Retailing has been the industry that has had significant economic and social impact to any economy. Retail industry has been the pillar of growth for most of the developed economies as it provides employment to many, empowers and employs women, propels entrepreneurship, boost demand for locally made products. Retail touches every aspect of our lives with each day bringing new and innovative ways to offer goods and services. The future is amazingly promising too.
However, in this innovate or die landscape it is important to map out a holistic retail strategy to connect with the customers successfully. Although the future is promising but the opportunities may not be evenly distributed. The winners will be those who embrace innovation and transformation and move beyond the traditional retail methods.
With the onset of the Digital era, the anytime-anywhere availability of products has been driving the Retail Experience, with customers calling the shots and deciding how they buy, what they buy and at what price they buy. Gartner predicts that in 2015, India e-Commerce market will reach USD 6 billion, which translates to 70% increase over 2014 revenue, indicating substantial growth. As foreign investors continue to reassess India, NASSCOM estimated that the rising e-commerce sales will create up to 50,000 jobs in the process.
Next big trend today is shopping using mobile device and mobile payment. It is estimated that over the next three years, there would be 62% growth of mobile/IVR payments on account of high mobile penetration and emerging opportunities like NFC and mobile apps; and the expected growth of online fund transfer, replacing cheque payments is 40%, followed by 34% rise in card payments, led by debit and prepaid facility, according to RBI, NPCI and PwC analysis.
With the retail market in India is in the midst of a revolution, retailing market of Eastern India has also been riding strong on the back of a strong end market demand. The Real Estate Sector which is deeply linked to the Retail seems to be a major beneficiary of the strong surge in the Retail Industry.
Future of modern retail in India
- E-commerce: the benevolent distributor for several small scale businesses
- A more viable long-term strategy for growth
- Emergence of Tier-II and III cities as consumption centres
- Tie-ups between online and offline channels
The Department is headed by Susmmita Das Biswas.