Gen AI and Data Analytics Driving Online Retail Pace Say Experts By CIOTechOutlook Team

Gen AI and Data Analytics Driving Online Retail Pace Say Experts

CIOTechOutlook Team | Friday, 24 November 2023, 02:28 IST

As per industry professionals who also feel that the social commerce trend is here to stay, technologies such as Generative AI, machine learning, and big data analytics are revolutionizing the e-commerce and retail environment in India, enhancing and personalizing customer experiences.

Industry's top leaders, including Tata CLiQ CEO Gopal Asthana, Snapdeal CEO Himanshu Chakrawarti, Zivame COO Lavanya Pachisia, and DHL Supply Chain India MD Vikas Anand, were speaking in a panel discussion at the 'DATE with Tech' event here, as per business standard.

The panel discussion titled 'Navigating Online Offline Retail Convergence: Strategies for Success' discussed a variety of topics including market potential, the prognosis for 2024, multichannel retail strategies, and the role of new and emerging technologies in influencing customers' shopping experiences.

Panelists believe that the growing popularity of social media platforms, particularly among younger buyers, will promote social commerce in the future.

"Social commerce is here to stay...the adoption of say WhatsApp, or buying on Instagram is something that consumers are looking for," Pachisia of Zivame said, adding that companies are now looking at social commerce as a "normal business avenue".

Pachisia further noted that e-commerce players are looking at traditional and offline formats even as the traditional players are going for an omnichannel approach.

"The challenge is to give similar or uniform shopping experience whether a consumer is online or offline," she said.

According to Tata CliQ's Asthana, the DNA of an internet retail firm is very different from the DNA of an offline business.However, he claims that the omnichannel strategy is an extension of DNA for both physical and online platforms.

He acknowledged that the social commerce game is becoming "bigger and bigger by the day" as Instagram and other social media platforms' usage and user base grow.