Retail is the largest industry in India and is standing at a turning point. The Indian retail industry accounts for more than 10% of India's GDP & around 8% of the employment sector. It has surfaced as the most vibrant & fast paced sector with many new players entering retail market of India.
But due to the large initial investments needed, it is difficult to achieve break even and many players have not been able to gain success until now. However, the future of the market is promising as the retail market is expanding government schemes are turning out to be favorable & new and advance technologies are expediting the operations.
The Indian retail sector is largely divided into unorganized and organized sectors. The sum of the market in the year 2005 was around Rs 10,000 Billion that accounted for around 9-10% of India's GDP (gross domestic product). The total market of the organized sector amounted to about Rs 350 Billion. (Around 3.5% of the sum total) of the entire revenues.
Customarily, the Indian retail industry consisted of small, medium and large drug and grocery stores that could be differentiated as unorganized retail sector. Much of the organized retailing started recently in India & it was largely based in urban cities.
The Indian retail industry seems to be composed for a magnificent growth in upcoming years due to the presence of major market, growing customer awareness regarding services and product quality, larger disposable incomes of the customers & a yearn to try out new goods.
The retail sector of India is at its inflexion juncture where organized retailing is growing & thus, the growth in the consumption by the Indian population is going to take a higher growth trajectory.
The population of India is seeing a major change in its demographics. The increasing number of working young Indians (with an average age of twenty-four years) nuclear families in urban zones, working women & emergence of more opportunities in services sector are the key growth drivers of the organized retail sector in India.
For further information about Indian retail industry, read the report "Indian Organized Retail Industry (2005-2007)" published by RNCOS at: http://www.rncos.com/Report/CP15.htm
RNCOS is an industry leader in the field of online business research. We specialize in industry research on various business verticals. To read our other reports, visit us at: http://www.rncos.com/Report.htm or email us at info@rncos.com
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