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RNCOS Research: Indian Organized Retail A Booming Business
Exponential growth is expected as the Indian retail sector opens up to foreign direct investment (FDI), with multinationals beginning to focus seriously in anticipation of a friendlier regulatory environment.
/Franchise PR News/ - NEW DELHI, INDIA, March 24, 2006 - Exponential growth is expected as the Indian retail sector opens up to foreign direct investment (FDI), with multinationals beginning to focus seriously in anticipation of a friendlier regulatory environment. The Indian retail industry accounting for more than 10% of India's GDP, is likely to be driven by increasing incomes, growing exposure to overseas markets, increased' lifestyle spending' and higher mobility.
Entire concept of shopping has altered in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retail has entered India as evident from sprawling shopping centers, multi-storied malls and huge complexes offering shopping, entertainment and food all under one roof. If recent reports are to be believed, nearly 150 new shopping malls are expected to come up by 2008. The number of department stores is growing faster than overall retail, at 24% annually.
Driven by demographic changes including rising double digit income levels and a rapidly expanding middle class, the Indian retailing sector is at an inflexion point where the growth of organized retailing and growth in the consumption by the Indian population is going towards a higher growth trajectory. Burgeoning Indian population, particularly the middle class and the rural segments, presents an opportunity to makers of branded products to convert consumers to branded products.
Retailing in India is at a nascent stage of is evolution, but within a very short time certain trends similar to global experiences are clearly emerging. Retailing which covered diverse products such as food, apparels, consumer goods, financial services and lifestyle goods is gradually replacing the individual small stores with big chain stores.
With shopping attitudes of people changing, organized retail markets today desires for value added products and services with good ambience and brands, which only a retailer can provide, making future growth difficult for the small retail sector.
The Indian retailing sector is largely fragmented and hampered by a lack of adequately developed real estate, a shortage of trained and specialized human capital, weak labor laws, and frail logistics and supply chain systems.
The market research report by a premier research company RNCOS "Indian organized retail industry (2005-2007)" provides an overview of the organized retail industry in India and the opportunities available for companies based on key statistics. It explores the role of the retailers and their plans to utilize this growth to boost their sales profits, by responding with alacrity to emerging consumer demands by tailoring the marketing to their specific needs and expectations.
The report by RNCOS "Indian organized retail industry (2005-2007)" discusses the technologies that can help retailers, suppliers and chain operators, increase operational efficiency in this industry to improve their operations. The report gives detailed assessment of the Indian market leaders in organized retail industry, their presence and strategies being used by them to improve profitability.
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