market research agencies in mumbai
16 Feb 2023

Road Ahead for Offline Retailers in India

road-ahead-for-offline-retailers-in-india

As the retail landscape in India continues to evolve, it is important for businesses to find a balance between online and offline retail. COVID-19 pandemic had a significant impact on the offline retail industry as consumers turned to online shopping out of necessity. Many offline retailers were not prepared for such shift in buying behaviour.

Some of the segments like Restaurants, QSR, Entertainment etc were severely impacted and many businesses were not able to survive. Those who survived, learnt important lessons and embraced new trends like use of technology, omnichannel business model, agile supply chain, investment in people etc.

Offline retailers in India face several challenges, including intense competition from e-commerce companies, high operating costs, and the need to adapt to changing consumer preferences.

Along with the rise of e-commerce and shifts in ever-changing consumer behavior, it is more important than ever to ensure that the supply chain is efficient, flexible, and able to adapt to changing market conditions. Nearly 75% of retailers struggle to integrate their supply chain and infrastructure across channels, leading to inefficiencies and lost sales.

Changing priorities of the labor force is also coming across as a major challenge for the entire retail sector, but with the right strategies and investments, retailers can overcome it and continue to thrive.

In order to overcome the challenges, retailers must invest in modern technology, foster collaboration between departments, and continuously assess and optimize their supply chain and infrastructure. This can be a daunting task, but the benefits are significant.

In the following sections, we have discussed the retail landscape – key challenges and considerations that lie ahead for offline retailers.













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