India Retail Market 2023-2030

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    With the entry of multiple new companies, Indian retail has become one of the most dynamic and fast-paced businesses in the world.


    The industry is the second largest source of employment after agriculture, and it has a strong presence in rural India, accounting for more than 10% of India’s GDP.


    With advancements in technology, the internet, and engineering, many retailers are embracing and utilising the internet of things, big data technologies, RFID, and other technical applications and programmes to improve consumer experience and engagement, hence increasing store efficiency.


    Many customer-oriented internet of things technologies, including augmented reality, smart shopping carts, smart displays, and RFID tags, are predicted to transform the retail shopping experience.


    The Indian retail company is the world’s fifth largest. Another key development factor is the Democratic state of the Indian Construction Industry, which includes self-sectors.


    This sector has experienced tremendous growth in recent years, with key drivers including changing consumer profiles and demographics, an increase in the number of international brands available in the Indian market.


    The economic implications of the government’s increased urbanisation, credit availability, infrastructure improvements, increased investments in technology and real estate, and the creation of a world-class shopping environment for consumers.




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    A diverse section of big – format retailers and brands, including food and fashion chains, consumer durables, and multiplex operators, is increasing their need for premium retail space.


    Large Indian firms such as Reliance, Ambani, K Raheja, Bharti AirTel, ITC, and others are making considerable investments in this industry, resulting in the rise of large merchants that can bargain with suppliers and enjoy economies of scale. As a result, discounting is increasingly commonplace.


    Proper infrastructure is required for retailing, which would aid in the modernization of India and permit fast economic growth. This has aided in the effective supply of commodities and value-added services to consumers, resulting in a larger contribution to GDP.


    As China’s retail industry becomes saturated, international retailers consider India as the last retailing frontier. However, the Indian government’s limits on FDI are causing consternation among multinational businesses such as Walmart, Tesco, and other retail behemoths attempting to enter Indian markets.


    To know more about India E-Retail Market, read our report




    Sr. No. Timeline Company Updates
    1 December 2021 Aditya Birla Fashion and Retail Ltd Aditya Birla Fashion and Retail Ltd (ABFRL) along with Forever 21 parent Authentic Brands, entered a long-term licensing agreement that permits ABFRL to sell and distribute Reebok products through wholesale, e-commerce and the sports apparel maker’s branded retail stores in India and other ASEAN countries.
    2 October 2021 Reliance Retail Reliance Retail struck a deal with 7-Eleven and launched India’s first 7-Eleven store in Mumbai.
    3 July 2021 V-Mart V-Mart Retail Ltd. (V-Mart) signed definitive agreements to acquire all of the existing running stores of ‘Unlimited’ from Arvind Lifestyle Brands Ltd (ALBL) marking its debut to establish presence in Southern India
    4 March 2021 Reliance Retail and Noise Noise partnered with Reliance Retail to further deepen its offline retail presence in India. Under this partnership, Noise’s entire portfolio of smart wearables will now be available at both online and offline stores of Reliance Digital.
    5 February 2021 Aditya Birla Fashion and Retail Limited Aditya Birla Fashion and Retail Limited announced a strategic partnership with India’s ace designer Tarun Tahiliani to form a new entity to enter contemporary men’s ethnic wear.
    6 April 2020 Reliance Retail and WhatsApp Jio Platforms, Reliance Retail and WhatsApp partnered to further accelerate Reliance Retail’s New Commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp.



    The retail operations sector in India, both organised and unorganised, employs over 40 million Indians. The traditional Indian retail store is quite tiny.


    Only 4% of the country’s 14 million retail shops are more than 500 square feet (46 m 2) in size. For every 1000 persons in India, there are around 11 retail shops.


    Grocery, clothes, and furniture are the three main product categories with the biggest retail sales. Grocery retailing has been designated as the main category because of its critical role in meeting one of the most basic necessities of each human being, namely food.


    In recent years, retail sales in India have hovered at 33-35 percent of GDP, compared to 20 percent in the United States. The Indian retail industry is the world’s fifth biggest.


    The Indian retail business, which includes both organised and unorganised sectors, is one of the fastest expanding industries in India, particularly in recent years.


    Though the retail business in India was primarily unstructured at first, the industry is becoming more popular and organised as consumers’ tastes and preferences change. The sector is likely to expand now that market demand is increasing.


    The first retail chains were established by enterprises in the textile industry, such as Bombay Dyeing, S Kumar’s, Raymond’s, and others.


    Titan later entered the organised retail sector with retail showrooms. As time passed, new entrants transitioned from production to pure retailing.


    Shopping malls have grown in metropolitan areas, providing customers with a world-class experience. Hypermarkets and supermarkets eventually appeared.


    The sector’s progress involves constant improvement in supply chain management, distribution channels, technology, back-end operations, and so on, which will eventually lead to greater consolidation, mergers and acquisitions, and large expenditures.


    India has a fantastic position in global retail rankings; the country has a large market potential, a limited socioeconomic risk, and a moderate political risk.


    India’s tremendous growth potential in comparison to its global contemporaries has made it more appealing. With the expanding potential and availability of a youthful generation of persons with opportunities for learning and growth, India is predicted to become the world’s third-largest consumer economy in the next few years.


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    The India Retail Market can be segmented into following categories for further analysis.

    India Retail Market By Product Application

    • Food and Beverages
    • Personal and Household
    • Apparel and Footwear
    • Furniture
    • Toys and Products
    • Electronic and Household
    • Other product categories


    India Retail Market By Technology Integration Type

    • Voice Search Based
    • In store digital display based
    • Social shopping based
    • Geo location services based
    • Visual search based
    • Smart fitting based
    • AI and ML based
    • IOT Based
    • Big Data based


    India Retail Market By Distribution Channel Type

    • Supermarket / Hypermarkets
    • Speciality Stores
    • Convenience Stores
    • Online Stores
    • Other Distribution Channels


    India Retail Market By Regional Classification

    • Western Region – India
    • Eastern Region – India
    • Southern Region – India
    • Northern Region – India



    The current integration of artificial intelligence and other components with visual technologies of motion and sensors has improved the retailing segment in recent years, with enhanced presence and virtual reality-based experiences generated for customers.


    As a result, it can be seen that the sector’s numerous technical features have enlarged its reach and are attempting to boom the business via its viability of approach.


    The Internet of Things (IoT) is a network of literally billions of physical objects that communicate and share data with one another.


    IoT offers enormous promise in the retail business, allowing for ever more engaging and inventive shopping experiences. Beacons, which are tiny wireless devices powered by Bluetooth Low Energy (BLE) and emit a continuous signal, are one of these uses.


    RFID tags are yet another useful application of this technology. These smart barcodes provide complete visibility for items throughout the purchase process.


    The incorporation of face recognition technology may even assist sales personnel better respond to customers’ demands, interpreting any changes in your customers’ emotions and informing your team so they can cater to upset or confused consumers immediately.



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    To enable proactive theft prevention, facial recognition may even compare faces to a database of known shoplifters. In retail, facial recognition can reduce stealing by a significant percentage.


    Customers will benefit from increased value. RSA, or robotic retail assistants, with built-in 3D scanners may aid customers in recognising objects and even directing them to things by exploring the store.


    Now, technological advances in the retail business are beginning to automate last-mile deliveries as well.




    The retail assets of Citi India were purchased by private lender Axis Bank, who valued the company at close to $2 billion. Subject to customary closing adjustments, Axis will give Citi cash equivalent to about $1.6 billion in exchange for the purchase of the consumer business.

    The deal entails the sale of Citibank India’s consumer banking operations, which include consumer loans, credit cards, retail banking, and wealth management. The deal entails the sale of Citibank India’s consumer banking operations, which include consumer loans, credit cards, retail banking, and wealth management.


    It also covers the sale of Citicorp Finance (India) Limited’s consumer business, which consists of the portfolio of personal loans as well as the asset-backed financing business, which comprises loans for construction equipment and commercial vehicles.


    The deal does not apply to Citi’s institutional client businesses in India; Citi is still dedicated to and devoted to servicing institutional clients both domestically and internationally. Credit cards, retail banking, home loans, and wealth management are all parts of Citi’s consumer business in India.


    The management of Citi has stated that the exit process is already underway and that, despite its best efforts to expeditiously execute these separations, the retreats wouldn’t resemble so-called fire sales.





    Sr. No. Timeline Company Sales
    1 Q2-2021 (Ending September 2021) Reliance Retail Reliance Retail reported a 74 per cent growth in net profit in the second quarter of the current fiscal year to Rs 1,695 crore compared to Rs 973 crore for the same quarter last year while its revenue for the July-September months was up to Rs 45,426 crore, up 10.5 per cent compared to the same months last year when the company reported Rs 41,100 crore in total sales.
    2 Q2-2021 (Ending September 2021) V-Mart Retail V-Mart Retail reported narrowing of net loss to Rs 14.14 crore for the second quarter ended September 30, 2021. Compared with a net loss of Rs 18.96 crore in July-September period a year ago.
    3 Q2-2021 (Ending September 2021) D-Mart DMart reported a jump of 113.2% standalone net profit at ₹448.90 crore for the quarter as compared with a net profit of ₹210.20 crore in the year-ago period. It reported a 46.6% increase in its standalone revenue from operations at ₹7,649.64 crore for the second quarter ended September 2021 from ₹5,218.15 crore in the July-September quarter a year ago
    4 Q2-2021 (Ending September 2021) Aditya Birla Fashion and Retail Ltd Aditya Birla Fashion and Retail Ltd (ABFRL) reported its revenue doubled to Rs 2,054 crore backed by eased mobility restrictions and growing online retail channels. Revenue stood at Rs 1.028 crore in the same quarter of last financial year. Apparel store Pantaloon, a part of ABFRL, recorded an 80 percent increase in sales to Rs 665 crore for the quarter.
    5 Q2-2021 (Ending September 2021) Future retail The Future retail reported a net loss of Rs. 1,117 crore in Q2FY22, compared with a loss of Rs. 692.4 crore in the corresponding quarter a year ago. Its overall expenses in the quarter was up 60.4 per cent at Rs. 3,500.8 crore.


    Modern retailing has arrived in India in the shape of enormous malls and massive complexes that give consumers shopping, entertainment, and leisure as merchants experiment with a range of formats ranging from cheap stores to supermarkets to hypermarkets to speciality chains.


    The organised component often includes a large number of stores, improved taxes enforcement tools, and a better labour law monitoring system.


    It may be predicted that in the next few years, the hypermarket method would emerge as the most popular structure for multinational merchants entering the country.


    There are already 500 hypermarkets managed by four to five big merchants distributed throughout 100+ cities serving a population of half a million or more.


    The retail sector competition can be witnessed among the main businesses that are active in installing as many retail outlets as possible around the country for improved access and presence.


    Tata has been integrating itself into the market by building a hypermarket company with Star India Bazaar to meet low-cost requirements.


    It provides clients with a wide range of items at low rates, including staple foods, fruits and vegetables, consumer electronics, health and beauty products, and many more.


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    Mukesh Ambani’s ‘Reliance Retail’ is India’s largest retailer, having a pan-India reach. In India, there are 10,644 shops spread throughout 600+ towns and cities.


    The organization’s main goal was and continues to be to have a better presence that completely integrates on the levels of discounts that are offered at its locations on basic essentials and everyday needs.


    It has maintained this in order to have a competitive advantage and edge against D Mart Retail outlets around the country.





    1. India Retail Market size and Forecast, by region, by application
    2. Average B-2-B price for India Retail Market, by region, per user
    3. Technology trends and related opportunity for new India Retail Market tech suppliers
    4. India Retail Market share of leading vendors, by region,
    5. Coronavirus impact on India Retail Market earnings
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2023-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2023-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2023-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2023-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
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