The Indian retail landscape is evolved from the brick-and-mortar model to adopt technology for connecting with consumers. The aim is to achieve a complete seamless customer experience. The Indian retail sector accounts for over 20% of the country's gross domestic product (GDP) and contributes 8% to total employment. The cumulative foreign direct investment (FDI) inflows in single-brand retail trading, during April 2000 to June 2011, stood at 69.26 million USD. The current estimated value of the Indian retail sector is about 500 billion USD and is pegged to reach 1.3 trillion USD by 2020.
Currently India constitutes only 8% of organized retail and remaining 92% is left unorganized, which may grow much faster than traditional retail. It is expected to gain a higher share in the growing pie of the retail market in India. Various estimates put the share of organized retail as 20% by 2020.
The growth pattern in organized retailing and in the consumption made by the Indian population may follow a rising graph helping the newer businessmen to enter the India Retail Industry.
The country's traditional retail industry is expected to grow at an average annual rate of 5% over the next year, while the organised retail is estimated to register a growth rate of around 25% during this period.
As of 2013, India's retailing industry was essentially owner manned small shops. In 2010, larger format convenience stores and supermarkets accounted for about 4 percent of the industry, and these were present only in large urban centers. India's retail and logistics industry employs about 40 million Indians (3.3% of Indian population).
Indians are now taking up shopping very seriously and retail is serious business. FDI (foreign direct investment), increase in India's export, international trade and the immense growth of the retail sector will lead to significant number of jobs being generated in this sector. Spread of retail chains in the Tier II & Tier III cities will create more jobs. This sector is expected to grow at a rate of 10.5 per cent in 2013, adding 102,800 jobs.
Some of the positions CORE is working on now
