Mayra Retail Industry
A process of selling consumer goods and/or services to customers through multiple channels of distribution to earn a profit is known as Retailing. A lean supply chain has created through diverse target markets and promotional tactics, satisfying consumers' wants and needs to fulfil the consumer demands. Online retailing, a type of electronic commerce used for business-to-consumer (B2C) transactions and mail order, are forms of non-shop retailing.
The Indian retail industry has presently emerged as one of the most dynamic and fast paced industries as several players have started to enter the market. India is one of the fastest growing retail markets in the world, with 1.2 billion people. The Indian retail market is estimated to be US$ 500 billion and one of the top five retail markets in the world by economic value. The country is today the fifth largest global destination in the world for retail. According to a report published on Live Mint dated 30th November 2015, India's retail market is expected to double to $1 trillion by 2020 from $600 billion in 2015 driven by income growth, urbanization and attitudinal shifts. Modern trade includes supermarkets, hypermarkets and other organized retail outlets, while much smaller grocery stores are classified under traditional channels. The overall retail market will grow at 12% per annum, modern trade will grow twice as fast at 20% per annum, and traditional trade at 10%, said the Boston Consulting Group and Retailers Association of India report titled Retail 2020: Retrospect, Reinvent, Rewrite. Digital technology has boost up the retail industry and shaping the way consumers buy. Gaurav Kapoor the Head of industry for retail and automotive, Google India has shared his experiences in Retailers Association of India's Retail Leadership Summit 2015 held at Mumbai that there are currently 35 million people buying online and this will increase to 100 million in the next two years. Online growth is being driven by the tier III and tier IV cities. Consumers are buying everything online; even big-ticket items like houses, cars and two wheelers etc.