Both store-based and non-store retailing continued to see strong current value growth in 2018. However, consumers’ habits in India are changing.
The leading store-based retailers are increasingly deploying a multi-channel presence and are investing heavily in developing online platforms that are also smartphone- and tablet-compatible to drive internet sales. As a result, most of them are seeking to offer their customers a shopping experience which provides the benefits of bricks-and-mortar outlets along with online sales, efficient logistics networks, strong customer service and prompt delivery.
There are several factors propelling the expansion of modern retailing in India, including the improving infrastructure, a move away from the socialistic pattern of economy, better educational opportunities and rising Westernisation and consumerism. In addition, changing lifestyles and purchasing habits are driving the ongoing development of modern retailing in India, with a growing number of people tending to shop once a week from hypermarkets and supermarkets, instead of visiting traditional outlets in local neighbourhoods daily.
Whilst internet retailing continues to take share from bricks-and-mortar retailing, a growing share of internet retailing is composed of mobile retailing, especially from smartphones and tablets. The growth of mobile retailing is important, in that it brings several opportunities and challenges, from product discovery and speed, to remote payment.
The growth of the Indian economy is expected to continue over the forecast period, with low unemployment and strong private consumption. All these factors are set to have a positive impact on retailing.
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This industry report originates from Passport, our Retailing market research database.