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Upcoming Trends In Retail In 2017
The Franchising World
|May 17
The Indian retail sector has witnessed unprecedented growth in the recent past and continues to expand the same with the entry of new players. India’s retail market is expected to nearly double to $1 trillion by 2020 from $600 billion in 2015. Traditional retail is expected to grow by 10 per cent and modern retail would expand twice as fast at 20 per cent, while the overall growth is expected at 12 per cent.
Retail contributes more than 10% of the GDP and employs around 8% of the Indian population.
Trends in 2017 to look out while investing in the retail segment: Personalized Services: The future of services is increasingly pushing for higher demand. With a pragmatic approach, the interface between companies, brands and customers will improve. Social media conversation tracking is going to be trending in 2017, which will be instrumental in determining customer behavior and deliver tailormade solutions.
Omnichannel (from novelty to expectation): This involves using all platforms of communication to reach the customer. This will help the industry accurately tracking real time data and analyze the tendencies of a single shopper. Omnichannel changes the way we deal with a shopper. This route will give brands, and e-retailers a chance to pursue certain trend or season.
This story is from the May 17 edition of The Franchising World.
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