India Retail Industry is one of the largest among all the industries within the country. Due to the entry of several new players, the Indian retail industry has emerged as one of the most dynamic and fast-paced industries which accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around eight per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. But all of them have not yet tasted success because of the heavy initial investments that are required to break even with other companies and compete with them. The India Retail Industry is gradually inching its way towards becoming the next boom industry. According to FDI Confidence Index, India ranks 16th after U.S., Canada, Germany, United Kingdom, China, Japan, France, Australia, Switzerland and Italy and ranks as the world’s fifth largest global destination in the retail space.
Today, the retail world, with its ever evolving challenges is no more a haven for the entrepreneurs. With the digital disruption, new business models and increasing consumer expectations to the mix and sustained, profitable growth has become even more challenging. Going beyond the brick-and-mortar shops, the retail sector is bound to flourish with ecommerce. Expected to continue the growth graph in the future as well, the global e-commerce sector is having a CAGR of 20 percent annually. Enriching the businesses with the experience of global footprints across the world, the business through the internet is giving opportunities such as more demographic area coverage, larger client base, brand recognition, and many more. Owing to the advancements of technology, the online retail industry is adopting and incorporating new and innovative ideas to attract maximum consumers.
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 journey of e-commerce has been quite prolific since its establishment as an online trade platform, the sector is ready to witness the impact of some major trends in 2020. Some of the emerging trends of e-commerce industry include-
- Social Commerce: Purchasing directly through social media platforms is one of the current trends of e-commerce and gaining a lot of popularity all these years. Most of the youngsters are opting to purchase branded products such as make-ups, accessories, and attires through Instagram.
- Chatbots, AI, and Real-Time Conversations: To give the customers a better experience through the transaction, the e-commerce businesses are using chatbots and robots to have a real-time conversation with the customers. This direct approach to interacting with customers helps online businesses to get to know the customers a little better and create personalized experiences for them in the future.
- Modern Payment Methods: E-commerce is now not following cash options but rather trying to go digital. It is accepting payments through online payment options such as google pay and Paytms. Some of the online retails are also trying to incorporate cryptocurrency such as bitcoins into their payment options.