Future of Retail Industry in India

by Business Saathi Retail and Distribution

The concept of buying and selling has been in existence in India since a long time. It has been the primary source of fetching a variety of things for the people in their daily life. However, India is flourishing but still there is a wide network of retail industry exists. After all such changes the retail industry contributes a great part in making countries GDP. The retail industry contribute about 10% in the total GDP of India, in which 90% comes from un-organized sector and 10% from organized sector.However, it is expected to increase with evolving market demands and supply.

1. The unorganized sector in retail industry is still under great demand as they are considered as most convenient store, famously named as Kirana Store. Therefore, the retail industry is still in great demand. However, due to the increased use of Internet and E-Commerce the retail industry is facing some downfall from the last few years.

2. With the introduction of technology in the retail industry, the things have changed a lot. After this the E-Commerce introduction in the market has also evolved the working of retail sector and introduced the automation in retail market. The retail industry will evolve by many folds in the near future regardless of the presence of online marketing as well.

3. The bricks and mortar retail stores have evolved a lot such as to attract a great number of people to the store and do the purchasing. It is expected that, this will evolve more with passing time and improving technology.

4. Retail stores are the life line of India, so the future of retail industry is definitely very bright instead of growth of technology and introduction of number of e-commerce sites.

5. Retail stores are the best place for family hangout, so the business is not going to be out of fashion. This is just a phase where people are liking e-commerce sites but for family gathering every family used to prefer retail stores only.

6. The consumer behavior changes with time. Hence, it is just a phase when the retail stores are facing little trouble but still the business is going good after all the distractions. The change in customer behavior causes change market trends along with customer needs and demands.

7. The retail industry is going to be completely automated and very attractive to get a great number of customers. This will also improve the customer satisfaction level and overall experience.

8. With the introduction of Artificial Intelligence the retail marketing will become much more interesting, interactive, and easy for the customers. It will save a lot of time and will become very convenient for the customer to try multiple clothes in fractions of seconds.

9. With the automation the customer satisfaction will increase a lot and will attract more customers in order to receive great service and quality products.

10. The automation will definitely require less human resources and results into the low product prices. Hence, it will ultimately attract more customers and multiple times in a short period of time.