Retailers need to invest in advanced technologies such as cloud computing, blockchain, robotics and automation to enhance their competitiveness, according to a report by Deloitte.
It said that embracing modern technologies would help in addressing the last-mile delivery challenge of the new-age tech-savvy consumer.
Retailers are striving to offer a seamless shopping experience through data-driven insights and analysis, it added.
Technology has led to a paradigm shift in the way retailers operate and transformed the entire shopping journey of consumers, the report said.
"Advanced technologies, such as cloud computing, IoT (internet of things), blockchain, robotics, automation, 3D printing, predictive analysis, and AI, are expected to automate various backend and front-end processes. Thus, retailers need to invest in these technologies to remain competent and thrive in the rapidly evolving and disruptive consumer environment," it said.
Anand Ramanathan, partner, Deloitte India, said brands are focusing on blurring boundaries between offline and online channels.
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Anil Talreja, partner, Deloitte India, said India continues to hold a strong position as far as its market potential for retail is concerned and is on its way to touch USD 1,200 billion by 2021.
"Currently, shopper and shopping experiences are technologically enabled and digital has taken a centre stage redefining the meaning of convenience. However, this also adds a new mandate for timely delivery and customer experience that are key attributes for India Inc to focus on as the rules of the retail business game evolves," Talreja added.
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