Retailing has been the industry that has had significant economic and social impact to any economy. Retail industry has been the pillar of growth for most of the developed economies as it provides employment to many, empowers and employs women, propels entrepreneurship, boost demand for locally made products. Retail touches every aspect of our lives with each day bringing new and innovative ways to offer goods and services. The future is amazingly promising too.
The Indian e-commerce industry is expected to cross the $350 Billion in GMV by 2030. Indian Retail Market is estimated to reach $2 Billion by 2032, driven by socio-demographic and economic factors such as urbanization, income growth, and a rise in nuclear families. On the other hand, the Indian e-commerce industry is expected to cross the $350 Billion mark by 2030, growing at a CAGR of 23%.
In the first half of 2021, e-commerce accounted for nearly a third of several electronic categories, almost half of smartphones sold, and about a fifth of all apparel sales in India. Consumer internet and e-commerce companies raised US$38 Billion in 2021, an increase from US$8 Billion in 2020, driven by large-size investments across fintech, hyperlocal, and e-commerce sectors as the Indian start-up ecosystem continues to mature. India will become the 3rd largest online retail market by 2030, with an estimated annual gross merchandise value of $350 Billion.
Growth Drivers:
Growing Income
Increased Online Spending
Growth of Rural Consumption
Young Millennial Households
ICC National Expert Committee on Retail has been formed in the year 2021. The Major Initiatives Organised are as follows:
- Award to Incredible Women Achievers in the Retail Sector
- Retail & Marketing Summit (Virtual)
- Future of Branding in the Digital World (Virtual)
- White Paper on Empowering Bengal: Today for Tomorrow: Action Agenda for Retail Sector
- Webinar on Codes & Wages affecting Retail Industry (Virtual)
