The retail landscape may undergo a major change in light of the novel coronavirus, or COVID-19, pandemic. Retailers believe that going forward the industry will be more tech-driven as contactless consumption is going to become the new norm.
To track all live updates from the coronavirus pandemic, click here… More and more retailers will have to adopt technology as consumers will be skittish about staying long in any store and if they visit at all, only tech-savvy stores will see footfalls.
Retail bigwigs said that consumers will avoid crowded stores and will prefer low exposure, contactless shopping.
“Contactless consumption is going to become the new norm. This will lead to a widespread use of technologies like magic mirrors that support touchless shopping,” said Manish Kapoor, CEO, Pepe Jeans India, in a webinar organised by Retailers Association of India (RAI).
Magic mirrors are 3D virtual fitting rooms with realistic cloth simulation.
Apart from magic mirrors, brands and retailers will turn to VR (virtual reality) and AR (Augmented Reality) to create that three-dimensional layer.
Most Indian consumer brands feel that the future of Indian retail will be omnichannel - a multichannel approach to sales that seeks to provide customers with a seamless shopping experience, whether they are shopping online from a desktop or mobile device, by telephone, or in a brick-and-mortar store.
Echoing Kapoor’s view, Raghav Verma, MD & Co-Founder, Chaayos, said that for retailers to sustain in the new consumption ecosystem, contactless will be key.
Going forward, retail industry may implement contactless and mobile payments, which may be the only way to transact as customers may avoid 'touch' as much as possible.
Contactless can range from QR codes, mobile payments and tap and go technologies.
Retailers pointed out that the hygiene level of stores will be the key differentiator for customers.
Tushar Ved, President, Major Brands, believes that consumers will focus on safety and hygiene and prefer brands that offer this even if it means they have to pay more.
"As a result, a lot of established and practiced brands will get a boost up. The confidence in brands will become much higher," he added.
Major Brands is a leading franchisee for premier international fashion brands such as Charles and Keith, Bath and Body Works, Aldo, La Senza, and Inglot.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
