9.1 C
Sunday, April 2, 2023

Hassle-free payment, focus on cybersecurity to help promote growth of retail sector: report

Must read

Focus on hassle-free online payment mechanisms, cybersecurity, and sustainability would help the country’s fast-growing retail sector register a healthy growth rate, according to a Deloitte-Ficci report. As FMCG and retail brands rebound post-pandemic with increased consumer spending, there is an evolving consumer behaviour influenced by technology, the report said.

“With e-tailers seeing an ever-increasing demand, the retail and FMCG sector must ensure personalised 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 retailers and FMCG companies are realigning 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.

Discover the stories of your interest

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.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

Source link

- Advertisement -

More articles

Leave a Reply

- Advertisement -

Latest article

%d bloggers like this: