ET Back to Business Summary - Role of tech in transforming the retail experience

Author: Milan Sheth - Executive Vice President, IMEA Region, Automation Anywhere

India’s organized retail sector has come quite far in the last few decades, but it still lags behind developed countries in many ways. Technology such as AI, automation and more now have the potential to further boost the transformation of the retail sector in the country. Automation can help approach customer experiences and supply chain efficiencies in a more effective and satisfactory manner. By streamlining the non-glamorous parts of retail behind the scenes, automation in the form of robotics and AI is delivering value. Empowering distributors and other parties to get a bird’s-eye view into the retail value chain at any stage is another great benefit. Technology can also serve as a massive differentiator in an ever-increasingly crowded space. By tracking customer journeys in a way that complies with privacy laws, retailers can successfully oversee a switch to online and virtual channels. They can deliver a high level of personalization that was never available before, and this can even change the actual physical experience.

The competitive edge of technology in retail is now undoubtable. However, the challenge is to transfer the full benefits of technology to the customer as well. This is easier in the e-commerce and virtual shopping space, but much harder in physical retail, especially in the unorganized retail sector. That’s where the most interesting developments in the retail space are poised to take place over the coming years. Technologies such as in-store promos, cashless checkouts, automatic order disbursals and more can pave the way for a technology-led future.

These technologies must also be merged with existing processes without changing the shopping and brand experience. From a profitability standpoint, all these factors work together to make retail an omni-channel experience that does not compromise on competitiveness. The insights shared by technology and big data can in fact offer new information that can help traditional retailers transform sales of all product categories. The future of retail holds a lot of promise, as it is an industry that is hard to topple. Automation and technology will simply strengthen this future by empowering retailers.