Ahmedabad: India’s retail market in 2014. It has increased from Rs 35 lakh crore to Rs 82 lakh crore by 2024. The retail market has increased at an annual rate of 8.9 percent in the last decade. India’s strong economic growth rate and rapidly changing consumer behavior is considered to be the main reason behind this rapid growth. This information has been given in the report ‘Winning in India and India: The Retail Calidoscope’ published by Boston Consulting Group (BCG) and Retailers Association of India.
According to the report, India’s retail market will increase more than doubled to Rs 100 crore in the next 10 years. It can reach 190 lakh crores. Those who are capable of adapting themselves to suit the diverse population and changing consumer behavior of India will benefit the most from this growth. The requirements of different consumer groups in India are different and even consumer priorities may vary in the same city. In such a situation, retail companies have to understand this diversity, identify the right opportunities and strategize to effectively increase their presence in both ‘New India’ and ‘New India’.
Digitally knowledgeable generation Z, as well as consumers of Millennials and 45+ age groups, are shaping a new purchasing cycle. Additionally, as the participation of the female workforce is increasing, new ways of shopping are also developing. The report shows that digital payments and online shopping are growing rapidly, making the Omnichanal strategy very important.
However, even today more than 58 percent of purchases in India are completely offline. For this reason, retail companies must adopt the correct mixture of both digital and physical.
