Three factors have contributed to the success of modern retail –higher disposable income, the growth of the nuclear family and social media. Higher disposable incomes have inspired the increase of mom-and-pop shops and big-box retailers alike; while every high-end retail store has a social media presence, and a tech-savvy generation knows how to engage with its aesthetics and ambience.
Current scenario
The retail industry is largely dominated by the unorganized market (88 per cent), while the organized sector is valued at USD 95 billion – making up 12 per cent of the same (Retail Industry Update: Outlook 2020). Met by constant demand and innovation, Private Final Consumption (expenditure incurred on final consumption of goods and services by resident households and non-profit institutions) is expected to increase by 10-11 per cent year-on-year till FY21. Many factors have contributed to the prediction that the industry will show a growth of approximately 7.3 per cent in the same timeframe (Retail Industry Update: Outlook 2020).
A higher consumer demand, better jobs, and standards of living, greater participation of the producer, brand awareness and discounted pricing have contributed to this. There has been an increase in the earning population (between 15-60 years) from an average of 55.4 per cent in 1991 to 66.6 per cent in 2018 (Retail Industry Update: Outlook 2020). A higher female working population has opened up the doors for a one-stop-shop concept, where everything is available under one roof along with stores resizing supply chain operations, just-in-time techniques, warehousing, and storage.
This story is from the January - February 2020 edition of IFJ.
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This story is from the January - February 2020 edition of IFJ.
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