E-Commerce: Complements & competes with other retail formats

Online Shopping is setting a new trend in the retail market. It offers new opportunities as well as new challenges. A panel discussion on "Creating New Retail Experiences In Times Of E-Com Explosion" at In-Store Asia 2015 saw discussion that how the online space can be used to reach more customers and how it can help to boost offline sale.

Pratibha Chillar, Head - Marketing, The MobileStore explained how Big Bilion Sale and GOSF are redefining the market scenario. And the traditional purchase pattern is replaced by new purchase journey. "Buyers today use lot of means to get to know the product before making a purchase. They search on Google or Amazon and use references on blogs and whatsapp,” she said. Online purchases are made because people find it very convenient and products are available at much lower rates than in the shop. So you should target on these areas if you are eyeing for large profits through e-commerce.

Asim Dalal, MD, The Bombay Store threw light on omni-channel retail. He explained that omni retail has the potential to give new dimension to retail sector. He said, "Online channels can be used to boost in-store sale. It can be used to understand consumer behaviour, integrate inventory and seamless integration between offline and online stocks.”

Adding to the discussion, Rajneesh Mahajan, COO, Inorbit Malls India said that creating wow experience whether online or offline is the key to success. "If the customer feels good about his journey, he'll come back.”  A customer is king, and technology should be used to satisfy him and make him feel'wow'. "Let's not make technology our business. Let's use it for our business.” 

Accepting the fact that e-tail is good and here to stay, Vijay Basrur, Head - eCommerce, Raymond, said, "There is enough headroom for offline retail. The share of online sale stands at just 3% in total retail market. But we cannot deny that it is moving with very high velocity. So it is going to be an integral part of retail in coming time.”