The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10% of the country’s gross domestic product (GDP) and around 8% of employment. India is the world’s fifth-largest global destination in the retail space.
Retailing in India is gradually inching its way to becoming the next boom industry. The whole concept of shopping has altered in terms of format and consumer buying behaviour, ushering in a revolution in shopping. Modern retail has entered India that is seen in sprawling shopping centres, multi-storeyed malls and huge complexes offering shopping, entertainment and food, all under one roof. Best B-school in Bangalore
The Indian retailing sector is at an inflexion point where the growth of organised retail and growth in the consumption by Indians is going to adopt a higher growth trajectory. The Indian population is witnessing a significant change in its demographics. A large young working population with a median age of 24 years, nuclear families in urban areas, along with increasing working-women population and emerging opportunities in the services sector are going to be the key growth drivers of the organised retail sector.
Big in size and turnover, the Indian retailing industry is characterised by certain attributes.
The network of retailers reaches every nook and corner of the country. So any product produced anywhere in the country can be easily accessed by buyers from any location. Thus the spatial convenience of Indian retailers is very high.
Secondly, in India, the retailing industry is an unorganised lot consisting of, in most cases, small shopkeepers. And the virtual omnipresence of the Indian retailer can be attributed to these small entrepreneurs only.
The retail industry is going to provide more employment and would be a significant contributor to our nation’s GDP.
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