India’s retail industry is expected to grow from US $ 1.1 trillion in 2023 to over US $ 2.2 trillion by 2030. According to the “Decoding Omnichannel: Strategies for D2C Brands” research by Accel, Fireside Ventures, and Redseer Strategy Consultants, internet shopping is expected to increase from US $ 64 billion in the previous year to between US $ 150 billion and US $ 200 billion in 2030.
Brands are rapidly embracing an omnichannel strategy to build a positive feedback loop based on data, context, personalisation, convenience, and customer cadence through a unified view of buyers across online and physical touchpoints, even if offline sales still make up 90 per cent of overall sales.
Accel partner Prashanth Prakash underlined how crucial it is for business owners to comprehend the necessity of expanding to 110 Indian towns from merely 10. Noting that only a few brands surpassed Rs. 100 crore a decade ago, he emphasised that Indian customers are at different stages of brand understanding and discovery. Today, brands have achieved this milestone within 18 months and have the potential to become profitable Rs. 1,000 crore brands.
Prakash emphasised that navigating this process by spending money is not an option. According to the survey, every year Indians search the internet 24 billion times in various categories to learn more about products before making a purchase. Food and grocery account for 60 per cent of the total value of these searches, followed by fashion and lifestyle.
The survey states that digital-first firms are well-positioned to scale omnichannel strategies across consumption categories. Launching an online presence can help brands drive demand by giving them faster access to consumers and faster feedback loops, all while needing less upfront capital expenditure. But in order to grow and establish big brands, businesses need to be where customers are. Additionally, the study showed that 95 per cent of holiday shoppers looked online before visiting a store, and 63 per cent of them checked online to make sure an item was in stock before making a purchase. Omnichannel customers also spent 2.5 times more than single-channel shoppers.
