Future of offline Retail in India
Technology has disrupted retail all over the globe with Amazon leading the pack in US and Flipkart in India.
Companies are flocking to online either building their own online stores or collaborating with market places like Flipkart, Amazon etc. However, there is huge scope in technology transforming the offline retail.
What lies ahead??
1. Retail stores will sell the shelf space to brands by using a software which shows the heat maps on the layout of store(Heat maps represent where consumer is spending more time in aisle).
2. Retail store layouts will be designed by advanced softwares analysing the past customer data and best practices in the industry.
3. Consumers will be identified by facial recognition software and mobile number with the help of 3rd party companies like Facebook, Telecom companies.
4. Consumer buying patterns are tracked by scanning the behaviour and movements of consumers using cameras and wrist band trackers.
Offline Retailers will sell the behavioural data to brands so that they can effectively target the right customers who are in the consideration stage in the sales funnel.
Online stores will buy the data from offline retail stores and try to push the brands by understanding the preference of each customer. (How? — Display ads, Fb ads, popups in app)
5. Customers will have only one checkout point at security. At present , there are 2 check out points — Billers &security.
Scope for startups.
1. Software for retailers tracking consumers and showing heat maps.
2. Software for retailers which automatically creates layout with flexibility option for users to modify.
3. Software for retailers tracking the buying patterns of consumers using input data from cameras, beacons and wrist bands.
4. Software for brands which can source the consumer data from various retail outlets and help in targeting right customers.
5. App for retailers which help consumers to buy goods scanning them rather than queuing at billing counters.
6. With the rise of VR, software for online retailers where consumers can buy directly in 3d layout which looks like offline stores.
Which software do you think has great opportunity to solve the problems of offline retailer/ brands/online retailers? Please comment below.