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Retail In India Revolution Or Evolution

1349 words - 6 pages

Retailing in India came with evolutionary patterns from Kirana store to Super market. This sector was un-organized in the initial stage, and after that it carried forward by the textiles industries through the dealer model. Now it is growing as supermarket and hypermarket. The main drivers of the retail evolution in India are buying behavior of the customer, increase in disposable income of middle class, infrastructure development and changing customer choice. The target segments of retailers are the younger middle class earners which belong to more than 20% of total population.The growth in retail sector also comes through innovative ideas. As retailers are providing the innovative buying ...view middle of the document...

e. Khadi, matchsticks, incense sticks, decorative items made from wood and earth, ahinsak (non-violent) honey, ahinsak leather items etc.The industries came in the retailing in 1980s through dealer network. In 1980s, the big group of textile industry i.e. Raymond, S.Kumar, Bombay dyeing and Grasim came with this concept of retailing. In the manufacturing sector, the pioneers were DCM group & Bata. Titan came with an organized retail concept and establishes number of showroom for premium watches.All the above effort for retailing came by the manufacturer. But the pure retailer approach came in the existence in 1999s with the establishment of "Ansal's Plaza" in Delhi and Crossroads in Mumbai. After the 2003, many other organizations either planning to come into the retail market through the retail store or initiated the establishment work. Currently some popular groups which are operating the organized retail in different formats are following.Drivers of Evolution:Accelerating Household Income in India:After the 1991, the income of the educated middle class houses is increasing at the rate of 3.6%. It is expected that this rate will be 5.3% in future. The rate of growth in the urban middle class is 4.6% as compare to the growth rate in the rural middle class households. It is also expected that average real household disposable income (income minus taxes, adjusted for inflation) will reach $6,977. Following graph is showing the estimated growth in disposable income of Indian middle class.Change in Population Structure and Choice:The Indian population structure is changing now. It consists more than 60% of people who are below the 30 years. The people (20-30 year age group) who affect the buying pattern of the family are more than 20% of whole population. After the 1991, the income of younger middle class is increase at higher rate because of open of Indian economy. The choice of this new young middle class earning people is also changing and they now shifted from local brand to global brand, Dhaba to Macdonald, bread to burger and most important is from money saving to money enjoying. This younger middle class is the main target segment of the retail industry.Infrastructure development:After 2003, India is recognized for all round development in the important infrastructure sectors. The government is investing hugely on the road, port, aviation and basic need. All these factors attract the foreign investor to invest in retail sector. Now, the reach of information has easier than previous years because of the development in infrastructure i.e. Telecommunication, IT, Internet and satellite TV. Now customer is more aware of the product and their features because of the Internet accessibility. Thereach of satellite TV channels is helping...

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