Retail Innovations & Trends 2020: Retail Industry | Pine Labs

Top retail innovations and trends to consider for business growth

Soumiya Awasthi : Default

By Soumiya Awasthi | May 08, 2020

Retail contributes to a significant 10% to India's GDP and is regarded as one of the top retail markets in the world by economic value. With one of the world's largest pool of skilled manpower and a young and aspirational middle class, retail in India will continue to be the bedrock of the Indian economy and reach newer heights.

At Pine Labs, we have always been at the forefront of bolstering the capabilities of offline retail merchants through fintech products that help them mitigate risks, reduce operational complexity, and increase profitability.

Most of our merchant partners understand the need to be updated with latest technology trends so that they are always one step ahead of your competition. Here is an example of how a leading mobile retailer in South India relies on our ability to be on top of tech-led retail innovations and deliver the best results for them.

Top retail innovations and trends to consider in 2020 and beyond

The first step towards being successful for a merchant in the offline retail is to choose a feature-rich Point of Sale (PoS) machine for their business. In the years to come, few important things that will shape up the retail industry will be the merchant's ability to deliver a consistently great customer experience, embrace digital payments in a big way, reliance on data and analytics to tailor a great personalised shopping experience for their customers, just to name a few.

In today's rapidly evolving marketplace, it is important to watch out for retail innovations and trends to position your business as a strong player. Let us explore few of these retail innovation trends that can help retailers, big or small, to grow their business.

Android PoS is the future

Pine Labs' Android PoS is a must-have for any retailer. Our PoS device fits perfectly with the needs of any offline retailer, irrespective of their size and scale. Some of the benefits of investing in our PoS machine includes real-time inventory tracking, simplified checkout process, acceptance of multiple payment modes, etc.

EMI on PoS is a must-have feature

Offering EMI to your customers helps close sales faster as it gives them the convenience of buying products in an affordable manner, especially the big-ticket items. Using Pine Labs' Plutus Smart, you can calculate and compare instant EMI offers and present the same to your customers. This helps boost sales and increases your business revenue.

Analytics can deliver actionable insights

We understand the importance of providing a personalised experience to your customers. Pine Labs' Analytics offering can help you understand and analyse your customers' preferences, purchase history and interests. Using this offering, you can get a customised view of your dashboard and use business metrics to make smarter decisions.

Loyalty programs that help retain customers

A Loyalty program can help you analyse, identify, and retain your loyal customers. Using our Loyalty program, you can identify your loyal customers, run personalised campaigns, and accept rewards points from them as a payment mode. This can help you increase your revenue and loyal customer base.

With the shift in consumer expectations from time to time, retailers need to make informed business decisions and know what the customers really want. Using Pine Labs' solutions, retailers can work out new business models as per the needs of their customers and grow their businesses in the process.