Today, India is one of the leading tech players in the world and its engineers and technocrats not only empower the country’s infrastructure and business but also facilitate the growth of foreign companies across the world. But, being a large and complex market, some challenges are evident such as the cost of implementation of novel technologies and the scarcity of trained manpower, Jain asserted. Technological advancement is leading that charge and so are shifting consumer expectations. As a result, the global retail digital transformation market was valued at $145 billion in 2020 and is expected to reach $390 billion by 2026, with an expected CAGR of 18.2 percent over the forecast period (2021–2026). Understanding the pulse of the target audience is mandatory, and in the ever-evolving world of marketing flooded with influencers of all scale and expertise, credibility alone helps brands break the ice with new customers. Matching such digital agility is its massive retail network of 190 plus ASUS-exclusive outlets and 1,200 premium kiosks in Tier III and Tier IV cities.
To meet these expectations, the logistics industry is now embracing innovative technologies, and one such technology that holds immense promise is Blockchain. As New Relic Vice President of Customer Adoption APJ, Rob Newell is responsible for the growth of customer acquisition, customer success and driving observability maturity across
the APJ region. Rob is an experienced technology and business leader with more than 20 years experience spanning sales, solutions consulting, operations and technology delivery
across the APJ region. Monitoring customer engagement and interactions then becomes effortless, guiding businesses towards smarter site-investment decisions. It empowers teams to collaborate on problem solving, and enhance customer experiences.
China’s Digital Currency Electronic Payments system is expected to allow some level of support for Ethereum applications. Paypal already allows US users to buy Bitcoin through their Paypal accounts and will enable Paypal payments with Bitcoin soon. The adaptability and widespread applicability of embedded finance unlock significant opportunities for emerging fintech organizations to disrupt traditional transaction methods and pave the way for a new era of financial services. Open banking, a rising trend, entails the utilization of open application programming interfaces (APIs) to grant third-party service providers access to customer data.
Cryptocurrencies have the potential to fundamentally alter the way we use money in 2023 and beyond. Because of its decentralization, transparency, cheaper transaction fees, faster transactions, and global accessibility, it is a desired alternative to traditional currencies. Cryptocurrencies, which operate on a decentralized network and are not governed by governments or financial institutions, offer more financial stability and security. This is where the transparency of the public ledger can help in the battle against fraud, money laundering, and other illicit conduct. A recent prediction by Deutsche Bank suggests that developed countries may transition from traditional fiat currency to cryptocurrency payments by 2030.
Tourism Industry Leveraging Big Data for Improved Business Production
Furthermore, AR/VR shopping has transformed the way customers buy products and services online. Flipkart has deployed 3D and AR capabilities via Flipkart Camera which offers ‘View in 360°’, ‘Try On’, and ‘View in Your Room’ features on the mobile app. “Some of the technologies that we are excited about are virtual and augmented reality, Metaverse, AR/VR, and live commerce and all of these are crucial from a future customer experience perspective.
This greatly reduces the competitive advantage of standalone cryptos, which is a clear benefit to banks. There will be a surge in the requirement of blockchain technology that can aid in building powerful applications to carry out secure transactions, develop enhanced Know Your Customer (KYC) features and more. The reason for this is that blockchain has become a key instrument across most industries that rely on transactions.
- As an experienced chartered accountant, a seasoned business
professional, an entrepreneur, and an investor, he has over 10 years of industry experience in Retail, Distribution,
Logistics, and Supply Chain management. - Not only is crypto payment processing convenient for customers, but it also provides advantages for merchants.
- The first Bitcoin ETF was approved by US regulators and listed on the New York Stock Exchange in October.
- A study by Deloitte found that blockchain technology can enhance trust among stakeholders, reducing the need for intermediaries and improving operational efficiencies.
In 2016, India’s gaming laptop market was only 40,000 units, as compared to 2021, when it increased to 800,000 units. The consumer laptop division also expanded from 4 million to 6 million,” he explained. The survey revealed that Indians display more flexibility towards moving or relocating than their global counterparts. The survey found that respondents display a stronger intention to move to a new home in https://www.xcritical.in/blog/crypto-services-global-fintech-trend/ the next two years (44 percent vs 31 percent in the previous two years). The audience learned multiple new strategies on how to build a scalable D2C brand with strong unit economics. Despite significant advancements in education, it is undeniable that women still encounter formidable structural, social, and economic obstacles in accessing employment, engaging in the workforce, and pursuing entrepreneurship.
The Uniform Civil Code (UCC) in India: A…
These enable deep constructs that help understand customer behavior, while merchants can key in their own brand messaging and connect that back to analytics to customize the user experience. “This helps apparels brands who prefer offering services such as ‘Free Exchange in Returns’ to build trust, and 100 percent refund in 24 hours to build more comfort towards online shopping,” mentions Ranjan. Increased access to more channels, choices, and flexibility, mass acceleration to digital has changed customer experiences forever. Multiple customer touchpoints, the rise of mobile and social commerce, and rapidly changing trends and consumer behaviors continue to create even more complex buyer journeys. As smartphones become increasingly ubiquitous in India, it is crucial for retail brands to focus on developing innovative, mobile-first experiences that connect with customers. Technology plays a crucial role in inventory and order management for D2C brands, enabling seamless deliveries.
Trend 8: Use Cases in Supply Chain Management
Alternatively, if the data shows that customers are not making repeat purchases, retailers can introduce loyalty programs or special offers to encourage customer retention. According to Google and Bain & Company, beauty and hygiene-related shopping searches are third-most popular after the apparel and cell phones. Astonishingly, these are the categories with a highly https://www.xcritical.in/ fragmented market and few organized players. The beauty and skincare category has traditionally been catered to by multi-brand, multi-category large players, both in brick-and-mortar stores and online. However, certain setbacks of retail businesses such as store travel time, vehicle parking, limited product choices, etc., come to light when we weigh the options.
Su corroborates the fact with average selling price of this vertical becoming more affordable. “In the pandemic period, people realized that mobile phones were for content consumption and laptops were for creating serious content. Therefore, demand for premium laptops with good hardware configurations rose,” said Su, explaining the uptick in the average selling price of laptops in general, and a steady rise in demand for gaming and creator-series laptops. Gen Z led the preference towards moving to a new home in the next two years, compared to only 29 percent of baby boomers.
This article explores the importance of in-store shopping and highlights how aligning digital ads with brick-and-mortar can lead to amplified success. The surging global online retail sector and the increasing demand for efficient logistical solutions in our interconnected economies fuel this growth. In recent years, the industry is also found increasingly focused on lowering emissions and adopting more sustainable practices. The pandemic exposed the vulnerabilities in global supply chains, prompting businesses to prioritize risk management in procurement. AI-powered tools and data analytics have become instrumental in evaluating supplier risks, diversifying supply sources, and enhancing procurement decision-making.
Warranty on a refurbished smartphone gives the consumer peace of mind and ensures they have purchased it from a certified seller. It eases their concerns about the maintenance and service of the smartphone and boosts their confidence in refurbished gadgets. This exhibits the possibility of another 100 million smartphones stacked idle at home. Most of the phones that remain at home are kept as spare phones for emergencies or just sitting in a drawer.
The answer that makes sense is that the Metaverse, while still taking shape, is here to stay. Investments into the Metaverse crossed $120 million in 2022 and it is expected to generate $5 trillion by 2030 for both consumer and industrial enterprises, according to McKinsey. In this age of bytes and bites, AI holds the promise of a transformative future for food and agriculture, ushering in a new era of abundance, efficiency, and global nourishment. Let us seize the opportunities that lie ahead and embrace AI as a powerful ally in creating a more sustainable, resilient, and inclusive food system for generations to come. In the current attention-driven economy, where capturing and retaining attention is challenging due to the overwhelming choices and distractions faced by consumers, traditional market research methods have their limitations.