Indian retail industry set for major overhaul in next five years

The way we perceive shopping, shops and the overall shopping experience itself is bound to undergo a mammoth change – so much so that the Indian retail industry would be witnessing more changes during the next 5 years vis-à-vis all the changes which took place during the previous half-century.

Considering the statistics, which point to over 35% of shoppers shopping online at least once a month, and the rapid and continued growth of smartphone penetration, technology would be the driving force of new retail outlets.

The country is home to over 9.5 million kirana retailers out of which nearly 6 million fall in to the rural belt. Despite this, the 8 main metropolitan markets consist of only around 0.75 million outlets.

One might be surprised to know that over 60% of the Indian families in both the urban and rural regions are nuclear families, which demand a major change in the marketing strategies of retailers.

The consumers’ profile has transcended to a level where they are not only the influencers but often take on several other forms such as partners, investors, suppliers, inventors etc. With the consumption economy rising at nearly a $100 billion each year there’s a requirement of many more categorical retailers to fuel and sustain this growth.

 

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