The current boost in the retail sector is due to rapid urbanization, digitization, rising disposable incomes, and lifestyle changes
The retail segment of India is boosting better than before and the reasons behind are rapid urbanization, digitization, rising disposable incomes, and lifestyle changes. According to reports, the retail sector is projected to grow to $1.3 trillion in 2020; however, it was at $672 billion in 2017.
The Indian retail market has transformed into large multi-format stores in malls, over the past two decades. The same is offering a global experience and on to the highly tech-driven e-commerce mode.
One of the experts said, that the key factors of this growth have been high demand for a superior customer ‘experience,’ penetration of big brands into smaller towns and cities, enhancement in business strategies and operations, along with the movement from unorganized to organized business.