Winning in retail: Building loyalty and enhancing customer experience

India is the world’s fifth-largest retail market. It contributes more than 10 percent to GDP and nearly 8 percent to employment. In the past two years, the entire retail dynamics altered significantly due to the pandemic-related disruptions. The technology-led transformation that began in 2007 accelerated as consumers and retail industries went digital to survive in the new normal. With improved mobility, the sector is showing signs of healthy rebound as evident from strong consumer goods sales and rise in demand for consumer durables.

The ongoing digital wave has amplified the proliferation of brands in the country and made the competition for customer acquisition more intense. Hence, most businesses are rethinking strategies for improving their in-store and online customer experiences and engagements, and gaining a competitive edge in the changing business landscape.