The Future of Retail Space in India: The 3 Influencing Factors

The Future of Retail Space in India: The 3 Influencing Factors

Don\’t miss out on the brick and motor stores     

Yes, you heard it right! We all know the pandemic has altered the entire economy affecting every industry. Now, digitalization is the new norm that has transformed consumer behaviour and leveraged their experience. Still, the digital world hasn\’t overtaken bricks in total retail sales. As eCommerce is still a relatively small portion of the overall retail pie. How? To back our statement, we will give you in-depth learning of why the future of retail space is still bright.

The Present State Of Brick And Motor Stores In India

The future of e-commerce in India is on the rise, yet, physical stores are still dominating; when it comes to actual sales. Studies have shown that people still prefer to shop physically rather than online, especially the 18-24 age group. Physical spaces have major benefits if compared with online stores, which makes them still the number 1 market player. Yet, not to mention, retailers need to push their boundaries and renovate their trends to sustain in the market.

The Experts Weigh More on the Future of Brick-and-Mortar Retail

So what experts are saying concerning retail spaces future of brick-and-mortar retail?

Jordan Ekers, Nudge Rewards Chief customer officer & Co-founder, states that wise retailers will not give up their retail stores. Why? Due to in-store buyers experiences. As young generation and mobile millennials still need in-person experiences while they shop. Studies have shown two-thirds of millennials went shopping in stores every week. So, they seek the human side of the brand.

Other experts offer their positive view of how brick-and-mortar retail can increase both in-store and digital efforts to deliver better results for customers.

To validate more, we have come across three reasons why your retail space investment will not go in vain and how it still has a bright future ahead:

1 – Physical Presence Do Matters

The convenience and pleasure of the unique feeling of the product in your hands are still unmatched by the online experience. India receives ample funds and opportunities internationally, hence, opening a store chain is still significant. People want to make transactions with global stores not available on online platforms. It is where physical store remains irreplaceable. Also, in terms of building brand image and value, physical presence plays a huge role. 

2 – The Unique In-Store Experience

If brick and motor stores sales were really declining, then big brands like Amazon and Casper won\’t be spending funds to get ideal locations to set their stores. Why do they do it? 

Your customer experience elevates the brand name, and when they get in-person personalized service, things get even better. Who does not want extra attention or extra details of what they are purchasing is good or not? Stores make this possible by infusing their customer behaviour personally.

For example- If your customer wants the same white crockery in red colour, you can get it for them instantly. It will save both the customer time and effort. Rather than surfing for hours looking for the same thing, your customer will feel appreciated.

3 – Adapting To Changing Behaviours: Amazon Success

Where digital stores are pushing away the retail spaces, it is also giving the retailers a chance to improvise themselves with unique ideas. Identifying and adapting to changing customers\’ needs is a big weapon that retail stores can use to leverage their brand. Combining digital with the physical is an ideal solution to adapt to the changing needs.

For instance- Amazon offers multiple store\’s choices for its extensive customer base. Amazon Go & Amazon 4-Star are set up as per the changing buyer expectations. 

Amazon Go stores need no cashiers, so, buyers walk in, take what they need and leave. Technology devices count out their total. Meanwhile, Amazon 4-Star stores stock things with great consumer reviews and new trendy items. In short, Amazon future retail is going to witness a huge surge in profits as they are improvising their services as per customer expectations. 

Wrapping up!

The future of retail post covid might be hazy, yet anyone with an eye for improvisation can earn chunks and attain success with their retail spaces. So, brick and motor stores are not going away for many forthcoming years. Therefore, if you\’re someone who wants to invest in Retail Spaces in India, without a second thought you must go for it. In case, you feel doubt regarding this- we welcome you to get in touch with us with all your puzzling thoughts.

BOP is one of India’s largest real estate consulting firms with over 1,30,000 satisfied customers.  Our blogs are specially curated by our realty experts and bring to you unbiased and current information about the real estate market in Delhi NCR.  Please leave your comments below with any suggestions or feedback you have for us.  

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