Brick-and-Mortar Renaissance

How Are Indian Retailers Innovating to Compete with Online Giants??

The Indian retail sector, a cornerstone of the country’s economy, has been undergoing seismic shifts over the past decade. Expected to reach a whopping US$ 2 trillion in value by 2032, according to a recent analysis by the Boston Consulting Group (BCG), India’s retail industry is being reshaped by the growing dominance of e-commerce, which currently commands around 10% of India’s retail landscape. However, rather than bowing to the digital behemoths, brick-and-mortar retailers are innovating to stay competitive, offering immersive experiences, tailored services, and region-specific products.

Phygital: The Future of Retail

India’s brick-and-mortar retailers are embracing a ‘phygital’ model, merging physical stores with digital capabilities to offer a seamless shopping experience. According to a report by Bain & Company, nearly 65% of Indian consumers prefer a mix of online and offline shopping, highlighting the importance of an integrated approach.

Retailers like Reliance Retail are leading the charge by deploying AI-powered tools to track consumer preferences and personalise in-store experiences. Similarly, Future Group has implemented IoT-enabled systems to optimise store layouts and inventory management, improving operational efficiency and customer satisfaction.

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Experiential Retail

To differentiate themselves from e-commerce giants, retailers are investing in creating memorable, experiential spaces. For example, Tata-owned Westside stores now feature interactive zones where customers can explore product combinations or attend styling workshops. A report by Deloitte indicates that 76% of Indian millennials value experiences over material possessions, making this approach a critical differentiator.

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