Why The Future Of Indian Retail Is Omnichannel

The future of Indian retail is rapidly evolving towards an omnichannel approach, according to a panel discussion at the Inc42's D2C & Retail Summit. Quick commerce and convenience platforms are emerging as modern, organized alternatives to traditional local kirana stores, according to Kamal Lochan Das, business head at PhonePe Payment Gateway.

The shift in consumer behavior towards convenience has been driven by a change in how they view payments, noted Das. Rather than simply paying for necessities, consumers are now engaging in discretionary spending. However, Ayush Bansal, director at Liberty Shoes, offered a contrasting perspective. He emphasized that consumers are only willing to spend more on products that genuinely provide value, such as school shoes with comfort, GPS tracking, or lace-free designs.

Bansal also pointed out the multi-faceted nature of consumer behavior today. Consumers often discover products on social media platforms like Instagram, compare prices on ecommerce websites, try items in physical stores, and ultimately purchase from D2C websites. This complex consumer journey necessitates brands to maintain a presence across various touchpoints, including quick commerce, ecommerce, D2C, and offline retail.