IMAGES Group Survey: Over 72% Retailers Turn to Technology, E-Commerce to Increase Revenue

IMAGES Group’s survey assesses the change in shopping behaviour of Indian consumers and the conversion rate of shoppers. It also gives a business assessment of the past 4 months (March – June 2020) in terms of sales, revenue, loss and pro t. The survey analyses the different categories of retail that witnessed a surge in demand, while outlining the sectors which have been derailed for a while and which will need to systematically assess their capabilities to succeed in the next normal…

Ever since COVID-19 broke out in India, IMAGES Retail has been bringing out analysis, reports, webinars discussing impact, challenges, recommendations and opinions from the retail industry experts and stalwarts to fight the crisis.

In a recent survey conducted by the IMAGES Group, national and regional retailers revealed that the Indian Retail Industry went through a very challenging time at the peak of the COVID-19 crisis, when countries were under lockdown to curb the spread of the virus. Despite the lockdown being eased in phases across non-containment zones in the country after two months, and despite an upbeat consumer response, the recovery has been a slow and unsteady one.

According to a McKinsey study titled, ‘The Next Normal in Retail: Charting a Path Forward’, retailers must act now, not only to keep pace but also to thrive in new market conditions. Most will need to significantly rethink their strategies and business models in the next normal—for example, what kinds of goods and services do consumers want and need in this changed environment? What macroeconomic factors will inform their purchasing decisions? Which new consumer habits will stick, and for how long?

We approached the captains of the industry in a bid to understand what is the future course of action for retailers in the face of the COVID-19 black swan event – not only to keep pace with but also to thrive in new market conditions. These top leaders came from a variety of retail formats including EBOs, MBOs, online marketplaces and e-commerce portals. The idea behind approaching retailers from every possible format of retail was to get a correct reading of the situation at the ground level.