Retailers have accelerated their digital transformation journeys to cope with the new normal as the Covid-19 pandemic has altered consumer behaviour worldwide.
Data from the Retailers Association of India shows that retailers witnessed a 67% drop in sales during June 15- June 30 as compared to the same time period last year. Malls saw a 77% drop in footfall while normal street retail slowed down by 62%.
While the numbers aren’t expected to stay as low in the next few months, the economic downturn has made people wary of shopping -- both offline and online.
Retail CIOs now have to rethink how stores function, gauge product demands and understand logistics services availability to boost sales.
TechCircle lists top 5 retail technology trends that can help retailers get back on track.
For this video, TechCircle spoke to two industry experts. One of the speakers is Vikram Bhat, who is the CTO of Capillary Technologies, which deals with cloud based omnichannel customer engagement solutions.
Our second speaker is Alok Nayak, who is the senior director , head – CPRD sector hub, Capgemini.
Both experts have spent more than two decades at several organisations handling various roles in project management, business development and are passionate towards solving complex problems. The experts share their insights into what retail companies can do to move forward in the current environment.