Generative AI, data analytics driving online retail momentum, say experts

Technologies such as generative AI, machine learning and big data analytics are transforming India’s e-commerce and retail landscape, improving and personalizing consumer experiences, according to industry leaders who also believe that the momentum of social commerce is here to stay.

Top industry leaders including Tata CLiQ CEO Gopal Asthana, Snapdeal CEO Himanshu Chakrawarti, Zivame COO Lavanya Pachisia and DHL Supply Chain India MD Vikas Anand spoke in a panel discussion at the ‘DATE with Tech’ event here.

The panel discussion on ‘Navigating Online Offline Retail Convergence: Strategies for Success’ discussed various aspects such as market opportunities, the outlook for 2024, omnichannel retail strategies and the role of new and emerging technologies in boosting consumers’ shopping experiences.

Panelists believed that the increasing popularity of social media platforms, especially among younger buyers, will drive social commerce in the future.

“Social commerce is here to stay… the adoption of the likes of WhatsApp or buying on Instagram is something consumers are looking for,” says Zivame’s Pachisia, adding that companies are now considering social commerce as a “normal business avenue.” .

Pachisia further noted that e-commerce players are looking at traditional and offline formats, while traditional players are opting for an omnichannel approach.

“The challenge is to provide a similar or uniform shopping experience regardless of whether the consumer is online or offline,” she says.

Tata CliQ’s Asthana claimed that the DNA of an online retail business is very different from the DNA of an offline business.

However, according to him, the omnichannel approach is an extension of the DNA of both offline and online models.

He agreed that the social commerce game is “getting bigger and bigger every day,” as the usage and user base of Instagram and other social media platforms continue to grow.

According to DHL’s Anand, companies that have nimble distribution channels and logistics networks and are willing to adapt them based on dynamic market requirements will prevail.

“The way people order has forced companies to look at their networks differently. Companies must decide the most optimal way to ensure products reach consumers, from the production site, warehouses to distribution and distribution. finally consumers,” Anand said.

The panelists said the advent of new technologies and tools will continue to drive transformative changes in the retail and e-commerce landscape.

Retail and e-commerce will likely have a “pretty good year” in 2024, Chakrawarti said.

He said the use of generative AI and machine learning, as well as new technologies, will drive user experiences in shopping.

“Making online navigation tabs and feeds more relevant to users using machine learning is going to be important and can make a huge difference,” he said, adding that generative AI and data predictability are other key areas driving momentum for online retailers .

According to a report by Deloitte India, the size of the online retail market could reach $325 billion by 2030 ($70 billion by 2022), fueled by momentum in smaller cities and towns.

It is pertinent to mention that the aspirational consumer base of millions of shoppers, who are increasingly comfortable with technology and gadgets, is driving the e-commerce growth story in India.

Armed with a post-COVID-19 digital strategy, brick-and-mortar retailers are strengthening their online presence even as online companies turn their attention to offline play, experts say. They add that omnichannel retail provides a seamless bridge between digital and in-store shopping for consumers. .