At e4m TechManch 2024, Gopal Asthana, CEO-Tata CLiQ, talked about ‘tech trends shaping the future of digital’.

“In this dynamic landscape, customer behaviour is evolving rapidly. Today, consumers’ shopping habits differ significantly from the past. The goal for brands, whether operating offline or online, is to cater to the consumer's desired lifestyle. Therefore, it is crucial for online platforms to provide an unparalleled customer experience by replicating the seamless offline experience," stated Gopal Asthana, CEO of Tata CLiQ.

Asthana has been immersed in building retail brands for nearly 25-26 years, which is why he claims retail runs in his blood. For the majority of his career, he operated as a brick-and-mortar retailer. However, a few years ago, he recognized the need to venture into e-commerce. This transition enabled him to continue serving the same customer base across both retail formats.

According to him, the experience of engaging with online customers is shaped by digital platforms and technological interventions. He emphasized that they are not merely observers but active participants in the global internet and e-commerce revolution.

He shared the latest data indicates that out of a global population nearing 8 billion, approximately 69.7% are unique mobile phone subscribers. This translates to a staggering 5.44 billion individuals using the internet as of early April 2024, which represents about 67% of the total global population. Meanwhile, social media usage continues to expand, with nearly 54.8% of internet users aged 16 to 64 making weekly online purchases.

On average, a social media user spends approximately 2 to 20 minutes daily across various devices. Moreover, global online shoppers spend an average of about $1,000 per week. These statistics underscore the global trend towards increasing online activities and e-commerce, highlighting the direction in which the world is moving in
terms of internet engagement and commerce.

He also mentioned that social security numbers, akin to what is seen worldwide, were scarce a decade or so ago. “Today, 94% of Indians possess an Aadhaar card, marking significant growth in this area. It's not a small job to bring an Aadhaar card to 94% of the population, which is growing at the rate of 1.56%.”

He further added that the mix of digital payments has moved from 10-20% in the last seven years. “In 2023, there had been 84 billion UPI transactions in this country. We are seeing that there will be more than 900 million, almost a billion mobile wallet users by 2025-26 and there will be 220 million online shoppers in India by the end of next year.”

Asthana also shared another compelling data point: according to a survey, approximately 79% of households in India have utilized various third-party digital payment apps like Paytm and PhonePe. Moreover, a market report highlighted that the digital payment market in India was valued at $1.4 trillion in 2021 and is projected to grow to $23.2 trillion at a compound annual growth rate (CAGR) of 25% over the next eight to ten years.

“This exponential growth trajectory suggests immense potential for brands aiming to capitalize on India's burgeoning digital market, expected to reach a trillion-dollar valuation by 2025. This underscores the vast opportunities available as India and the world continue to embrace digital transformation."He also highlighted that the digital customer landscape is reshaping market dynamics in India significantly.

Recently, there has been a notable shift from offline to online purchasing, facilitated by increasingly convenient ecommerce platforms. The rise of quick commerce is revolutionizing consumer shopping habits, eliminating traditional monthly shopping lists in favor of real-time digital transactions.

According to Asthana, Internet and e-commerce companies are transforming the business landscape by prioritizing customer-centricity, personalization, direct and secure communication, and data privacy. These advancements are driving a revolution where brands must provide a seamless omni-channel experience. “Whether customers shop in physical stores or online, consistent service and personalized interactions are crucial.”

He further explained that technological interventions such as AI and machine learning enhance customer analytics and operational efficiencies. Augmented reality (AR) and virtual reality (VR), exemplified by companies like Lenskart, are making shopping experiences more immersive and realistic. Internet of Things (IoT) facilitates real-time inventory management and automated replenishment, optimizing supply chain operations.

Asthana concluded that it's crucial for brands to recognize the integration of online and offline channels and strive for consistency in customer experience regardless of how customers engage with them. “Safeguarding customer data, delivering exceptional customer service, prioritizing personalization, and enhancing product discovery are paramount. By focusing on these aspects, brands can effectively meet customer expectations and thrive in the evolving landscape of digital commerce,” said Asthana.