Retail has to be there both physically and digitally, says expert
In a conversation with John Xavier, Editor–Technology, The Hindu, on the topic 'Democratising Retail – How AI is empowering business of all sizes', Mr. Ahmed said that in retail, those who adapted and changed succeeded, while traditional retailers were struggling. 'The reason for suffering is the gap has widened now... unless something miraculously comes to their rescue... they would perish,' he said referring to the technological advancements happening in this particular sector.
He explained how technology had improved and how one knew what the consumer would be buying during the weekend. He also pointed out that technology had evolved but the adoption was not there. 'This is purely because the availability of tech is limited or cost of embracing it is high and also there is a herd mentality like 'let somebody do it and then I'll follow',' he added.
Noting that quick commerce had always been around, Mr. Ahmed said that neighbourhood stores were like quick commerce catering to neighbourhood needs and delivery at homes. 'But they lost because they did not keep up the pace. The new platforms understood that sitting in one place they can know what consumer wants,' he said.
He also noted that most online platforms were also having a physical store now. 'Why...because experiential buying will never die. Phygital is the solution – Retail has to be there physically and digitally,' he said. He also touched upon how consumers were expecting rewards on their spends and how brands were chasing this trend.
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The Hindu
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- The Hindu
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The Hindu
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