Emerging Trends in Enterprise Data in Indian Retail

Did you know that 82% of consumers are willing to share personal data for a better customer experience???

In the retail industry, data is the most critical asset. Enterprise data comprises all data that retailers generate including customer purchase history, punched feedback, loyalty forms, footfalls, sales, real-time inventory levels, weather patterns in a particular location and trends from social media. The enterprise data needs to be action-driven and result-oriented to enable more efficient and accurate decision-making.?

The Indian retail industry has been projected to grow at 10% to reach approximately $2 trillion by 2032.? Here are some of the emerging trends in enterprise data in the Indian retail industry:?

• Big Data and Analytics: Big data and analytics are becoming increasingly important for retailers as they seek to gain insights into customer behaviour and trends. By analysing large datasets, retailers can identify new opportunities, improve customer service, and optimise their operations.?
• Growth of omnichannel retail: Omnichannel retail is the practise of providing customers with a seamless shopping experience across different channels, such as online, in-store, and mobile. This requires retailers to collect and integrate data from all these channels to provide a personalised experience to each customer.?
• At ace turtle, for instance, our flagship Lee store at Brigade Road in Bengaluru is equipped with digital cameras to track which products are picked up by customers from shelves and taken to trial rooms and finally converted to sales. The data on customer footfalls, conversions and products purchases is captured and fed into the system in real-time to drive sales.???
• Adoption of AI: AI is being used by retailers to automate tasks, improve decision-making, and deliver personalised experiences to customers. At ace turtle, we are leveraging the capabilities of ChatGPT to generate product descriptions for the seasonal offerings of our global brands Lee and Wrangler. We are building data to make the system learn more effectively and track sales uplift vis-à-vis manually generated descriptions.??
• Growth of cloud computing: Cloud computing is making it easier and more affordable for retailers to store and process large amounts of data. This is enabling retailers to adopt new technologies that were previously not feasible. The system can make faster and better-informed decisions based on cloud-based, real-time and integrated solutions and respond to situations more efficiently.?
• Increasing use of mobile devices: Mobile devices are becoming the primary way that consumers interact with retailers. This is driving the need for retailers to collect and analyse mobile data to deliver personalised experiences to their customers.?
• Data Security and Privacy: With the increasing volume and importance of data, ensuring data security and privacy has become a critical concern. Indian retailers are investing in secure data management systems, encryption technologies, and compliance with data protection regulations. Protecting customer data and maintaining consumer trust is vital for sustainable growth.?
• Monetisation: Retailers can monetise customer data to enhance customer experience and generate revenue. According to EY, this can involve supplier insights, offering services like financing and warranties, collaborating with advertisers, and partnering with banks for co-branded promotional offers.?

Retailers need tools and processes to gather, manage, and analyse company data to use it successfully. To extract insights from the data that can be utilised to enhance bottom line, they must also have the appropriate staff in place with relevant skills and understanding.??