India, the world’s fifth-largest economy, is becoming too alluring to ignore, and its retail scene is experiencing a huge upheaval. Numerous variables, including changing consumer behaviour, socioeconomic considerations, and the introduction of digital advances, are propelling this rise.
India’s retail opportunity is too big to pass up, with the country’s retail sector employing about 8% of the labour force and contributing roughly 10% of the country’s GDP. The India growth narrative is being fueled by the substantial increase in digital and brick-and-mortar retailers that Tier 2 and 3 cities have demonstrated due to rising incomes and aspirations. There is a lot more in store for this transition, which is expected to unfold over time. According to a recent study, India’s retail business is expected to reach a valuation of USD 2 trillion by 2032.
There are several headwinds in the forecast, so it’s not all sunshine and butterflies. An action plan can only be created by having a deeper understanding of the numerous factors affecting the industry. To that end, industry experts, a diverse range of stakeholders, and seasoned practitioners convened at The Hyatt Regency in New Delhi on June 20, 2024, for the inaugural Team Marksmen’s Retail and E-commerce Conclave 2024. From there, a clear picture of the critical actions that must be successfully completed in order to chart a high-growth trajectory was created.
When it comes to the sheer variety of items or channels available, the Indian consumer may have never had it better thanks to the influx of both domestic and foreign companies. It is difficult to overlook India’s retail renaissance, whether it be in physical stores or online, and everyone is keeping a careful eye on this rising trend.
This conclave which was brought to life by its Knowledge Partner, PwC India covered a wide range of strategically significant topics, including the diverse factors shaping the trajectory of a $2 trillion retail economy, strategies for fostering customer loyalty and retention amidst fierce retail competition, case studies on AI’s impact on the future of e-commerce, enhancing shopping experiences through personalized approaches, catalyzing a retail revolution among Tier 2 and 3 consumers, and more. Dr. Bejoy John, Director at DPIIT, Ministry of Commerce and Industry, Government of India, graced the inaugural edition as the Chief Guest. The keynote address was delivered by Ashish Mullick, Category Head for Health & Wellness and Automotives at Open Network For Digital Commerce (ONDC), along with Dr. Pankaj Dikshit, CTO and Executive Vice President of Government e Marketplace (GeM).
Speaking on the sidelines of the event, Sharad Gupta, Co-founder, Team Marksmen Network, said, “The rapid ascension of India’s retail sector is a cornerstone of our nation’s economic renaissance. As we transition from an agrarian and production-centric economy to a robust consumer market, retail stands at the forefront of this transformation.
The retail landscape is evolving dramatically, with organized chains expanding into tier 2 and 3 cities, and a harmonious blend of international and homegrown brands enriching consumer choices. This expansion is symbiotic with India’s broader economic goals, driving urbanization, increasing disposable incomes, and fostering a culture of aspiration and consumption, and we explored these themes and much more at the inaugural edition of the Retail and E-commerce Conclave 2024
We extend our heartfelt gratitude to our supporting association partners, ABWCI and RASCI, for their invaluable support. A special thanks also goes out to our media partners – Business Standard, Startup Story, The Retail Jeweller India, and Fashion Value Chain – for their continued collaboration and dedication to amplifying our message.
