Focus On Cybersecurity & Hassel-free Payment To Help Promote Growth of Retail Sector

Focus on hassle-free online payment mechanisms, cybersecurity and sustainability would help the country’s fast-growing retail sector register a healthy growth rate, according to a report.

As FMCG and retail brands rebound post-pandemic with increased consumer spending, there is an evolving consumer behavior influenced by technology, the Deloitte-Ficci report said.

“With e-tailers seeing an ever-increasing demand, the retail and FMCG sector must ensure personalized conversations, enhanced customer loyalty programs, hassle-free online payment options, and a robust cybersecurity regime for data protection,” it said.

D2C market has picked up

Currently, with increased adoption of digital infrastructure and greater use of smartphones, the direct-to-consumer market has picked up in a big way with more than 1.35 billion potential customers across regions, it said.

Rajat Wahi, Partner, Deloitte Touche Tohmatsu India LLP said that retailers and FMCG companies are re-aligning their businesses to improve the consumer and shopper experience by building agility in distribution networks, accelerating adoption of technology for omnichannel growth, and digitizing the supply chain through sustainable business practices.

‘Phygital retail’ strategy

“However, the need of the hour is to embrace the future which is purely digital,” Wahi said. Retailers, therefore, need to stay ahead of the curve by using the ‘phygital retail’ strategy which involves keeping an eye on health and wellness aspects, and includes a solid talent positioning in the new normal, he added.

In this dynamic industry, those who introduce innovation and adapt to the changing landscape will be best positioned for success, Wahi said.
The report also emphasized on the need for retailers to adapt their marketing plans to the evolved shopper journey, to create a seamless shopping and consumer experience for their customers across channels.
It added that brands today are building agility in their distribution networks, accelerating the adoption of technology and processes to drive their overall growth, and continuously improving, and digitizing the supply chain by focusing on sustainable business practices.

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Need for the adoption of ESG

Further, it said the pandemic has accelerated the need for the adoption of ESG (environmental, social, and governance) in the country and worldwide. “As a result, FMCG companies and retailers are expected to incorporate sustainable practices as an integral part of their business models,” it added.

(Source-PTI)