With advancement in technologies the retail segment has managed to re-align itself to the changing consumer behavior and evolving business environment.
India’s large and aspiring middle class of nearly 300 million individuals want products that are value-driven. The Indian retail is undergoing a saga of sea changes with evolutions and revolutions from e-commerce, m-commerce to drones. The emergence of Retail in India is cause for success of Indian organized Retail & Marketing. This industry has emerged as one of the fastest growing sectors in India and is gradually ushering in a revolution in shopping in India. Retailing in India has become a national phenomenon and India has emerged as the most attractive emerging retail market: a potential goldmine. Organized sector growing at a blistering pace is overshadowing the unorganized sector & alongside, Indian cities are witnessing a paradigm shift of retailing to the vibrant organized sector. The prime reasons for the growth of organized retailing are increase in the rate of literacy, growing number of working women, growing middle class penetration, highly disposable income, changing lifestyles of Indian consumers, need of world class services, joyful shopping, media penetration along with the assurance of similar quality products with large ambit of price differentiation. It is necessary to understand that in the complex world of trade today, retail would include not only the goods but also the services that may be provided to the end consumer. The retail sector has played a phenomenal role throughout the world in increasing productivity of consumer goods and services. The retail industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. The main challenge facing the organized sector,(Estimated to be3%) is the competition from unorganized sector,(Estimated to be97%).
But during last few years the organized retail has grown at a much higher rate as compared to unorganized retail in India. India’s retail sector is experiencing exponential growth with retail development taking place not just in major cities and metros, but also in rural areas. Healthy economic growth, changing demographic profile, increasing disposable income, urbanisation, changing consumer tastes and preferences are some of the factors driving growth in the organised retail market in India.
Now coming to the latest imbroglio and misperception, opening up of markets is good for the consumer as well the economy of a region, the competitive era is good for the public at large as they get a chance to buy a wide variety of quality products of the best national and international brands at reasonable and competitive prices. To validate this an instance of about a decade ago may be quoted whereby the Foreign Direct Investment (FDI) in the retail sector in India envisaged by the then Central Govt. was opposed by the then opposition, but despite the protests the FDI was permitted and the economy of our Nation got boosted. The Nation has not seen any loss to retail entities in various business segments rather it has been a matter of delight for the consumers. Again, going by the analogy that no one puts any objections when there is already a retail shop in a particular area and more similar shop/s are going to be opened by other individuals, then why so much hullaballoo on purported proposed opening of retail stores by a private companies.
Such moves provide employment to the poor youth who don’t have means to open their own outlets or start their own ventures as has been witnessed in the cases of ‘Best Price’ store, Easy Day stores, Big Bazaar to name a few. Further for consumer also such retail outlets are beneficial as it allow customers to see what they are buying up close and, as opposed to online stores, and the customer makes purchase with confidence and walks away with their purchases immediately rather than to wait for shipping period as well as may save shipping charges and also can avoid to be deceived.
