India’s Retail Industry is closely looking at China, where the coronavirus originated to adopt best practices followed by the country to successfully deal with this pandemic and chart a quick way to recovery in upcoming months including implementing cutting-edge technology. Read more…
Recent reports from China indicate how China has successfully controlled the spread of the virus, and the country is not only witnessing economic recovery but also showing signs of upward momentum.
The Retail industry in India is watching with anticipation to leverage the ingenuity observed in world’s second-largest economy to act and emerge more resilient. There are significant insights to assist the retailers to plan ahead for the normal times.
Retail Sales in China dropped by 20.5 % in first two months of 2020 as per The National Bureau of Statistics reports.
By February 2020, 66% of China’s consumers adopted touchless delivery for every order.
Live streaming shops in China increased by over 700% during the lockdown
How can Indian retailers leverage China’s experience to plan their own road to recovery?
Shifting to Touchless Retail.Chinese brands introduced the concept of Touchless Retail- a new way to operate the business while eliminating risk of human contact. Chinese consumers were already adopting new digital technologies as 577million+ were making use of mobile payments. The COVID-19 crisis has further drawn attention to contactless processes, re-winning community confidence in safety.
Re-opening the storeswith adjusted hours, taking additional hygiene measures as the coronavirus cases decline.
Look for opportunities to work in collaboration with delivery service providers for a synchronised response.
Evaluate inventory pain points and plan mega clearance sales events to clear inventory surpluses.
Figure out to deliver winning physical experiences virtually. The future of retail is conversational.
Way Ahead: Phygital Retail is the New Normal
The COVID-19 crisis has put phygital approach as a priority for Retailers in China in order to serve the diverse needs where both physical and digital can work. Virtual shopping is witnessing a full-blown trend there with Conversational AI becoming the new rage. Leveraging Conversational AI in business can enable sales and foster meaningful, strong customer relationships by making the buying process personalized, contextual and simple.
It’s time for Indian retail players to consider Conversational AI solutions to drive sales and to up their game.
As per an estimate by Juniper Research:
Global Retail sales from chatbot-based interactions are estimated to double every year to $112 billion by 2023 from $7.3 billion this year.
The global number of Chatbot based interactions will also increase to 22 billion by 2023 from an estimated 2.6 billion this year.
Redesign Your CX Strategy with Shopster
Social distancing will continue to be the new normal even after the lockdown is lifted. Shoppers will be cautious of walking into the stores. Here’s where retail brands should focus on rethinking the customer experience and revamp strategies for customer acquisition, engagement and fulfilment post-pandemic world.
Shopster allows store managers to experience a seamless flow creating the perfect shopping experience for the customer.
With Shopster, retail brands can grow their business manifold and drive business continuity in the time when consumer buying pattern is changing constantly.
The world is facing a crisis of this extent for the first time and it is a new learning for everyone. It’s certainly a tough time for brands and retailers, yet there is an opportunity to leverage a smart strategy to grow your business.
Know more about how Shopster can help take your business to new heights.