Driven by urbanization, attitudinal shifts and income growth, India’s retail market is expected to double from US$ 600 billion in 2015 to US$ 1 trillion by 2020 as per IBEF. The tremendous growth of eCommerce market also plays an integral role in the high scale development of the retail sector; by 2020, eCommerce will be a $700 billion market (B2B) with 530 million shoppers by 2025, coming at par with offline stores within a span of five years. Against the backdrop of robust investment in the sector and proliferation of internet users, India is now expected to become the world’s fastest growing eCommerce market.
e-Retail growing at a breakneck speed
The past decade witnessed an increase in consumer spending, entry of key e-retail players, faster internet speeds on reliable telecom networks, expanded reach and increased adoption of online services as well as a greater need for convenience. As a result, traditional brick and mortar models today are witnessing a decline in sales, whereas eCommerce is booming with sales expected to reach US$ 120 billion by 2020 from US$ 30 billion in 2016. Clearly, the industry has become a veritable behemoth.
Online customers are attracted to superior value propositions such as broader assortment, greater discounts and increased convenience. Hence, the future of e-retail will be ruled by instant gratification and path breaking innovations.
Best of both worlds
Omni-channel retailing is a very strong value proposition and gradually, all e-retail players and brands will swiftly adopt multiple channels to provide a suave and seamless consumer experience. Omni-channel retailing will enhance sales and amplify reach among target audience. Additionally, this will enable shoppers to procure things online and exchange them at the offline and vice versa, leading to an augmented customer experience.
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