Omnichannel retail in India - statistics & facts
The COVID-19 pandemic has undoubtedly changed the way Indian consumers shop. Omnichannel commerce is a strategy used by retailers and brands to approach consumers through various physical and digital channels. 2022 was a significant year for omnichannel retail, when the whole payment, shipping, and shopping ecosystem evolved.
A seamless shopping experience is made available by omnichannel commerce across a range of touchpoints, involving offline shops, websites, mobile apps, and social media. The widespread switch to digitalization has been equally beneficial to the substantial increase in e-commerce nationwide. As a result, the e-retail industry is predicted to reach over 350 billion U.S. dollars by 2030.
The Indian eyewear brand, Lenskart, joined the omnichannel trend and developed strategies to influence the next generation of omnichannel consumers. Lenskart has over 2000 retail stores across India so that consumers can inspect the products before purchasing. Similarly, well-known FMCG companies like Reliance Retail, Hindustan Unilever, and ITC which were formerly exclusive to offline sales are now accessible online. Additionally, JioMart, have started building an omnichannel presence by engaging Kirana stores and adopting B2B wholesale.
A seamless shopping experience is made available by omnichannel commerce across a range of touchpoints, involving offline shops, websites, mobile apps, and social media. The widespread switch to digitalization has been equally beneficial to the substantial increase in e-commerce nationwide. As a result, the e-retail industry is predicted to reach over 350 billion U.S. dollars by 2030.
Omnichannel adoption
In order to meet shifting consumer demands, and digital advancements, and maintain competitiveness in a changing market, multichannel adoption is increasing in India's retail sector. The proliferation of omnichannel retail in India has enabled consumers to shop whenever and wherever they choose. Using omnichannel, shoppers can engage with several channels at once, as opposed to researching products online or viewing an item in person before making an offline purchase. The expansion of automated inventory management, store integration, better return management, faster delivery, and more customer satisfaction are all being fueled by omnichannel commerce.Major omnichannel players
The most prevalent categories of omnichannel retail were fashion and lifestyle. Slowly, the food and grocery segment have also joined the race. Most consumers shop across channels according to the occasion or convenience of the household. The leading fashion brand, Nykaa, is widely available both online and offline for consumers. Nykaa has a multichannel presence by expanding its marketing channels and integrating through apps and websites. Likewise, digital firms are strengthening their offline presence in response to India's multichannel trend.The Indian eyewear brand, Lenskart, joined the omnichannel trend and developed strategies to influence the next generation of omnichannel consumers. Lenskart has over 2000 retail stores across India so that consumers can inspect the products before purchasing. Similarly, well-known FMCG companies like Reliance Retail, Hindustan Unilever, and ITC which were formerly exclusive to offline sales are now accessible online. Additionally, JioMart, have started building an omnichannel presence by engaging Kirana stores and adopting B2B wholesale.
