Retails

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Retails Industry in India

Retail Industry in India

Due to the introduction of numerous new businesses, the Indian retail industry has become one of the most dynamic and quick-paced sectors. Over 10% of the nation's gross domestic product (GDP) and about 8% of employment are attributed to it. India is the fifth-largest international retail market in the world. In the 2019 Business-to-Consumer (B2C) E-commerce Index published by the United Nations Conference on Trade and Development, India came in at position 73. India is the fifth-largest international retail destination in the world and is ranked 63 in the World Bank's Doing Business 2020 report.

The key attractions for global retail behemoths trying to enter additional markets are India's sizable middle class and its mostly untapped retail market, which will aid in the country's retail industry expanding more quickly. The spending power of urban Indian consumers is rising, and branded products in areas including apparel, cosmetics, footwear, watches, beverages, cuisine, and even jewelry are progressively becoming popular for use in business and leisure. According to a recent estimate by the Boston Consulting Group, the retail industry in India is predicted to reach a staggering US$ 2 trillion in value by 2032. (BCG).

India is the fifth-largest international retail market in the world. India placed 16th in the FDI Confidence Index (after the US, Canada, Germany, United Kingdom, China, Japan, France, Australia, Switzerland, and Italy).

Challenges for Indian Retail Industry :

  • Lack of Technology Adoption
  • Competition from Unorganized Retail
  • Operational Cost

Growth Drivers for Indian Retail Industry

The basic rule is that people have more purchasing power as their income level rises. An increasing number of households are joining the consumption class as a result of increased income levels. The demand for retail items rises as a result.

There has been an increase in customer awareness among Indians as a result of higher literacy rates in the nation, exposure to western culture, foreign periodicals, newspapers, and other reasons. Customers today are increasingly picky about the quality and brand of the goods they buy.

The majority of the population in India is made up of Millennials, who make up about 35% of the total. These consumers care more about brands and are prepared to spend more to meet their requirements.

Millennials, who make up about 35% of the country's population overall, make up the majority of the population in India. Customers in this group have higher brand awareness and are prepared to spend more money to meet their demands.

Customers have the option to pay for a product's price over several installments with a low rate of interest when using consumer credit, such as credit cards or loans for consumer durables. This choice may increase demand for specific goods in the retail industry because it offers the convenience of not having to pay the entire price upfront.