Retailers using tech, AI to target niche consumers: Deloitte report

With the emergence of more informed and tech-savvy consumer base, retailers are increasingly replacing the traditional mass-market approach with targeted strategies formed using insights driven from consumer data, said a report. According to a Deloitte India report, a trend called'Tribetailing' is picking pace, especially in the luxury segment in the country. This trend allows retailers to use artificial intelligence (AI), machine learning, and social media analytics to gain information about consumers' shopping history, behaviour, preferences, and online activities. This information, it said, is helping retailers to group consumers in categories and come up with bespoke solutions, and devise personalised marketing and promotional programmes such as membership and loyalty programmes and discounts to target niche consumer segments. "Consumer trends in India are evolving at a rapid pace with the advent of technology and with that the Indian consumer has evolved from a reactive entity to a proactive seeker of products and personalised experiences. This change needs retail brands to change the language of their engagement as the consumer now takes the driver's seat unlike brands telling the story to him/her," said Anil Talreja, partner, Deloitte India.