Chennai: The shifting of retail business to the online platform will not do away the presence of brick and mortar stores, says Subrata Siddhanta, president (retail business) at Nucleus Vision.
Nucleus Vision is an Internet of Things (IoT) and Blockchain based customer identification platform that allows brick-n-mortar retailers to identify any customer who walks into a store in real-time using ION sensor technology.
Speaking to News Today, Subrata Siddhanta forecasts the future of the retail industry and the role technology plays in its enhancement.
Touch and feel factor
While the prospects of retailing have gone up on e-platforms, there are products which customers will buy only after having a touch and feel of them.
This factor ensures the need for brick and mortar stores, says Subrata.
“It is owing to this factor that e-retailing giants like Amazon are trying to open brick and mortar stores. The next stage for this would be click and mortar stores where one can order online and try the products at the nearest store,” he predicts
Technology will drive growth
Subrata believes that the next big growth in the retail industry will come through technology adaptation.
He said, “E-tailing companies in the USA have already begun usage of drones for delivering the products ordered through online platforms. Though there are restrictions on drone usage in India now, the days are not far off when delivery here will also be done through drones.”
“Similarly, virtual reality will help analyse the customer soon after he sets his foot into the store,” he adds.
“As soon as a customer sets his foot into the store, the virtual reality software will access the handset of the customer with his permission and his contact information is sent to the telephone operator and mobile number of the customer is obtained. After the consent is obtained from the customer, he is contacted for sending information on products for sale,” he explained.
In India at present, virtual reality solutions by Nucleus Vision are under implementation in Shoppers Stop, Big Bazaar.
Subrata said that about 70 per cent of the customers who come to stores go back without purchasing and VR solutions can help convert them into prospective buyers.
“Our company has designed a similar solution which is about customer identification intelligence. We have orders for installing this in over 4000 stores currently. We will install this solution in another 10,000 stores by the end of this financial year end,” he said.
| Indian retail investment to touch $ 1 bn this year |
| “The investment into the retail business is likely to cross $ 1.2 billion this year compared to $ 770 million the preceding year. This shows the brighter prospects of the retail industry,” says Subrata.
Subrata says, “The increasing income levels of individuals, the evolution of new technologies and communication systems witnessing rapid developments brightens the retail segment in our country.” Explaining this, he said, “The product may be present some thousands of miles away, but its information is there in front of you, thanks to the revolution in the field of communication and technology. The per capita income of an individual these days has also increased to about 1500 USD. Today, both husband and wife are working in most of the families, so revenues are strong.” “These factors collectively brighten the prospects of the retail industry,” says Subrata. |