Technology to drive retail with cautious optimism in 2023

Technology to drive retail with cautious optimism in 2023

 03 January 2023, Mumbai

The retail industry in India is entering 2023 with cautious optimism. Larger players are strengthening their footprints, leveraging technologies to improve efficiency and expand beyond metros.

After learning the lessons from the pandemic-induced disruptions, retail players will continue with their multi-channel approach and marketplaces such as B2B (Business to Business) commerce and D2C (Direct to Consumer), and also focus on diversifying their supply sources. Two of the large modern trade chains are adopting a path of B2B commerce and kirana integration, with an ambition to create a data-unified retail environment. D2C data, delivery information, and telecom data integration are likely to drive the eventual convergence of offline and online channels towards a connected commerce model of tomorrow.

The industry is likely to continue witnessing consolidation as the scale gets driven through technology-led integration and efficiencies. Retail in the country is expected to grow better than all other key markets across the world.The occasionwear market (festivals, weddings etc.) will thrive in the country if no Covid restrictions are introduced. Many smaller and less profitable retailers may exit the business in favour of more efficient and larger players who are able to leverage technology to drive efficiency across their retail operations.

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