New Delhi [India], June 29 (ANI): As high as 82 per cent of micro and medium retailers want to adopt digital streams to boost their sales, but offline marketplaces remain their preferred channel, showing their strength.
According to a survey report by the global technology firm Zoho Corporation, six out of ten Micro, Small and Medium Enterprises (MSMEs) stated that they have adopted an omnichannel selling strategy, operating in both online and offline channels, with the majority (75 per cent) of them claiming this expands their reach and customer accessibility; 68 per cent of retailers reported an equal revenue share from both retail channels.
“82 per cent of offline retailers want to go digital, the marketplace being the most preferred platform for sales,” the report added.
According to the report’s findings, the Indian retail sector is undergoing a dramatic transformation, with 60 per cent of businesses planning to adopt AI and ML by 2030 to stay competitive, and 44 per cent betting on AI-powered personalisation to enhance the shopping experience for their customers.
Despite the shift online, the physical retail experience still holds value. According to the survey, 71 per cent of businesses say customers shop in person to touch and see products before making a purchase.
According to retailers, personalised in-store service (66 per cent) and instant product access (59 per cent) are the other top reasons consumers prefer an in-store experience. Interestingly, nearly 50 per cent of retail MSMEs considering a physical presence said they prefer to start with pop-up stores, as they are flexible and cost-effective.
The survey also identified some key challenges that retailers face in maintaining a seamless omnichannel experience. Around 60 per cent of retail MSMEs reported facing issues in logistics and supply chain management, while 57 per cent found operational costs high for physical stores.
Around 57 per cent of retailers identified faster delivery as the most critical customer demand, with over half of the online retailers seeing increased interest in same-day delivery. Businesses cite convenience (82 per cent) and competitive pricing (71 per cent) as top motivators for online shopping.
Meanwhile, technology is revolutionising in-store experiences as well. The report added that nearly 70 per cent of the respondents now offer mobile payments, while others are adopting tablets for product browsing (66 per cent) and kiosks for instant ordering (50 per cent).
Features such as digital reviews, online discounts, and AI-powered personalisation are making physical stores deliver the convenience and interactivity of an online store.
The report highlights that social media has emerged as a key discovery and engagement channel for Indian retailers, with 72 per cent of businesses citing it as their primary customer touchpoint, followed by search engines (67per cent) and marketplaces (60 per cent).
Apart from discoverability, retailers are also leveraging social media platforms as a prominent source of customer engagement, with 61 per cent of digital businesses and 30 per cent of offline businesses collecting customer feedback from the platforms. (ANI)
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