Retail and e-commerce is growing at phenomenal rate in India where e-commerce has observed bludgeoning numbers. Currently, the total retail industry stands at around USD 600 billion that is largely pumped up by e-commerce industry.
E-commerce has not only created a buzz in the retail industry through sales & promotions but also through various mergers, acquisitions and valuations. The current size of online retail is estimated to be around USD 3.5 billion.
Day by day, the retail industry is becoming complex and is changing, so for any retailer to float smoothly with the growth they need to focus on customers where:
= Changing demographic patterns will evolve with increasingly diverse population.
= Households are downsizing where decision makers are proactively involved and are very particular and selective in their purchase decision.
= Moreover, the old as well as new consumers are well educated and the product need to fall into their several criteria's mostly related to taste, custom, interest, value & service.
= Adapting to the changing retail environment is crucial where retailers need to be flexible, address issues with pace and work with a collaborative approach to enhance customer experience.
= Technology will play a vital role with increasing penetration of mobile Internet, higher purchases of smartphones, need for ease of shopping, time convenience and higher mobility.
Major investments in last seven-eight months has pushed the e-commerce market, with few giant players showing interest with the changing industry dynamics are as follows:
Conclusively, the retail market poses great opportunities to cater to the large customer base that Indian market offers. The right approach and adaptability with the changing behaviour of the customer and the market will pave the way for retailer towards profitability and growth.
(The writer is a Consultant at Francorp, India)
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