The Retail Industry Witnessing Profound Paradigm Shift

Five years back, Marc Andreesen had rightly predicted that brick and mortar stores will surely not survive in front of online competition. Mr. Marc, co-founder, Netscape had a strong opinion that retailers will rule the business world. Today, the retail concept is the novel concept and the most sensational and evolving one. Undoubtedly, none of us would want to stand in the big ques to buy & pay and waste our time in such a busy schedule.

The most famous players of this field are Flipkart, Amazon, Myntra, Nykaa, Swiggy, Zepto, who are excellently brainstorming unique ideas like BNPL (buy now pay later), Big Billion Day, Flipkart Ideas and many other famous offers and discounts which are providing consumers with reasonable discounts. From shipping in two to three days to delivering in few hours, time has changed and evolved Retail Industry.

In this modern era, where everything is available at one click, all the brands are pulling up their socks to win the race in the cut-throat competition market. As technology evolves more and more, it will further develop and promote all types of business. The amalgamation of IoT and e-commerce platforms is indeed helping in multiplying the profit. Therefore, many young minds are coming up with their innovation to enhance the possibilities of Retail world.

Sit at any corner of the world, do shopping from any knock and corner, every brand is available on e-commerce platform. Retailers are building credibility through effective marketing tactics filled with emotions and feelings. Traditions are intertwined with modernity, in order to promote a brand, a product or a service. Consumers seek for authenticity and longevity and retailers are perfectly getting creatively connected with audience by identifying the target audience and converting them to loyal customers. Today, creating a relationship is no more a difficult task. In fact, technology has made every aspect, i.e. buying, selling, promoting and marketing easy and innovative.

Pandemic effectively cleared the path for all the retailer. We all know why? Yes, locked up within 4 walls made us bored and irritated but one thing kept us sane was Retail Industry and Retailers. From anywhere, anytime shopping from online platforms was effortless. But one aspect created little turbulence that is the mind set of touching and feeling the product before buying. Initially, this was the major issue for both retailers and customers. But as we all know, all thanks to mind blowing, creative and innovative young entrepreneurs and startups for uplifting the standards of Retail Industry. Their unique idea of bringing various brands under 1 umbrella and giving options like virtual tour of all the brands, if you like save it in the wishlist or if you want to buy, then order and try the product, if you like it then only pay for it if not ‘easy return’ is the new trend in the Retail Industry.

When the customer is happy and gay with all the offers and options rendered by the retailers, then why to wait in the big ques and waste your time. Keeping this mindset, technology is helping people in understanding how life can be sorted out leveraging advancements. From mobile apps to attractive websites to sustainability to eco-friendly to customization to personalization, every invention is shaping and reshaping customers’ as well as entrepreneurs’ needs and requirements. The tale of retail will witness more progress and growth in coming days.Every step in the success ladder is difficult but not an impossible one. Retail is the present and future too! Because from small to big retailer to customers, everyone is benefitted and satisfied.