless movement between channels for a cohesive customer experience.

Trend #2  Personalization & Micro-Moments

Your customers want personalized offers that exclusively cater to them. They want to feel special and not a part of your mass marketing goals. You must admit the fact in today’s age of hyper-individualization,  your consumers want to buy your product if it is uniquely customized to their requirements. They expect you to understand their unique needs and respond accordingly. This will lead your customers to build a meaningful rapport with your brand, your business. Moreover, they want all these very fast and immediately. They have plenty of choices as everyone is targeting them, not just you. So, focus on their unique needs and give them quickly before anyone does that! If you search in Google, the result will appear as ‘Micro-Moments’ for this kind of consumer experience. In a flash of seconds, you need to deliver to your consumer!!

Trend #3 AI-Powered Product Cognification

SMART is the ongoing trend and the cognification of products and services is increasingly making inroads to consumers’ lives every day.AI (Artificial Intelligence), IoT(Internet of Things)  are inevitably making products smarter and digitally powered thereby multiplying their capabilities manifold. For example, how consumers are buying AI-IoT-sensored refrigerators, cars, and other products that are technically SMART to use. Similarly, for your business clients and customers, even machines in factories are leveraging the huge potential of digital capabilities, increasing the efficiency and productivity in the ecosystem. Thus, products are becoming more and more intelligent while services are equipped with AI capabilities and other digital technologies.

Trend #4 D2C without Intermediary

Consumer trend is going to take a round-about turn in 2022 towards direct dealings and purchases with no brokers and middlemen or traditional intermediaries involved. The D2C(Direct-to-Consumer)trend is going to bypass intermediaries in the retail supply chain which means, wholesalers, suppliers, distributors, retailers, advertisers, all are connecting directly with their end-consumers/customers. As a retailer or business person in retail, you need to sync with this consumer trend and find some direct digital routes to your customers using varied online channels.

Trend #5 From B2C to C2C

How about current businesses like Uber, Etsy, Facebook, and many others conducting businesses online? The same pattern is going to occur in 2022 onward for the retail sector as well. Just for your knowledge, C2C (customer-to-customer) business means customers directly connect with other customers for the business. This is increasingly picking momentum and there have been instances when a b2c has transformed to c2c and succeeded in their journey. So, if you are not a platform, fully-fledged business, you can think of this c2c model and get started!

Trend #6  Subscription-based Services

An entirely significant consumer trend for 2022, the subscription-based products & services is the trend greatly driven by the rapid cognification factor. As a business, you can now delight your target customers with thoughtful subscription-based products and items when they need them. Your customers would just love to sign up if you personalize your offerings to their requirements and specific expectations. The bottom line is, your business can generate predictable revenues as long as you provide your customers with value-based products and services.

Trend # 7 AR/VR/XR

Immersive Experience is the keyword. XR (Extended Reality), AR (Augmented Reality), VR(Virtual Reality)digital tools and technologies are increasingly becoming popular amongst consumers and customers because they can get real-life experience out of them. Your customers get instantly impressed with these immersive& engaging tools/ technologies.

Bottomline

Today, consumers are highly prioritizing experiences over materialistic achievements. It means, they look for value-added services and products that are personalized to their specific tastes and needs.Consumers/customers are not ready to compromise on this ground and just cannot accept anything on their plates. As a brand, you need to connect with your target audience instantly else they will move to the next brands in a flash of seconds. So, get ready for the year 2022 and align your retail business according to the consumer trends predicted here!

Interested to know more about the consumer trends that can benefit your retail business? Contact us.

The post Top Transformative Consumer Trends In 2022 appeared first on AI and IoT application development company.

Data is the most important asset of the retail industry. Data is useless if it does not help companies to make smarter decisions for business growth. As consumer behavior is evolving with time, it depends on how data are helping retail companies to get relevant business insights, improving customer experience leading to enhanced business outcomes. Predictive Analytics is the AI /ML digital tool that works on data to derive valuable insights and predictions, forecasting sales thereby helping retailers to plan ‘What Next’ moves. How Predictive Analytics can boost the retail industry? How is it helping retailers to generate sales and have a competitive edge in the market? We will discuss all these points in this blog today.

1. Product Demand Forecast

As a retailer, you want your business to expand and products to connect with your target audience. If you know what does your target audience demand and their preferences, your products will never be out of stock or understock, right? To keep your business running smoothly, predictive analytics helps to forecast the demand for exact products your target audience wants. The technology helps to ensure that you have enough items stocked to sell and can meet demands adequately and can predict your profitable months as well as sales deficit. It means predictive analytics helps retailers to assess demand and sales performances. Product performance can be gauged by indicators such as sales margins, the number of units sold besides other metrics. It helps to improve consumer engagement and satisfaction.

2. Pricing Forecast

Pricing forecasts is a major functionality of predictive analytics that uses real-time capabilities of machine learning, and data science technology, to bring out adequate answers to questions that as a retailer you’d like to know in advance. Few sample questions that predictive analytics can forecast regarding pricing elements are:

• For maximizing sales what’s the right price point?
• What should be the frequency for running price-based promotional activities?
• What should be the optimal attainable price of a customer?
• How the competitive pricing will impact sales?

Apart from the above factors, weather forecasting, real-time sales data also help to alter as well as induce the most perfect pricing part (best pricing ).

 3. Managing Inventory

As we have mentioned earlier, too, how predictive analytics helps in estimating product demand and what your target audience wants, it also helps towards managing your inventory properly and up to the mark. A poorly maintained inventory leads to a loss in sales. As a retailer, you will never like to hold on to those products that are not yielding sales. Moreover, you will always want to replenish stocks that your consumers want to buy. Predictive analytics helps to predict demand for products that help you to manage your inventory.

4.  Marketing Campaigns

As a retail business, you need to prioritize marketing campaigns from time to time.  Your business needs a powerful marketing plan that helps to boost your business potentials driving the best ROI. An inefficient marketing campaign management leads to a poor ROI because you cannot estimate the right budget and varied inaccurate calculations done on your part.AI-ML digital capabilities of predictive analytics help you to gain actionable marketing insights, and suggest you adopt individual campaigning for a specific target audience and be more budget efficient leading to maximum conversion of leads.

5.  In-Store Optimization

Predictive analytics helps in online monitoring of shopping activities, as well as in-store data analysis. Varied digital tools & technologies, IoT sensors, and surveillance cameras that are installed in retail stores, on product shelves, help to monitor the shopping activities of varied consumers. The technology helps you in the following ways:

• You can identify your shoppers’ favorite routes throughout the retail floor
• You can identify and distinguish popular, most searched products on varied shelves
• You can count the total number  of visitors  in your shopping zone at different times per day
• You can adequately calculate the average visit time of customers
• You can genuinely monitor queues

Predictive analytics helps you to gather these valuable insights. Using these insights, you can configure store layouts, plan the schedules of your staff, can distinguish the ideal opening hours of your retail stores, reduce customers’ waiting time in queues, and increase the high level of security.

6.  Shopping Cart

 If you own an e-commerce retail store, you can leverage the massive capabilities of AI-ML-powered predictive analytics to optimize your online store, product categories as per existing online shopping carts of consumers. For instance, your customers while browsing your online shopping stores may come across products they like so much. They save them, add them to their shopping carts. When they don’t buy them,  predictive analytics tracks them and lets you know why they didn’t buy and how you should respond to this kind of situation in the future.

7. Social Media Marketing

Social media marketing, online advertising are important segments of retail marketing. As a retailer, you’d think social media marketing involves greater expenditure than offline advertising. But using predictive analytics, you can manage these upfront costs and invest in social channels where you gain the maximum outreach and visibility. Predictive analytics can help you maintain a strong social media presence. You don’t have to stress regarding unreasonable expenses because the digital tool helps you to invest smartly on those social channels where you get the maximum ROI and prospect of acquiring new customers.

Conclusion

Predictive Analytics can help to predict the future of your retail business. Whether you are an online retailer sharing an online marketplace with bigwigs or small start-ups in the offline retail space, predictive analytics helps you to extract valuable actionable insights for your business outcomes in the right direction. The aforementioned AI-ML-powered digital capabilities of predictive analytics are just a few significant use cases in the retail industry. There are many more benefits yet to unfold. Stay tuned to this space and we will have further elaboration on this topic with detailed analysis.

Are you a retailer in the e-commerce industry or a physical retail store and changing consumer behavior bothering you? Want to know how predictive analytics can help you solve this challenge and grow your retail business?? Reach us.

The post How Predictive Analytics can Generate More Sales for Retailers? appeared first on AI and IoT application development company.

If you are a retail entrepreneur, you must be knowing very well the significance of trends in your sector, and how it shapes the business eco-space. New trends come with every new year that hugely impact retail businesses across the globe. In 2020 as well as 2021, the trends saw a massive shift in consumer behavior, their fondness for online shopping, immense growth in e-commerce, social commerce, AR shopping experiences, influencer marketing, etc. The pandemic has only accelerated some trends like a surge in grocery platforms, retail media outlets overall enhancing online shoppers worldwide. Continuing the trend of writing about the trends, let’s discuss top innovative retail industry trends that will dominate in 2022 and beyond as well!

Important Stats

• By 2040, over 95% of total purchases are expected to be done on e-commerce platforms (NASDAQ)
• There exist over 2 B digital shoppers/buyers around the world (Statista)
• In 2023,  22% of the total retail sales globally are expected to be carried online mode  (Statista)
• Almost 51% of online shoppers do purchases using their smartphones (Finances Online)
• By 2025, half of B2B revenue is expected to be generated by e-commerce (Episerver)

Stats Main Source –  Influencer Marketing Hub

1. Online Stores in Offline Spaces

The trend has picked momentum over the past few years. Digital brands sell their products online while delivering tangibility to the whole customer experience. This means, online buyers can choose products online and can go to pick them in the brand’s physical retail store or in-store. Shoppers greatly benefit from this real-time interaction with the product they want to purchase. Several D2C brands, digital natives such as Casper, Glossier started their online retail but later on expanded to physical availability, too. As per sources, the digitally native retail companies/brands might open 850 physical/in-stores in the coming five years.

2. Rising Social Commerce

Social media platforms have become a big rage amongst people of all ages across geographies. Different social channels are offering shoppers to shop online in a seamless manner. No need to click a third-party website for shopping, but as a user, you can directly purchase from social channels via their apps or sites. Shops are present on social media channels like Facebook, Instagram apps, or sites, and while you can browse your accounts you can see your favorite products displayed by varied shopping brands, e-commerce shops.  E-Sellers can create their labels decorated with attractive banners, colors, buttons,  images, that can be accessed from specific social channels. They have a big scope to reach a larger global audience, too. In 2020, just as the trend picked up like how TikTok and Shopify collaborated, how Facebook allowed shops to sell their products, similarly 2022 is going to see again. Social Commerce sales in the US are estimated to rise by 35% with the current year-end.

3. Enhanced Influencer Marketing

Earlier, Influencer marketing meant just eye-catching captions, creative selfies, and product shots that used to be heavily edited. This year onward (2021), we are seeing how brands are collaborating with influencers and influencer content with the raw and real aesthetic appeal are tending now and will last beyond 2022 as well. Audiences love the original appeal of the brands and not an artificial coating and edited stuff. They want the real, authentic voice that brands project for their products. Influencer content that works as edutainment(education+entertainment) for the ultimate user experience, is allowing brands to fetch greater user engagement and ROI. Video happens to be the next big thing when brick-and-mortar retail stores are still to restart massively like the earlier phase. Consumers, shoppers love to see the product digitally and feel the experience. Videos on IGTV, Reels, Live Streaming, etc. are the ways influencer marketing is becoming the retail trend for 2022 also.

4. Value-Added Supply Chain

Supply- Chain forms a significant part of the retail chain. Digital technology and tools like AI-ML, IoT, Robotics are already helping the wing with added value. For example, automated warehouses with varied robots handling goods, doing the routine work there, autonomous robots, and drones for last-mile delivery are yet to become popular but may pick up during 2022 and beyond in full swing. Besides,  retailers can make smart decisions using process automation that will lead to greater value- service. Adopting IoT(Internet-of-Things), RFID devices, help to track, trace product, and this allows retailers to access authentic real-time data. Digital tools like AI-ML Predictive Analytics help to understand KPIs thoroughly. Automating documentation at all the stages of the supply chain helps to lower costs and increase efficiency and productivity. This is going to be the major trend in the coming years.

5. Voice Commerce and Digital Chatbots

Shoppers, users, b2b or b2c customers, all are benefitting from digital chatbots and smart speakers. Amazon Echo, Google Home, and other voice-technology-enabled smart speakers have entered the homes of online shoppers. As of now, 20 percent of owners of smart speakers use voice technology/voice commerce for searching, researching products they buy, shopping activities and tracking deliveries, etc. This trend is expected to grow to 52 percent in the coming 4 years. It is estimated that the global market of smart speakers could reach beyond 35.5 billion USD by 2025. Furthermore, retailers are focusing on meeting customers where they are. This is leading to the increased use of AI-ML-enabled digital chatbots and virtual assistants. The trend is going to stay in 2022, too.

Technology Will be the Key Driver

Trends become the trends when technology intervenes. Ideally speaking, in the era of digital transformation across industries, the retail industry is way ahead in terms of technology adoption and adapting to the changing demands, and ever-changing consumer behavior. While e-commerce is increasing its foothold, the essence of brick-and-mortar retail stores will always charm the audience. It is about amalgamating the two, the omnichannel strategy as well, that will enhance the core of retailing and trends ensuing in the year 2022, and beyond!

The post Top Innovative Retail Trends in 2022 and Beyond appeared first on AI and IoT application development company.

When was the last time you did online shopping for your favorite product? Did you make online searches in search engines or search bars on varied e-commerce websites? Did you opt for Voice Search in your search process? Your answer lies in your action – adopting voice search technology like Google Next(previouslyGoogle Home) or Amazon’s Alexa. Typically voice commerce technology incorporates an AI-compatible physical device that supports a voice virtual assistant to carry commands by users. Voice is the input command. For example, Amazon’s Echo, Plus, Echo Dot are a few smart speakers that act as a platform for Alexa to run. Due to the recent trends and challenges in the retail industry, voice commerce has been gaining momentum. In this blog, we will discuss the basics of Voice Commerce and its varied applications towards e-commerce in the retai­­­l industry.

What is Voice Commerce

Voice commerce means a smart virtual assistant powered by Artificial Intelligence (AI)that allows people, businesses to multitask, i.e. searching, categorizing, purchasing, trading, etc.  It is finely integrated with portable smart devices just like  Apple’s Siri, Google’s Next, Amazon’s Alexa, Microsoft’s Cortana. Using voice-commerce technology, customers can now purchase products merely by giving their voice commands to smart devices. Not just that, it also allows you to perform complicated functions such as solving your queries, carry out simple orders. Voice commerce technology is changing the way brands do communicate with their target audience. It is also changing the way consumers do shopping, the overall consumption habits of people. So, you see, how voice commerce is increasingly making the market more competitive at varied levels. A massive $40B voice-commerce sales are projected in the US by the year 2022.

Impact

Many e-commerce brands have started adopting voice-controlled virtual assistants (voice-commerce) in their digital strategies. Undoubtedly, voice commerce technology has created a significant impact on the e-commerce sector. You consider your example, how often do you use voice commands for search as well as placing your orders? How many times do you use Alexa or Google Assistant? If you are a business owner, enterprise, and ask Alexa/Siri, etc. to give comparative results of your competitors, competing e-commerce brands, you will be amazed at seeing the accurate results that flash before you.AS a consumer, voice-controlled virtual assistants or Conversational AI is not just limited to your shopping activity. It can do much more than searching for your queries or information, listening to your favorite music, or ordering food. Voice Commerce technology allows its virtual assistants to help you with recommendations, too. It can check your order history, search history, and based on that will come up with recommended products, or a good suggestion. So, this way voice commerce is helping the e­­­-commerce and the entire retail industry to a new level.

Benefits

The Voice Commerce technology is facilitating e-commerce stores or e-retailing businesses to leverage the evolving trend of voice-activated online shopping behavior of consumers. The following reasons can explain to you how voice-enabled search technology/ voice commerce can be beneficial for your e-commerce business:

1. Enhanced Customer Experience

Voice commerce is changing the way your customers interact with your e-commerce business. It facilitates a seamless experience for your customers and there’s no need to imply certain resources to complete the process successfully. As an e-commerce store owner or proprietor of an e-store, you can expect varied kinds of innovative solutions into the loop of your business. Indeed, the e-commerce business landscape is transforming and voice commerce technology is empowering it. Take, for example, H&M, a popular retail brand, has adopted a virtual stylist that recommends customers their most matching outfits. Helping customers in their shopping journey is enhancing their satisfaction level. If customers are satisfied, your business is automatically elevated to the next level. Thus, AI-enabled Voice Commerce technology is seamlessly integrating with customers’ shopping experience, and you should leverage this capability for your business gains!

2. Arousing Brand Connection

When your customers purchase products from your e-commerce store, they automatically get connected with your brand. When they start using your products, they develop a sense of belonging towards that product, considering it a major part of their life. This journey is greatly motivated by AI-enabled virtual assistants that give them the power to search and buy and connect ultimately with the brand they choose! The plus point is the fondness for voice search assistants by the younger generation. This generation is too keen on trying out newer technologies and leveraging the best of them. And this gives ample scope to your business growth. Since voice commerce technology follows the recommendation process, voice search brings out results that match with customers’ preferences and product descriptions. This is the positive business development for new e-commerce businesses. How? The search results based on preferences are not biased against brand presence but their relativity with the product search. New e-commerce businesses can easily get noticed now over the maps! Voice-Commerce or AI-based virtual assistants allow consumers to connect with the brands they love and seamlessly integrating with their shopping experiences.

3. Improved Search Engine Results

You can use keyword research in Google and other search engines to find out what people are buying and their current preferences for a product, brand, pricing, etc. This way, you can optimize keywords as per search volumes and related aspects. With the ever-changing demands of customers that are greatly influenced by shifting market trends, voice commerce-powered keyword research, search optimization does help online businesses to adapt accordingly. As per sources, if you give voice search commands over Google devices, the results that come out have certain correlations with Google’s featured snippets also. You can leverage this potential and optimize content that can feature you in the organic search results. If you give a significant effort to the SEO aspect, chances are more that you stand alongside top e-commerce brands in the search engines.

Helping Brands via Voice Shopping

There are two types of voice shopping that e-commerce businesses can leverage for Pre-Purchase and Order Placement activities. They are :

1. Voice Assisted Shopping- Voice commerce facilitates shopping beyond just placing an order. It helps customers in the pre-transaction phase of shopping with a comparison of pricing, quality, brand, etc. The technology helps to identify products to buy while comparing alternatives.is about more than simply placing orders. Shopping includes awareness and consideration phases in the path-to-purchase and these pre-transaction steps are already seeing increased voice engagement.
2. Voice Assisted Purchases – Digital tools & technologies, mobile apps, websites are helping customers with voice-assisted purchases and find their favorite brands, products. They are seamlessly led to the payment phase for order confirmation. For example, Alexa has this capability for ordering through Amazon.com while Google Assistant through Google Express.

On-Premise or Cloud for your E-Commerce Business

So, if you are an online retailer, e-commerce business, you can opt for voice commerce technology to enhance your business returns. You need to check your business requirement while adopting a specific deployment model. While Cloud-based solutions offer simple integrations with varied channels, On-Premise solutions allow your business to customize the workflow. Whatever model you choose, voice commerce technology gives your customers a natural interface. You cannot imagine shopping now without virtual shopping assistants. You can contact a mobile & web app development company to find the right voice-technology solution for your business.

If you are looking to build a modern e-commerce application along with integrated voice commerce capability – Contact us today!

The post How Voice Commerce is Reshaping E-Commerce appeared first on AI and IoT application development company.

The year 2020 will be recorded in history as the most eventful year of the century. The infamous COVID-19  pandemic has upended industries across the globe, and the Indian retail industry is one of them. The entire retail trajectory shows a stark shift in consumer behavior and the way retail business is operating throughout the country. As per BCG & RAI joint report, the Indian retail sales decreased for the first time in 2020 after decades of continuous growth. Brick & Mortar retailing suffered the most while e-commerce saw a big leap. In 2019, India ranked second in the GRDI,  Global Retail Development Index (GRDI). How about Indian retail growth prospects in 2021 and years to come? Let’s discuss in length the pre & post-pandemic status of the retail industry in India.

Consumer Purchase Behavior

In the Pre Covid era, years before 2020, the Indian retail industry saw a steady, smooth pattern in the buying behavior of consumers, their consumption pattern, and socio-demographic fundamentals were accounted for this steady growth. There was a demand for in-store shopping, and physical retail shops, malls, and supermarkets were dominant. In the meantime, e-commerce, b2c channels were also a big hit in the later part of the erstwhile decade.

In the Post Covid era, the aftermath of 2020, and the second wave that is still hovering around, the consumption patterns have started a big shift towards online retail and e-shopping. Indian consumers have become too precautious and preferring buying over online stores to visiting physical retail stores. Although lockdowns have been lifted in maximum places, the night curfew and weekend restrictions still playing hide&seek games influencing the physical retailing and consumers buying behavior.

Digital First Operations

In the pre-covid phase, the retail industry in India saw a mixed approach towards the digital adoption of modern tools and technologies. Retailers were not competing with retailers but with the influx of digital technologies to revamp the retail business model. While big retailers had moments with ‘Experiential Retail’, where adopting digital technologies was the core, small retailers (who fell into the unorganized retailing sector), failed to adapt to this change. Experiential retailing involved ATL, BTL animations, blended physical and digital shopping to deliver convenient accessibility, good customer experience, and solid in-store features. Digital technologies like IoT helped b2b in-store marketing efforts for retail brands. IoT tech helped retail in-store and malls in the lighting system, handling of electric switches as well as garbage disposal units, and the Point of Sales Units (PoS).

In the post–covid phase, the digital-first operations elevating to the next level. As per  Anand Narang, VP- Marketing & Consumers experience, Bata India limited, the entire financial year 2020-21 has proved to be challenging for retail business across India, due to pandemic as well as countrywide lockdowns. However, Sales in Bata reached 15% of the total sales of the previous year thanks to digital channels. Also, they divided consumers into three categories- Digital Natives, Digital Adopters, Digital Novices. Thus, the post-covid retail in India is delivering services as per the very three categories of consumers. For this, they are adopting the Digital – First Approach. The social media front also helping businesses to combat the intangible effects of the pandemic.

Major Drivers

Pre-Covid Indian Retail saw a big surge in online retailing. The major drivers of online retail were:

• Increased penetration of the internet
• Smartphone users increased massively
• Online shoppers increased immensely
• Make In India initiative of Indian Government

The Indian government’s initiative of ‘Make in India’ propelled focus on the local manufacturing that led to creating more jobs, increasing the GDP per capita, which started making people reliable and improve their lifestyle.

Post-Covid Retail in India also seeing the above-mentioned drivers as major a boost to sustain the harsh impact of covid led lockdowns and retail shops shuttered down. However, the three major drivers for the post-covid retail are:

• E-Commerce/Digital Retail Channels
• Mobile App based Shopping
• Digital Wallets

While e-commerce or online retailing is thriving exponentially in India, even customers are enjoying the competitive prices and ever-increasing options for products at the minimum rates. Retailers in India are indeed rejoicing the impact as they need to spend less on real estate and can reach out to maximum customers even in tier-2 and tier-3 cities.

Predictions

• India’s e-commerce retail is expected to rise by 84%  to USD 111B by  2024 (source-IBEF)
• Mobile shopping to increase 21% annually in next 4 years
• Online retail penetration to increase by 10.7% by the year 2024 (it was 4.7% in 2019)

Conclusion

The retail industry in India is expanding after a short-term hiatus. As per a recent joint report prepared by BCG and RAI, the shift in consumer preferences has been categorized into four categories-  Mobile Phones, Staples, Food-Ordering, and Apparel. While some of these shifts are short-term, others will have long-term implications, for the supply-chain side. Mobile shopping, mobile apps, e-retail are going to thrive. The rapid urbanization, entry of foreign players, rising income as well as favorable demographics are going the be the major drivers for boosting the retail industry in India.

Are you prepared to cope up with evolving retail trends and challenges in these tough times? Reach us to know more.

The post Pre and Post Pandemic – Retail Industry in India appeared first on AI and IoT application development company.

Are you an etailer, or an online seller in the e-commerce platform? Then this piece of news is relevant to you. The Indian government has recently introduced  Consumer Protection (E-Commerce) Rules,2020, that calls for certain mandatory curbs in online retail practices. Well, it all started with major complaints put forth by small businesses, brick-and-mortar traders that some e-commerce key players were flouting local laws. However, many private, public, and government agencies are expressing concerns, arguing that the very proposed consumer protection rules will affect “ the ease of doing business”.Not only that, it will greatly impact the overall investment sentiments, too! India’s e-commerce market is estimated to grow to a massive $200B by the year 2026 (source-Reuters), but, with the new set of e-commerce rules, what’s the probability of this figure? What’s your take on this? Let’s discuss the overall impact!

What Are the Rules

The Consumer Protection(E-Commerce) Rules,2020, applies to all e-tailers (electronic retailers) that are registered either in India or abroad, and offering goods & services to Indian Consumers. As per the rules:

• An e-commerce company will have to display the overall price, the total price of goods & services they’ll be selling, and there has to be a detailed break-up of other charges,if any.
• Mandatory mention of ‘Expiry Date’ of selling goods.
• Mandatory mention of ‘Country of Origin’ of goods & services.
• Mandatory display of details about return & refund, warranty, guarantee,  exchange policies, delivery, shipment, and anything related information.
• Sellers who are selling goods/services through a marketplace, the above details need to be given by the concerned e-commerce entity that’d be displayed on the former’s website.
• E-commerce entities cannot impose ‘cancellation charges’, cannot ‘manipulate prices’, and need to provide information about all the payment methods & their security, fees/charges to be paid by users, the contact information of the payment service provider.
• E-commerce entities have to display details of ‘sellers’ including business names, geographic address, ratings/feedback, customer care number, and whether they are registered or not.
• Provision of a ticket number for a complaint lodged by the consumer so that tracking is possible.
• Inventory e-commerce entities cannot falsely advertise, cannot refuse to withdraw services or take back goods.
• Banning of ‘flash sales’ but ‘conventional flash sales’ will continue.
• If selling imported goods/services, then need to go for a mandatory listing of local alternatives.
• Mandatory registration is required with DPIIT (Department for Promotion of Industry and Internal Trade).

Impact on E-Commerce Players

The new e-commerce rules will be impacting all the online retailers, e-commerce players including the bigwigs, too. Due to the raised costs and other curbs, e-commerce dominant players will be forced to review their business models (source- Reuters). Business costs will increase. One major impact will be the rule that asks for local alternatives while selling imported goods. This move is seen as a major boost to ‘Made in India’ goods but not that healthy for e-commerce players. As per industry sources, this concept is all about promoting local goods but is not conducive for e-commerce platforms. However, it is up to you, as an e-commerce player, how to leverage the good sides of the rules levied and create an opportunity for yourself! Explore, and, Execute!

Another clause that is going to impact is the requirement where e-commerce companies/firms need to ensure that the enterprise related to them must not be listed as sellers within their shopping websites. Also, an affiliate entity cannot sell goods to any online seller which is operating on its platform.

­­­­­­­­The new Indian E-commerce rules are seen as a government alternative to formulating a stringent foreign investment law. The result will be higher restrictions for business dealings with sellers on the part of e-commerce players. Moreover, a ban on flash sales is going to change the shopping experience for consumers.

Impact on Sellers

Positive side- The new India e-commerce rules are going to impact sellers as well. So, if you are a seller, restrictions levied on e-commerce players to display their sellers’ advertisements, to promote them on their platforms, are going to put you in the steering seat. Means, your advertisement, promotion, will be taken care of by you only, and there won’t be any interference from your platform provider.

Negative side- The e-tailers, e-commerce giants cannot advertise sellers who are offering discounts. Moreover, the tight guidelines for not allowing any ‘misleading’ ads about quality, guarantee, pricing will be affecting sellers’ potential to expand further. Online advertising business will be affected, too. And what about the provision of details about Country of origin(CoO)? Major e-commerce players have more than millions of products listed on their websites. So, will that prove to be conducive for sellers on their platforms? Again, create opportunities out of the constraints!

Impact on Consumers

Consumers are going to gain!

Take the clause of cancellation charges & explicit consent from consumers. What does that mean? Typically, e-tailers clearly highlight certain items as non-returnable during the pre-purchase stage. They offer refunds or free exchanges to consumers. But now on, they need to ask for explicit consumer consent. Someone’s compromise is going to prove consumers’ gains! Moreover, there will be transparency in the shopping experience as brand names will show original ones and not the platforms they are selling at. Moreover, if imported goods are for sale, like those from China or any other foreign country, then there have to be alternative suggestions ranging from Indian local goods, too. And, you know the sentiments of Indian consumers. You guessed it!

Bottomline

There’s no qualm that the new India e-commerce rules are a giant leap for promoting  ‘Made in India’  products in the Indian market and beyond. At the same time, the e-commerce giants are also bearing the heat of restrictions and curbs levied upon them. But the underlying intent of the very e-commerce rules is simple – bringing transparency in the entire ecosystem and that is absolutely fine, fair, and genuine! After all, disruptions are known to bring about new changes, and can we expect something big unfurling, in the e-commerce segment, in near future? Let’s wait and watch!

Are you an Indian retailer or e-tailer looking to empower your business while abiding by the new India e-commerce rules in place? Reach us to know more.

The post New India E-Commerce Rules and Its Impact appeared first on AI and IoT application development company.