Book Title: Recent Trends in Business Management and Social Sciences
Editors: Dr. Jasbir Kaur and Dr. Devyani Ingale
ISBN: 978-81-970457-8-3
Chapter: 14
DOI: https://doi.org/10.59646/rtbmssC14/134
Author: Mr. Sandeep Suresh Londhe, Assistant Professor, Dr. D. Y. Patil Institute of Management & Research, Pimpri, Maharashtra, India.
Abstract:
The retail sector in India is undergoing a significant transformation, influenced by a confluence of technological advancements, shifting consumer preferences, and dynamic market forces. This evolution is marked by the pervasive impact of e-commerce, digital payments, and a growing emphasis on sustainability. Technological integration, particularly through artificial intelligence, machine learning, and data analytics, is empowering retailers to revolutionize customer experiences, tailor marketing strategies, and optimize supply chain management. E-commerce proliferation has not only expanded consumer choices but has also prompted traditional retailers to adopt an omnichannel approach, integrating physical stores with online platforms. Consumers are increasingly mindful of the environmental impact of their purchases, leading to a surge in demand for eco-friendly options. The preference for locally produced goods is fostering the growth of small and medium-sized enterprises (SMEs) and indigenous businesses. Looking ahead, the future of the Indian retail industry is poised for exciting developments, including the integration of cutting-edge technologies, a continued emphasis on sustainability, the rise of hyperlocal retail, and innovations in last-mile delivery. As the industry evolves, retailers must remain attuned to changing consumer needs and maintain agility to stay relevant in this ever-dynamic retail landscape.
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