While speaking with Retail4Growth, Ken Nisch, Chairman - JGA, anticipates a discovery of the new “normal,” this year, specifically around technology, trends, customer acquisition & loyalty, and economic inflation.
The past four years have seen many global changes, both in the social and economic context, and these were reflected in the retail setting too. With all the highs, lows, ups, and downs–and sometimes even side-to-sides, we can anticipate a discovery of the new “normal,” this year, specifically around technology, trends, customer acquisition & loyalty, and economic inflation.
India tends to “leapfrog” through trends – skipping ahead quickly – especially when it involves technology advancements. And with generative AI being at the forefront of recent technology discussions, for both good and bad, we will see AI radically affecting how customers engage with retail.
Used for content- & media-creation, product designs, as well as data analytics, AI will likely have positive and negative implications within the Indian market. With the ability to quickly generate content, there is a concern these AI generated materials could flood consumers, making them overwhelmed and therefore ending their buying journey early.
Many Indian consumers having a deep appreciation for the craft and tradition – especially versus other “lock-step” societies – meaning the introduction of mass-generated content & products, with little to no human-driven creative input, could begin to form a parallel set of consumer experiences. One set fully focused on authenticity, individualization, and discovery, while the other becomes highly automated, leaning on AI generated choices.