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Abstract

The last few years have witnessed an explosion of organised retail formats like supermarkets and hypermarkets in an otherwise fragmented Indian retail market. India is
witnessing an unprecedented consumption boom. The economy is growing between 8-9% and the resulting improvement in income dynamics along with factors like favourable demographics and growth in aspirational consumption are the drivers. The Indian Retail Sector will offer many interesting trends and opportunities in the coming years. India's sunrise sector is witnessing a major transformation as traditional markets make way for modern and indigenously developed retail formats. The retail industry is booming and is poised to witness the golden growth. With escalating consumerism, unprecedented awareness and a youth heavy customer base, India is the 'Promised Land' for the global brands and retailers. Malls and big stores have revolutionized the whole retail sector, as it is now more organized requiring the application of modern management techniques to run them efficiently and effectively.

Introduction

A range of modern retailers are attempting to serve the needs of the 'new' Indian consumer. The last few years have witnessed an explosion of organised retail formats like supermarkets and hypermarkets in an otherwise fragmented Indian retail market. To tap this growth opportunity, Indian retail organisations need to be prepared for a quick scale-up across dimensions of people, processes and technology, in addition to identifying the right formats and value proposition for the Indian consumer.

India is witnessing an unprecedented consumption boom. The economy is growing between 8-9% and the resulting improvement in income dynamics along with factors like favourable demographics and growth in aspirational consumption are the drivers.

Over the last few years, retail has become one of the fastest growing sectors in the Indian economy. Organized retail is expected to grow to 8-9% of the Indian retail industry in the next 5 years and FDI in retail is one of the most talked about topics now. There is hectic activity in the sector in terms of expansion, entry of international brands and retailers, as well as focus on technology, operations and processes. All these present a tremendous opportunity in this new high growth industry. While the opportunities in Indian retail are immense, all players must be aware that the consumer culture, business practices and industry dynamics in India can differ substantially from what they are accustomed to at home, often leading to pitfalls for the unprepared.

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Anuraag Mittal is B.Com. (Hons) & M.Com. (Specialization in Marketing) from Delhi University, PGDBM (Marketing & HRM) & M.Phil. (Management) from Bharati Vidyapeeth. Also done Ph.D. from CCS University, Meerut. He is currently working as Reader in Department of Management, Delhi Institute of Advanced Studies (DIAS). He is the co-author of the book titled, "Case Studies in Management".
Suchi Priya Mittal is B.Com. (Hons) & M.Com. from University of Delhi, and is currently persuing Ph.D. from Faculty of Management Studies (FMS), University of Delhi in the area of "Emotional Intelligence". She is also working as faculty in University of Delhi and is teaching Marketing, Advertising, Management & Economics.