Technology is transforming the way that Indian retailers are engaging with consumers. Additionally, it is making supply chain management much simpler. At the same time, retailers are competing with online outfits, owing to the proliferation of differentiating technologies. From AR to AI, there are various platforms that they are using to get ahead in the marketplace. Through this all, they are relying on innovation and reliability to secure their market position.
Here are 5 tech solution providers that are helping them achieve this, and are making a significant impact in the Indian retail space –
Cisco has been the forefront of the digital disruption in the retail space. It has been providing critical infrastructure solutions to retailers large and small, enhancing the overall customer journey in-store. The company has also given new meaning to mobility and connectivity. With integrated dashboards and technology at its centre, Cisco’s line of solutions is robust. This is why one of Indian retail industry’s pioneers, Shopper’s Stop, has extensively collaborated with the company.
Aagnaa Software Lab
The company has been providing unique technology-driven installations for leading Indian retailers. From AI tools to physical experiences, it has been delivering on value-based integrations. Its recent work with apparel major, Raymonds, is most notable. The company developed a smart mirror that gives customers a virtual experience of what their desired item would look like. Through this, a buyer can virtually try on dozens of clothes every minute. Using smart camera tracking technology, this company is making the virtual world real.
Palantir Data Analytics
When it comes to customer data, a large portion of the time is spent in looking for core insights. There are generally millions of data points to look through and a real agency approach is crucial. This is where a data analytics firm like Palantir can help. They use machine learning to create meaningful insights from large format data sets. They’re working with Future Group to streamline much of their data processes and create insights from the customer insights available.
“They will analyse customers’ data at an extremely micro level and such detailing will provide insights in customer trends and shopping habits. The technology tie-up is part of our data-to-business strategy called Tathastu, with an aim to get two crore members from stores across formats to spend Rs 1 lakh each per annum.” – Kishore Biyani, CEO, Future Group.
IBM Retail Solutions
IBM is helping Indian retailers decode much of the data being presented to internal systems. Using its cloud management and data analytics tools, Indian retailers are taking the next step in the digital evolution. IBM Watson specifically has been instrumental in leading the omni-channel charge in the Indian retail space.
The company has also been providing technology solutions that are being implemented throughout the retail experience. From shelf to check-out, it has given tech-savvy retailers a new lease on conversion and sales.
The company is behind one of the more unique tech integrations in Indian retail. They were behind Croma’s Gadgets of Desire extension, while powering up the technology and tools necessary to make it happen. From shopper analytics to IoT installations, the company has a multitude of solutions for Indian retailers. They also have augmented realty tools for retailers that want to have a differentiated offering within the store.
“Croma, Gadgets of Desire, is an attempt to come closer to the customers and become a go to destination for everything in electronics! The new store format is a small neighbourhood store that is a totem of the full-fledged Croma store. Networkbay Retail has been a partner in helping us put together our premium store format vision,” said Ritesh Ghosal, CMO of Croma, Infinit Retail.
Retailers continue to invest in the latest tech advancements, keeping in mind those that will benefit their customers the most. Selecting the right technologies will not only allow them make to boost their bottom line, but also avoid investing in systems that are apt to fade into ignominy.