Anuj Kejriwal, MD & CEO – ANAROCK Retail
The e-commerce revolution and the upsurge in digital technologies are fundamentally transforming shoppers’ expectations.
This transformation also has a major bearing on the function of brick-and-mortar stores, which now need to render more useful and entertaining customer experiences.
As trends advance globally, mall operators are forced to rethink and re-strategize as to how they must design, enable and operate their physical stores.
The Advent of ‘Smart’ Stores
In today’s digital era, physical stores are getting ‘smarter’ by using technologies like robotic intelligence, analytical data and consumer-centric platforms such as Augmented Reality (AR) or Virtual Reality (VR) to attract customers and give them an impactful experience.
By uniting conventional methods with key success elements of the digital ethos, brick-and-mortar retailers, in fact, have an advantage over e-commerce, as they can offer mall visitors an experience that vastly surpasses that of online shopping.
Information technology can be effectively used to tap into tech-savvy consumers’ predilections with appropriate tech-enabled in-shop ‘responses’.
Numbers suggest that consumer expenditure in India will rise to US$ 3,600 billion by 2020 from US$ 1,595 billion in 2016.