Yango Tech Fosters Industry Dialogue at Phygital Retail Convention

Blog  •  05.13.24
Yango Tech Fosters Industry Dialogue at Phygital Retail Convention

Yango Tech, a leading provider of retail technology solutions, actively participated in the Phygital Retail Convention (PRC), India's premier retail intelligence event, held on May 8th and 9th, 2024. Through engaging discussions and insightful presentations, Yango Tech aimed to foster collaboration and knowledge sharing within the Indian retail industry.

Roundtable: AI in Retail

Yango Tech kicked off their participation with a roundtable discussion on "AI in Retail for Food & Grocery Retailers" on May 8th. The session explored the potential of AI to transform the grocery sector, focusing on areas such as:
Inventory Management: Leveraging AI for forecasting and optimizing stock levels.
Dynamic Pricing: Personalizing prices based on customer demographics and behavior.
Heatmap Analysis: Understanding customer behavior within stores to improve product placement and conversion rates.
Personalized Recommendations: Utilizing AI to recommend products and increase average order value.
Customer Behavior Insights: Analyzing customer interactions to identify purchase patterns and tailor promotions.
Common problem areas for retailers that AI could solve: Helping the customer have a complete store experience while they are shopping and ability to set a dynamic offline pricing that is competitive to online price.

Panel Discussion: Grocery Consumer Behavior

The following day, Yango Tech co-hosted a panel discussion on "Grocery Consumer Behavior - Online vs. In-Store Shopping." The session brought together industry leaders to delve into the evolving landscape of grocery shopping:
In-Store Experience: Panelists highlighted the continued importance of a positive in-store experience for grocery retailers.
Product Quality: Maintaining high product quality is essential for customer retention.
Assortment: The variety and availability of products significantly influence customer preferences.
Rise of Quick Commerce: The growing popularity of quick commerce presents both opportunities and challenges for traditional retailers.

More about Indian e-grocery market: yango-tech.com/webinars/how-to-go-online-in-2024-e-grocer-experience

Omnichannel Strategies for Tier 2 Cities

The discussion also explored the distinct consumer behavior in Tier 2 cities compared to larger metropolises:
Omnichannel Necessity: Regardless of location, consumers expect a seamless omnichannel shopping experience.
Omnichannel Benefits: Studies by Reliance Retail revealed a 34% increase in consumer spending when adopting omnichannel strategies.
Tier 2 Shopping Habits: In Tier 2 cities, a larger portion of consumers shop both online and offline compared to metros, according to Spencer's Retail.
Quick Commerce Growth: The quick commerce market is rapidly expanding in Tier 2 cities.

Key Takeaways

The Phygital Retail Convention provided valuable insights into the future of grocery retail in India. Here are the key takeaways:

Omnichannel is king: Customers expect a unified shopping experience across online and physical stores.
Tailored Strategies: Retailers need to adapt their approaches to cater to regional preferences and Tier 2 market demands.
AI and Automation: AI and automation offer solutions for personalized experiences and efficient operations.
Health and Wellness Trends: Consumers are increasingly prioritizing healthy and convenient food options.

Yango Tech would like to thank the IMAGES Group for their contribution to a successful event. The company looks forward to continuing the conversation and exploring new frontiers in retail technology.