Technology is a fast-moving entity in almost every domain. The retail segment is also experiencing a huge transformation through digital technologies. In an exclusive interaction, Faiz Askari, Founder Editor of SMEStreet found some interesting insights related to the evolving retail dynamics.
Faiz Askari: In the age of digitisation, what are some of the challenges faced by retailers of various sizes-small, medium and large chains?
Digital is redefining service expectations of consumers. Retailers of all sizes are struggling to meet such service expectations. For example, when home delivery order was given by a consumer a few years ago, the delivery date was promised. But as consumers are exposed to Swiggy and Uber experiences, they expect the same delivery experience from their neighbourhood retailers. As consumer’s exposure to digital experiences increase, from ordering to delivery & from billing to payment a frictionless experience is becoming a basic hygiene expectation of a consumer.
Faiz Askari: How does a small or medium size retailer benefit by leveraging technology in terms of efficiency and business growth?
One of the top challenges faced by retailers is the challenge of hiring, training and retaining their manpower. By adopting technology, retailers can bring down the skills required to perform each role and also the number of people required in the business. Also, implementing the right technology solution reduces the need for training as the various business processes are automated and mistake-proofed, ensuring operational excellence and consistent customer experience.
Faiz Askari: What do you foresee to be some of the key technology trends to catch up with the unorganised retail in India?
Technology is increasingly democratic. Most technologies adopted by leading retailers use are available to the smallest of retailers at prices they can afford. Serving customers on multiple channels is a key technology trend on which unorganized retailers are catching up now.
Faiz Askari: Brief on Gofrugal solutions and how do they empower retailers to not just stay but also scale in business.
GOFRUGAL solutions help retailers run their business with minimum staff with the least skills while offering 100% accurate and reliable solutions. This, in turn, reduces the time the owner/management will spend on training and also other internal challenges/issues thus helping them focus all their energies on serving their customers well. Business can achieve growth and scale, only when there is an increased focus on market opportunities and customers. That is exactly what GOFRUGAL solutions help retailers with.