In the last decade, the Indian retail industry has undergone a major transformation. While the e-commerce players have grown tremendously, consolidation and mergers too were witnessed in this space. On the other hand, several international retail brands entered the Indian market setting up an array of brick & mortar stores. Likewise, even domestic brands have also flourished and expanded their presence. As the world’s fifth-largest economy, India has witnessed not only growth in its population but also its consumer spending. According to a recent finding, India’s consumer spending is expected to grow to $3.6 trillion by the year 2021, which is almost four times more than the growth witnessed in the previous decade. Needless to say, the country has welcomed the reforms in the retail industry, which in turn have led to a series of reforms in the retail technology space. Additionally, due to the COVID -19 pandemic, the retail industry has seen some quick adoption in terms of newer technology. Therefore, we are going to discuss some of the most important retail trends that are going to shape the retail industry in the year 2021.
The increasing spending power of consumers, coupled with the ease of shopping from the comfort of their homes, have made the retail sector invincible even during a pandemic. Although the lockdown period began on a challenging note, the comeback of retail stores has been quite strong in terms of making up for the lost revenue. The major contributing factors for the rise of the retail industry are:
As new and evolving trends emerge, they go on to drive the preferences and mindset of the average Indian consumer further. We’re listing down top 3 trends to watch out for in the coming year:
In this fast-paced world, we want everything quickly and conveniently, without having to put much effort into it. The idea of instant gratification is reinforced when several platforms offer one-day delivery or even perks with each transaction. Keeping this in mind, one of the significant and recent trends in retailing is putting the consumer’s convenience at the highest priority. From small businesses to multinational conglomerates, everyone is focusing on how to make the consumer’s experience better, faster and smoother. Ultra-convenience was particularly highlighted during the pandemic when people wanted to ensure safety measures but also purchase essentials without letting go of the usual buy-from-home convenience. Born to address this need for your neighborhood kirana store, Bech is a mobile POS app which helps small and medium business owners, be it a grocery store or any other retail store to stay organized through various features such as product catalog management and inventory-tracking, store staff management, GST ready reporting and much more.
Bech - Aapki Digital Dukaan is a boon to the retail stores, not just for the retailer but also for the store consumers. While it allows multiple functions to effectively manage the workings of a physical store, its primary function is to offer a seamless and one-stop billing experience. Enabling retailers to set-up their online presence through the app, Bech extends the store to the customers just through a smartphone. Hence, ultra-convenience is coupled with the trust one has in their neighborhood grocery store or their trusted retail store.
While the consumer’s convenience is all taken care of, retail trends have now started to move towards taking care of the retailer as well. This, in particular, is directed towards ensuring that the rest of the supply chain is benefitted along with the retailer. For a timely delivery to the customers, it is essential that the retailer procures the goods and materials in time, without any hassles. Hence, the idea of a one-stop retail ecosystem is to ensure all gears are smoothly running, which ultimately leads to efficient operations and customer satisfaction.
Bech, the dedicated free POS software for your retail store, not only puts the convenience of the consumers at heart but also yours, as a retailer. The mobile app offers a unique wholesale marketplace for retailers to make bulk purchases from local wholesalers & distributors on the app itself. With an added advantage, they can also compare prices and get the best deals suited to their store and business needs. This feature adds to the sentiment of “vocal for local” by uplifting and integrating the local retail ecosystem altogether. In addition to that, the feature of offering “Udhaar” or “Khaata” to customers extends the sense of trust and familiarity to the digital sphere while keeping the quintessential Indian concepts intact.
With the change in technology, there has been a change in consumer behaviour as well. As the shopping experience is revamped and digitized, brands and retailers are looking to connect better with their audiences, especially on digital platforms. The sense of connection with the consumers will entice them to shop more often and also make larger purchases. The same level of spontaneity can be seen from grocery shopping to checking travel plans to buying insurance products online. With personalisation at the heart of brand strategy, a lot of people in India from varied sections of the society are showing a desire to shift their purchase online.
This trend is good news for small businesses and entrepreneurs as well who sell or are planning to sell their products and services online, especially those looking to offer their products and services through mobile devices. With a dedicated and free POS app for your business, you can now set up an online shop with ease and also retain your personal brand identity. Bech, with its mobile app available on Android as well as iOS, enables the retailers to manage their stores with greater efficiency by using features such as a ready-to-use catalogue or uploading of existing product catalogs by the retailers. Furthermore, the app also enables retailers to track their sales, manage billing processes with GST ready reports and custom reports.
For small to medium-sized store owners, Bech enhances their daily operations by providing comfortable, effective and accessible solutions for their business needs. Equipped with features for billing and payments, Bech allows retailers to itemise their bills, accept digital payments from anywhere while also keeping a track of all transactions with ease. Providing an app where store owners can effectively improve their store management, Bech offers store staff management, multi-lingual options, store expense tracker and Udhaar/Khata payment reminders to customers, which builds up a more robust ecosystem. One of the best features available is that the app can work offline as well, which is a relief to retailers with limited access to the internet. Especially during a pandemic, while the consumer’s convenience is taken care of, this free billing software in India tends to the needs of the retailer, ensuring that his reduced footfalls in the store does not hamper his sales growth. Integrating the wholesalers, the app has aimed to provide similar benefits to all stakeholders of the retail supply chain, right from wholesalers and retailers to consumers.
The app, in its true sense, has been crafted by keeping in mind the diverse Indian demography.
To conclude, with the current retail trends of 2020, the digital landscape can be quite beneficial for retailers and small businesses with the right resources. It is also essential to understand that to serve the customer in the best possible way; the retailer must ensure that the management from his store’s perspective is impeccably efficient. Establishing an online presence previously used to be a lengthy and cumbersome process but with Bech – Apki Digital Dukaan, all you need is a smartphone which will effortlessly connect you to your customers with just a few clicks.
Click the link below to download the Bech app:
iOS Users: https://apps.apple.com/in/app/bech/id1499706928
Android Users: https://play.google.com/store/apps/details?id=com.skyinnolabs.poslite
