Retail
Navigating the New Retail Landscape: Technology's Role in Reshaping Consumer Experiences
The retail industry stands at a pivotal intersection of evolving consumer demands and rapid technological advancements. Almost 40% of tasks undertaken by retail workers could potentially be automated or augmented by large language models, the opportunity to reshape retail operations and customer interactions is immense.
Landscape and Opportunities
- $1.75 trillion size of Indian retail sector by 2026, up from $0.79 trillion in 2020
- 11% Indian retailers have implemented advanced technologies like AI, big data analytics, contextual search
- 15% Indian retailers use dashboards or effectively utilize customer data to derive insights and improve customer service
- 30% Indian retailers who implemented technology upgradations report increase in sales, reduction in inventory costs, improvement of supply chains, improved customer relationship
Technology as a Catalyst for Change
Creating Better Consumer Experiences
The retail sector, focusing on quality and convenience, is increasingly turning to Generative AI for responsive consumer experiences.
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Something About Retail Branding
As digital and physical retail merge, brands must innovate their brand communications yet stay true to their ethos, differentiating through emerging tools.
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