The report highlighted 5 worth creation themes that retailers can activate, inspiring world retailers.(Representative picture)
The slowdown in progress was mirrored throughout segments within the latest quarters
India’s retail sector is predicted to develop at 9-10 per cent to achieve USD 2 trillion within the subsequent decade with the nation’s consumption story persevering with to stay robust with regular progress, in line with a report.
Yet, organised retailers would want to maintain efficiency and proceed to develop shares because the sector goes by means of key shifts impacting the tempo and form of progress, mentioned the report by the Boston Consulting Group (BCG) and Retailers Association of India (RAI).
The report highlighted 5 worth creation themes that retailers can activate, inspiring world retailers. It advocated difficult conventional commerce-offs with improvements in enterprise fashions, leveraging digital and GenAI for personalised buyer experiences, enhancing worth chain efficiencies with AI, fostering partnerships to unlock new income streams, and adopting systemic localisation in merchandise & codecs to win in ‘Many Indias’.
While revenue progress stays regular, and customers are optimistic about private revenue outlook, customers are more and more trying to spend on “experiences” or save extra by means of newer or nascent autos, it mentioned.
“The Indian retail sector will more than double in size to USD 2 trillion in the next decade – across categories and formats – and the successful retailers are the ones who continue to challenge the perceived growth profitability trade-off, ” BCG Managing Director and Senior Partner Abheek Singhi mentioned.
The report mentioned, “India retail (is) expected to grow at 9-10 per cent to reach USD 2 trillion in the next decade.”
Historically, it added organised retail has outperformed underlying class progress however a slowdown was seen in 2023.
The slowdown in progress was mirrored throughout segments within the latest quarters, it famous.
The report identified that retailers would want to handle key concerns for sustainable progress sooner or later.
“Personalised customer experiences, exploring new collaborations, and leveraging AI for efficiency, we can propel India’s retail industry towards unprecedented growth and global competitiveness,” RAI CEO Kumar Rajagopalan mentioned.
As per the report, retailer expansions proceed to occur and with growing urbanisation, there’s extra consumption anticipated to occur in tier 1-4 cities.
“While e-commerce continues to grow, net new user addition has seen a slower pace in the year,” it mentioned, including that the function and proposition of on-line must be reimagined.
