The
look of the Indian retail industry is changing. India is passing through retail
prosperous and has appeared as the leader in terms of retail opportunities. The
retail Industry is getting more popular and organized in India. Though
initially the retail industry in India was not well-organized but with the
change of taste and preferences of consumers it is changing. Successful retailing needs to get the essentials
right of merchandising, forecasting, the supply-chain, training and recruitment
of high quality personnel and category management. Comprising of
organized and unorganized sectors, Indian retail industry is one of the fastest
growing industries.
Food and grocery are the two categories in the Indian retail sector which offer the most promising opportunities. Apart from this, the other areas where there are enormous possibilities for Indian retailers are jewelry, apparel and consumer durables. Middle class and youth population has contributed greatly to the retail phenomenon. In keeping with times, retail store formats have also emerged and evolved. From traditional neighborhood stores, super markets, hyper markets, department stores and specialty stores have emerged. The organized retail is at a very hopeful stage. This sector is the largest source of employment after agriculture, and has deep penetration into rural India.
The changing face of the retail industry, with geographically spread branches, customization and higher service levels has demanded retailers to do business in the smart way. The three critical segments of Supply Chain Management, innovative retailing and demand creation have all to be met in a cost-effective and efficient manner and that requires IT tools. The emergence of organized retailing in India has more to do with the increasing purchasing power of buyers, specially post liberalization, increase in product variety, and the increasing economics of scale, with the aid of modern supply and distribution management solutions.
Globalization and the media have brought the world closer, opening doors to cultures, trends and lifestyle. Retailers need to understand the value of retail as a brand rather than remaining as retailers selling brands. Indian retailing is coming of age and needs to have a clear brand proposition to offer the discussing Indian consumer. The focus should be on branding the retail business itself. Sustainable competitive advantage will be dependent on translating core values combining products, image and reputation into a coherent retail brand strategy.
With the spiraling Indian economy, the behavioral pattern of the average Indian consumer has seen a sea change. The changes have taken place on the Indian retail are increasing availability of international brands, increasing number of malls and hypermarkets and easy availability of retail space. The factors powering this change are the increase in disposable income of the people, improving lifestyles, increasing international exposure and increasing awareness among the customers. Awareness is growing and consciousness in brand among people across different socio-economic classes in India is identifying and the urban and semi-urban retail markets are witnessing significant growth.
Food and grocery are the two categories in the Indian retail sector which offer the most promising opportunities. Apart from this, the other areas where there are enormous possibilities for Indian retailers are jewelry, apparel and consumer durables. Middle class and youth population has contributed greatly to the retail phenomenon. In keeping with times, retail store formats have also emerged and evolved. From traditional neighborhood stores, super markets, hyper markets, department stores and specialty stores have emerged. The organized retail is at a very hopeful stage. This sector is the largest source of employment after agriculture, and has deep penetration into rural India.
The changing face of the retail industry, with geographically spread branches, customization and higher service levels has demanded retailers to do business in the smart way. The three critical segments of Supply Chain Management, innovative retailing and demand creation have all to be met in a cost-effective and efficient manner and that requires IT tools. The emergence of organized retailing in India has more to do with the increasing purchasing power of buyers, specially post liberalization, increase in product variety, and the increasing economics of scale, with the aid of modern supply and distribution management solutions.
Globalization and the media have brought the world closer, opening doors to cultures, trends and lifestyle. Retailers need to understand the value of retail as a brand rather than remaining as retailers selling brands. Indian retailing is coming of age and needs to have a clear brand proposition to offer the discussing Indian consumer. The focus should be on branding the retail business itself. Sustainable competitive advantage will be dependent on translating core values combining products, image and reputation into a coherent retail brand strategy.
With the spiraling Indian economy, the behavioral pattern of the average Indian consumer has seen a sea change. The changes have taken place on the Indian retail are increasing availability of international brands, increasing number of malls and hypermarkets and easy availability of retail space. The factors powering this change are the increase in disposable income of the people, improving lifestyles, increasing international exposure and increasing awareness among the customers. Awareness is growing and consciousness in brand among people across different socio-economic classes in India is identifying and the urban and semi-urban retail markets are witnessing significant growth.
Comments
Post a Comment