With brick and mortar stores and big shopping centers adopting artificial intelligence to boost sales and manage inventories, the Indian retail market is undergoing a sea change. DLF, India’s largest real estate company, that operates the DLF Mall of India, recently launched the 'phygital' platform Lukout. The platform aids brands to optimise their marketing ventures. It will also help customers to browse the malls, latest fashion trends and real-time offers from the brands at the mall over the platform. Customers will also be able to make payments at the car park through the app besides looking at the current trends. Besides, they can avail of proximity marketing the moment they enter the property.
These technologies are transforming the way fashion and lifestyle brands manage their supplies. They are not only helping brand managers track their supplies and inventories on a more real-time basis, but enabling companies to monitor the most favorite shopping mode of their customers and accordingly allocate stocks.
Tracking inventory, market rates through e-com
Earlier, only limited inventory was available to e-commerce platforms, ensuring lesser discounts compared to the in-store products. Now, Arvind Internet, the e-commerce arm of textile major Arvind, is launching a new initiative in which the entire inventory of the brand would be made available to fashion e-commerce retailers, just as it will be available in-store and on a brand's own portal. The company is also enabling brands to optimise prices at multi-channel level.
Arvind Internet launched a product called ‘Omni AI’, which will help the brands to price and promote their products in tune with market trends. Through such products and machine learning, in about eight weeks of a season going live, brands will be able to find out, which products have succeeded and those that have not.
Technology tracks buying patterns
Kishore Biyani-owned Future Retail, which operates the Big Bazaar hypermarket chain, believes in future, technology will be used in a big way in retail. The company analyses consumer behavior to study their spending habits to offer enhanced services through Easyday small stores. It rolled out retail 3.0 strategy last year with plans to set up 10,000 members only for Easyday neighbourhood stores. Currently, the company is opening around two stores a day, which will be ramped up to three stores a day from next month and five by next year.
These stores aim to promote membership to ensure the regularity of its customers and also track their buying patterns. New technologies will enable them to choose their assortments. E-commerce companies are also making extensive use of big data analytics, AI and machine learning to understand customer habits and curate offerings.