As the auspicious occasion of Chaitra Navratri marks its beginning in India, it kindles not just spiritual fervor but also triggers a consequential surge in consumer spending. This festive Navratri, Gudi Padwa and Hindu New Year season frenzy, coupled with the upcoming Eid-ul-Fitr celebrations, sets the stage for a notable uptick in buying behavior nationwide. E-commerce platforms especially witness phenomenal growth, underscoring the evolving dynamics of consumer preferences and purchase patterns. A recent report by French payment firm Worldline reveals that during the latter half of 2023, approximately 80% of online transactions in India were attributed to sectors such as e-commerce, gaming, utilities and financial services.
Let us understand this in-depth.
The nexus of festive seasons and e-commerce growth:
Navratri and Gudi Padwa herald a period of heightened economic activity, with consumers indulging in extensive shopping sprees for traditional attire, accessories, home decor, and gifts. This cultural extravaganza sets the tone for increased consumer spending, creating a lucrative opportunity for retailers across both physical and digital platforms. Moreover, with Eid-ul-Fitr just around the corner, the festive fervor amplifies, further fueling the demand for a diverse array of products and services.
E-commerce platforms have emerged as the preferred shopping destination for millions of consumers during festive seasons. The convenience, accessibility, and diverse product offerings online retailers provide align entirely with modern consumers’ evolving preferences. Accordingly, the e-commerce sector experiences a substantial surge in transactions and revenue during these festive periods.
| Study Reveals From a macro perspective, India’s retail industry commands a significant market presence, securing the fourth position worldwide and constituting more than 10% of the country’s GDP. By 2022, the market had reached a formidable INR 91,891 billion, with projections indicating a robust compound annual growth rate (CAGR) exceeding 13% by 2027. |
To scale and thrive in the festive periods and deliver better customer experiences, the importance of e-commerce automation for retailers in 2024 becomes abundantly clear. As the digital marketplace continues to evolve rapidly, retailers face the challenge of meeting the dynamic needs and expectations of modern consumers. E-commerce automation offers a solution to this challenge by enabling better storefront management to inventory optimization and customer engagement. Embracing e-commerce automation is not just a strategic imperative for retailers; it is a crucial step towards future-proofing their businesses and unlocking sustainable growth in the digital era.
Salesforce + Uneecops: Driving innovation in intelligent commerce platforms:
Industry stalwarts such as Salesforce are leading the charge in this transformative journey. It is at the forefront of revolutionizing retail dynamics through intelligent commerce platforms. By harnessing the combined power of advanced technologies, domain expertise, and a customer-centric approach, Uneecops is empowering retailers, consumer packaged goods (CPG) companies, and digital natives to embrace the future of commerce.
The collaboration between Salesforce and Uneecops exemplifies the synergistic potential of industry leaders joining forces to drive innovation and enable digital transformation at scale. This partnership is redefining the boundaries of what’s possible in retail and commerce by delivering autonomous domain components and fast-tracking data-driven Gen AI-based transformation initiatives. Some Salesforce modules that help retailers soar in 2024 and beyond are:
- Order management simplified: Streamline order management processes to ensure seamless, transparent deliveries and exemplary customer service. Simplify distributed order management to provide a five-star experience at every touchpoint.
- Digital storefronts: Salesforce has an array of digital storefront templates, fully headless commerce and a hybrid approach that suits retailers’ unique requirements.
- Commerce intelligence, empowered by data cloud: Harness the power of advanced merchant dashboards and AI-driven insights to optimize every facet of your business operations. Leverage data-driven decision-making to save time and maximize efficiency.
- Personalization at scale with AI and real-time data: Transform online shopping experiences by infusing conversational AI capabilities and leveraging real-time data insights. Mirror the personalized touch of in-store interactions across all digital channels, enriching customer engagement and satisfaction.
- Customer acquisition, retention and loyalty: Deliver tailor-made experiences across diverse platforms—from WhatsApp to the immersive metaverse—to forge continuing connections with customers. Cultivate loyalty through personalized engagement, fostering lasting relationships with your clientele.
- The role of intelligent commerce platforms: The integration of Gen AI and big data-driven machine learning capabilities heralds a new era of disruption in the digital commerce space. It enables retailers to seamlessly integrate and optimize processes across the entire value chain, from storefront management and inventory optimization to warehouse operations and supply chain logistics. This facilitates a rapid and comprehensive ecosystem transformation, positioning businesses for sustained growth and competitiveness.
The future retail outlook in India
E-commerce platforms emerge as the primary battleground for retailers seeking to engage with modern consumers, offering convenience, accessibility, and an extensive array of products and services.
However, to truly seize the potential of this digital marketplace, retailers must embrace the transformative power of Intelligent Commerce Platforms.
As we look towards the future, Uneecops helps retailers navigate the digital landscape’s complexities with Salesforce’s confidence, resilience, and agility. Ready to checkout, not solely cart experiences, but make raving brand fans?
