Latest news with #PrashantGanti
Time of India
13 hours ago
- Business
- Time of India
60% of micro and small Indian retailers to invest in AI and ML to stay competitive: Zoho Survey
–Zoho, the global technology company headquartered in Chennai, today announced that the Indian retail sector is undergoing a dramatic transformation, with 60% of businesses planning to adopt AI and ML by 2030 to stay competitive, and 44% betting on AI-powered personalisation to enhance the shopping experience for their customers. These findings were revealed in The Indian Retailer Survey, launched on the occasion of MSME Day. Zoho Commerce, the company's comprehensive commerce platform, surveyed over 2,700 MSMEs across India to highlight key trends, opportunities, and challenges that are shaping the country's retail sector. "Indian MSMEs are creating a pivotal shift in the retail sector," says Prashant Ganti, Vice President, Global Product Strategy, Finance and Operations Platform, Zoho. "Our study shows that embracing a seamless online and offline selling strategy, coupled with the adoption of the right tools, including AI, to enhance the buyer experience, is essential for growth and future-proofing a retail business. This shift requires a modern platform that is both intuitive for customers and agile for retailers. With Zoho Commerce, we are helping businesses build, market, and manage their online stores with ease, provide personalised customer experiences, and sell globally across multiple channels.' Six out of ten MSMEs stated that they have adopted an omnichannel selling strategy , operating in both online and offline channels, with the majority (75%) of them claiming this expands their reach and customer accessibility; 68% of retailers reported an equal revenue share from both retail channels. The survey found that Indian retailers are increasingly prioritising their online presence to stay relevant and competitive. In fact, 82% of offline retailers want to go digital, the marketplace being the most preferred platform for sales . Despite the shift online, the physical retail experience still holds value. According to the survey, 71% of businesses say customers shop in-person to touch and see products before buying. As per the retailers, personalised in-store service (66%), and instant product access (59%) are the other top reasons for consumers to prefer an in-store experience. Interestingly, nearly 50% of retail MSMEs considering a physical presence said they prefer to start with pop-up stores as they are flexible and and cost-effective. The survey also found some key challenges that retailers face when it comes to maintaining a seamless omnichannel experience. Around 60% of retail MSMEs cited facing issues in logistics and supply-chain management, while 57% found the operational costs high for physical stores. Consumers prefer Speed, Convenience, and Tech-enabled Experiences Around 57% of retailers identified faster delivery as the most critical customer demand, with over half of the online retailers seeing increased interest in same-day delivery. Businesses cite convenience (82%) and competitive pricing (71%) as top motivators for online shopping. Meanwhile, technology is revolutionising in-store experiences as well. Nearly 70% of the respondents now offer mobile payments, while others are adopting tablets for product browsing (66%) and kiosks for instant ordering (50%). Features such as digital reviews, online discounts, and AI-powered personalisation are making physical stores deliver the convenience and interactivity of an online store. Social Media: The Top Customer Touchpoint for Indian Retailers Social media emerged as a key discovery and engagement channel for Indian retailers, with 72% of businesses citing it as their primary customer touchpoint, followed by search engines (67%) and marketplaces (60%). Apart from discoverability, retailers are also leveraging social media platforms as a prominent source of customer engagement, with 61% of digital businesses and 30% of offline businesses collecting customer feedback from the platforms. Zoho Commerce Enhances Platform to Meet Evolving Retail Demands and Support Omnichannel Selling In line with the findings from The Indian Retailer Survey, Zoho is unveiling a new version of its comprehensive commerce platform, Zoho Commerce , that helps businesses build, market, and manage their online store. The enhanced platform delivers a redesigned, intuitive user interface with over 15 modern online store templates for rapid digital store front creation, and native mobile applications for both Android and iOS, enabling seamless store management from anywhere. The platform enables businesses to sell digital downloads, manage loyalty point programs, offer multi-currency checkout, and track and recover cart abandonment. Zoho Commerce now also supports social selling, enabling retailers to sell using multiple channels, including WhatsApp. Customers can view the catalogue from the business profile, add items to the cart, and automatically transition to the online store for a smooth checkout experience. The platform also offers end-to-end order lifecycle management and workflow automation for streaming internal processes for retailers. Businesses operating in B2B and wholesale selling can manage quote requests, price negotiations, and set credit limits as well.
Entrepreneur
18 hours ago
- Business
- Entrepreneur
Indian Retail Sector Embraces AI and Omnichannel Strategies to Drive Growth: Survey
Social media has emerged as a vital touchpoint, with 72% of businesses relying on it as their primary channel for customer discovery and engagement. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The Indian retail landscape is experiencing a remarkable shift, with 60% of businesses planning to adopt Artificial Intelligence (AI) and Machine Learning (ML) by 2030. Additionally, 44% are counting on AI-driven personalisation to enhance customer experiences, as revealed by a recent survey from Zoho. This study gathered insights from over 2,700 micro, small, and medium enterprises (MSMEs) throughout India. "Indian MSMEs are creating a pivotal shift in the retail sector," said Prashant Ganti, Vice President, Global Product Strategy, Finance and Operations Platform, Zoho. "Our study shows that embracing a seamless online and offline selling strategy, coupled with the adoption of the right tools, including AI, to enhance the buyer experience, is essential for growth and future-proofing a retail business." The survey shows that six out of ten MSMEs have already implemented an omnichannel strategy, utilising both physical and digital retail avenues. Among these, 75% believe this combined approach allows them to connect with more customers, while 68% report generating equal revenue from both channels. Moreover, 82% of offline retailers expressed a strong interest in expanding their digital presence, with marketplaces being the top choice for online sales. Despite the digital push, physical stores continue to play a vital role. The report indicates that 71% of consumers still prefer shopping in-store to physically inspect products. Retailers highlighted personalised service (66%) and immediate product access (59%) as significant benefits of in-person shopping experiences. Interestingly, nearly half of the retail MSMEs considering a physical location are leaning towards starting with pop-up stores due to their flexibility and cost-effectiveness. However, challenges are still on the horizon. About 60% of respondents pointed to logistics and supply chain hurdles, while 57% mentioned the high operational costs associated with maintaining physical stores. Customer expectations are changing fast. 57% of retailers say that fast delivery is their customers' top demand, with many noting a rising desire for same-day delivery. Convenience is a big deal too, with 82% of shoppers valuing it, while 71% are drawn in by competitive pricing. When it comes to in-store experiences, 70% of retailers now accept mobile payments, and others are enhancing the shopping journey with tablets (66%) and kiosks (50%). Social media has emerged as a vital touchpoint, with 72% of businesses relying on it as their primary channel for customer discovery and engagement. Platforms like WhatsApp, Instagram, and Facebook are also being tapped for gathering customer feedback and driving direct sales. In light of these shifting demands, Zoho has rolled out an upgraded version of its commerce platform, Zoho Commerce. This new platform boasts a sleek user interface, mobile app support, and features like multi-currency checkout, digital downloads, loyalty programs, and cart recovery. It also facilitates social selling through platforms like WhatsApp and offers tools for B2B businesses to manage quotes, credit limits, and negotiations. As technology and consumer expectations evolve at breakneck speed, Indian retailers are making bold moves towards innovation, and platforms like Zoho Commerce are here to help them take the lead.
