From the murky waters of price wars and survival threats, the Indian retail industry had been plagued by several other things as well over the last few years.
The retail industry in India has begun its journey, transforming its existence into mature behavior and tenuous co-existence. This is emerging as one essential trend that has the potential to revamp the retail industry in India.
From the murky waters of price wars and survival threats, the sector had been plagued by several other things as well over the last few years.
The Indian retail industry is currently in its youngest avatar despite Indian well known for being one of the finest traders in the world. The fine skills of negotiation, innovation, customer service, reliable delivery, and ingenuity were honed at the altar of foreign lands spanning from Indonesia and Malaysia in far-east right up to the farthest stretches of Africa in the west.
The Growing Factor
There are various factors that have highly contributed to the rapid growth and evolution of the Indian retail industry. The highly developed naval capabilities followed by the fertile lands are effectively contributing towards the growth of this industry. These factors are also rewarding the local farmers currently present in the country.
Therefore, the retail industry in India is developing at the global level, creating an eco-system that is spawning the largest number of retail outlets as compared to any other nation worldwide.
A Brief History
At the time when the British government took over India, the share of India in global trade came drastically down from a high of 22.5 percent to merely 2 percent. The situation continues to stay like this, even after post independence with a combination of some wrong policies contributing more to the issue.
However, even during these bleak times, what kept India going was the indomitable spirit of its traders, who adapted to the new challenge, shrunk their costs to barely survival levels, but kept at it relentlessly, providing the route to the market – from our farms to the homes of the burgeoning population.
Internet of Things to make shopping easier
As the business industries are rapidly growing in India, the rise of digitalization and technologies have proved to be major elements for transforming the industry. As the Internet of Things is connecting over 11 billion products every day, retailers could collect data, providing context about their customers' product usage.
The Internet of Things is making the shopping experience easier and cheaper, satisfying the new age customers. According to a report, the people are expected to possess twice as many smart devices till 2020 that would hugely affect the Indian retail market.
Therefore, the Indian retail industry is assumed to grow at breakneck speed, nurturing and modifying the retail scenario worldwide, including India.