India is one of the fastest-growing retail & consumer goods markets in the world. The sector has been growing steadily on the back of an expansive middle class, rise in disposable income, and evolution in consumer lifestyle. The overall retail sector is valued at USD 1 trillion and is expected to grow by 75% in the next 6 years. A large population and growth in household income will result in a substantive rise in aggregate wealth, thereby fuelling growth in the industry.
Currently, the percentage of organized retail is relatively less at around 12%. However, it is the fastest-growing segment complimenting young demographics and lifestyle changes.
Interestingly modern retail is not just limited to larger cities and metros but also rapidly penetrating tier 2 & 3 cities. Lifestyle and consumer behaviours are also transforming in Indian small towns, which make a conducive environment for the retail industry to grow and flourish.
E-commerce is also on a rise in India and is expected to contribute 11% of the total retail consumption by 2024. The recent COVID crisis has further accelerated digital commerce in India. Indigenous grocery retailers such as Groffers, Big Basket, & Milk Basket registered a massive jump in sales during the lockdown period. Large Indian conglomerates like TATA & Reliance have also made a grand entry in the thriving Indian e-commerce space, which already has international heavyweights such as Amazon & Flipkart (backed by Walmart). The Indian e-commerce space is going to be interesting to watch out.
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