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..The Retail Sector
For retailers, the biggest challenge of the new normal has been to reimagine their business with a “home-cocooned consumer” who wants things delivered at their doorstep and considers convenience a critical element. This is one of the findings in Deloitte Touche Tohmatsu India LLP and Mapic India’s report “Rewriting the Rules of New Retail”, that maps the trends of the year gone by. It says:
∙ Retailers rapidly adapted to the “new normal” through resilience and realigned their business models using technology
∙ Adoption of the omnichannel strategy got accelerated with digitised operations, and a strong focus on sustainable business practices
∙ New technology and increased connectivity led to innovation in shopping trends, such as contactless delivery, curbside pick-up, Buy Online Pickup In-Store (BOPIS), and Try On In-store and Ship to Home (TOSSH)
The trends driving the evolution of ‘new retail’ are:
1. Commoditisation and premiumisation
2. Digital success likely to require more efforts in the next few years
3. Smaller and closer stores
4. New models, increasing impact
5. Convenience as the new battleground
6. Health and sustainability
7. Fragmentation and consolidation
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