Newsletter April 2024
Hello Reader,
Welcome to the latest edition of GH Pulse where we are talking about how the transformative power of the omnichannel commerce is driving a new era of consumption in retail.
While browsing online platforms, digital shoppers are increasingly prone to engage in “I-want-to-buy / click-and-collect” kind of micro-moments, where their purchasing decisions are swiftly made and their preferences are shaped. However, there’s a noticeable hybrid shift occurring where shoppers influenced by digital media are also gravitating toward physical stores and markets for a real-time shopping experience.
Such developments are not just enhancing customer engagement but are also boosting retail sales by an impressive 8% year-over-year. While the overall retail industry is on a growth trend, the eCommerce pie is growing faster than the industry figures signifying a new paradigm powered by new-age digital-alpha customers. India is expected to contribute significantly to this trend, with over 500 million online shoppers anticipated by 2030, and paid user growth projected at 12% CAGR during the same period.
Demand for Indian-origin apparel has doubled, premium luggage has soared by 55% year-over-year, and luxury and premium home segments have seen increases of 150% and 50%, respectively, followed by luxury beauty and premium beauty growing at 50% to 60% every year. It's a clear indication that eRetail has a great future ahead and retail businesses can scale by following the right approach, technology stack and omnichannel commerce strategy.
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