Retail Solutions Providers industry to touch Rs 20,000 cr in next 3 years

There is a new retail growth story is shaping up in India as traditional retailers are making smart choices for unmatched in-store shopper experiences to take the massive brick and mortar retail sector to the next level. Along with the consumers’ need to touch and feel for experiencing products, factors such as close connect with customers, keen understanding of the local market trends, understanding customer needs and behaviour, and agility in evolving and keeping pace with the market changes is driving the growth of traditional retailers across the country. 

All this is happening amid debates across the world on whether online retail can eat up physical retail. 

The consumer habit of touch and feel across boundaries is expected to stay constant, pushing brick and mortar retail to game up with the rise of online giants and e-commerce popularity, remarked industry experts at In-Store Asia 2019. 

Moreover, retailers are gearing up with new technologies such as Artificial Intelligence, Social, Mobile, Big Data and so on to make physical retail stores the ultimate consumer touch point for shopping decisions. 

Addressing the growth of the industry, Vasant Jante, Founder & Director, In-Store Asia, said, “With Phygital (physical plus digital) being the game changer, offline is the new online. Stores of tomorrow are now shaping up in every nook and corner of the country.” 

Sharing his observations on brick and mortar retail, Jamshed Daboo, Managing Director, Trent Hypermarket, said, “Even today, although we keep talking about customer experience, it has not become an all pervasive force. Customer experience has to be addressed more comprehensively. Customer experience is the sum total of various journeys, connects and moments of truth that the customer interacts with the brands, companies and products.” 

Thomas Schlitt, Managing Director, Messe Düsseldorf India, added here, “Newer avenues at the bottom line of retail industry will be game changer for the sector and revolutionise consumer experiences and touch points.”  

Addressing the scope of cashier-less retail model, Subhash S, CEO, Watasale, said, “Offline stores will remain as the primary choice for shopping groceries because customers want to touch and feel the product before making the purchase.” 

Aditya Krishna, Head - Category Planning & Activation, Mondelez International, opined, “Majority of decisions are made by shoppers at the stores and hence, it is critical for brands to have stunning stores.” 

As per the projections that came up at In-Store Asia 2019, these emerging trends and the demand for enhanced consumer experiences is going to scale up the Retail Solutions Providers industry from the existing Rs 12,000 crore to Rs 20,000 crore in the next three years. The revolution in stores of tomorrow is to be brought by POP advertising, Store Fixtures, Signage, Props, Lighting, etc., the report said. This will not only boost business opportunities, employment, etc., in small towns and rural India, but will also contribute largely to the growth of regional retailers by setting new shopping expectations and experiences for new age consumers. 

The 12^th edition of In-store Asia (ISA), which is now part of EuroShop, Messe Düsseldorf GmbH, the world’s leading retail fair for all investment needs in the brick-and-mortar retail sector, received immense response from 7,500+ visitors and 150+ exhibitors from over six countries.