India Phygital Index 2022 (IPI)
Presented at Phygital Retail Convention, Mumbai on 24th, August 22
The Indian retail landscape is buzzing with terms like same-day/next-day deliveries, click-and-collect, endless aisles, and ship from stores, among others. After a hesitant start, retailers have embraced the Omnichannel phenomenon quite well and quickly.
Omnichannel has the potential to transform retail business
Currently, Indian retailers generate US $11.2 billion in revenue from their e-commerce operations. This figure has the potential to rise to US $ 55 billion in the next five to seven years. There are no two ways about it that Omnichannel retailing has enormous potential in India both from customers and retailers’ standpoints. Customers can interact with the company through any channel at any time, and retailers can innovate their business models. Omnichannel can solve some difficult problems such as broken sizes, high inventory levels, and longer delivery times.
We believe that retailers are on their way to achieving this vision if they manage collaboration across e-commerce and stores, work on content, and move into the next Omnichannel orbits of personalization and community building.
Several lessons can be learned along the way. The Phygital Index was created with the intention of first assessing retailers'; Omnichannel maturity and then sharing best practises that can help accelerate industry growth.
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