Revolutionizing Retail: Exploring the Synergy of Cashless, Contactless, and Autonomous Shopping in the Digital Age

Abstract

In India, 52% of e-commerce consumers actively engage in hyperlocal commerce, representing a substantial increase in online purchasing and hyperlocal services over the past two years. How individuals discover, select, and acquire products and services has been significantly altered due to the COVID-19 pandemic. Digital payments and contactless deliveries have become indispensable in the current dynamic environment, affording consumers enhanced security and convenience. Radio-frequency identification (RFID) technology has enabled the widespread adoption of contactless payments, including Europay, MasterCard, and Visa (EMV) chip cards, which eliminate the need for customers to swipe their cards during physical transactions. Particularly in the fast food, pharmaceutical, and supermarket industries, the symbiotic relationship between e-commerce and contactless payments has experienced significant expansion in India. This chapter investigates the synergies between cashless, contactless, and autonomous purchasing in the digital age. This research examines these technologies’ reciprocal reinforcement and interconnections, focusing on their profound influence on retail transactions and purchasing experiences. The progressive development of payment systems is evidenced by the expanding prevalence of contactless transactions, facilitated by innovations such as the “tap to pay” feature partnership between Paytm and Kotak Mahindra. The year 2023 is anticipated to witness several significant developments, including the expansion of virtual retail, the push for contactless transactions, and the establishment of initiatives such as the open network for digital commerce. The range of applications for frictionless, contactless, and autonomous shopping is extensive, encompassing mobile payment applications such as Apple Pay and Google Pay and proprietary apps developed by retailers to enhance the purchasing experience.

Citation

Kaur, M., Luthra, L., Verma, R., Kaur, K., Salgotra, P. and Khalufi, N. (2024), "Revolutionizing Retail: Exploring the Synergy of Cashless, Contactless, and Autonomous Shopping in the Digital Age", Verma, B., Mittal, A., Raman, M. and Sindhav, B. (Ed.) Augmenting Retail Reality, Part B: Blockchain, AR, VR, and AI, Emerald Publishing Limited, Leeds, pp. 55-66. https://doi.org/10.1108/978-1-83608-708-320241010