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While the overall retail market in India is expected to reach $1.2 trillion in the next 5-8 yrs, modern retail is expanding its footprint across India and is expected to reach 25% of total retail sales (from the current ~10%). At the same time, ecommerce is expected to double its share to 10-12% of total retail sales in the same period. This change in the retail landscape is significantly impacting the 5Ws (where, when, why, what and who) and the “how” in retail.
India is at the cusp of evolution in the consumer markets. Having a major share of relatively young population, the time is ripe for consumer brands to invest for the consumer segment. The companies need to Learn from millennials for strategy & innovation to offer products/ services catering to their needs and consequently expand the offerings from niche to masses.
In the current era of connected consumers and multi-channel retail, instant gratification has become a key priority. Companies must Engage with consumers to enhance brand connect and provide them with a memorable shopping experience. To facilitate this engagement, brands have to Accelerate digital investments to cater to the new-age shoppers. As consumers and businesses become more connected, investing in technology for data and cyber security gains significant importance.
Further, with the opening up of consumer markets for FDIs, various foreign brands have entered Indian markets to reap the benefits of an ever-growing consumer opportunity. Companies need to Deliver value and convenience to be competitive in this cut-throat environment. However, remaining competitive should not mean overlooking, or side-lining the social and ecological accountabilities. The brands must thus, adopt Sustainable practices to deliver responsibly in order to make their businesses more viable and ecological.