The Indian retail industry has emerged as one of the most dynamic and fast-paced industries in recent years; despite the sector being predominantly traditional in nature. With the emergence and entry of several new players, this largely traditional sector has witnessed unprecedented growth – both as a result of wider opportunities for consumers; as well as the growth of modern trade.
With the advent of eCommerce, the sector has been witnessing an unparalleled journey of mass consumerism, FDI and enthusiastic adoption across a wide socio-economic spectrum of segments. This is important at a multitude of levels – Retail accounts for over 10 percent of India’s GDP and approximately 8% of employment. Driven by robust investment sentiment and rapid increase in the number of internet users, Indian retail is expected to cross the US$ 1 Trillion mark by 2020.
The growth of the retail sector is neither by chance, nor, organic by any means. A closer inspection of the retail sector in India points to some key drivers of growth over the past decade;
- Credit Availability
- Urbanization and Increase in households with double incomes
- Aspirational consumerism
- Investor sentiment
- Technology
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