Painting a Picture of India's Retail Renaissance

Delhi, India, June 25, 2024 - (ACN Newswire) - India's retail landscape is undergoing a massive transformation, and the world's fifth largest global economy is one that is growing to be too irresistible to ignore. A slew of factors are driving this growth, such as socio-economic factors, evolving consumer behaviour, and the advent of digital innovations.
 

With India's retail market contributing around 10% of the total national GDP and employing approx. 8% of the total workforce, India's retail opportunity is too large to ignore. Surging incomes and aspirations have seen Tier 2 and 3 cities demonstrate robust growth across digital and brick and mortar stores, fueling the India growth story. With this transformation set to play out over the years, there is much more in store where this came from, with a recent study suggesting that India's retail market will reach a value of USD 2 trillion by 2032.

It's not all clear skies though, with multiple headwinds in the offing. It is only by having a more clear and in-depth understanding of the myriad factors impacting the industry that an action plan can be formed, and the inaugural edition of Team Marksmen's Retail and E-commerce Conclave 2024, which took place on 20th June 2024 at The Hyatt Regency, New Delhi, brought together industry experts, diverse stakeholders, and seasoned practitioners to map out a vivid depiction of key action points that need to be aced in order to chart a high-growth trajectory.

With an array of international and indigenous brands joining the fray, the Indian consumer has arguably never had it better when it comes to the sheer range of products or channels on offer. Be it in stores or in the digital space, India is experiencing something of a retail renaissance that is hard to ignore, and everyone is following this growth story closely.

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). Esteemed leaders who shared their insights included Shamik Banerjee, CMO of Apollo 24/7; Vaibbhav Arora, Vice President of Retail at Bikaji Foods; Anil Menon, CIO of Lulu Group; Madhur Acharya, Vice President of E-commerce at Lenskart.com; and Mansi Khattar, Head of eCommerce at Nestlé.

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 industry not only contributes significantly to the GDP but also serves as the country's largest job creator, with projections of 25 million new positions by 2030.

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 as we charted out the role of retail and e-commerce sector in driving India's journey to becoming a global economic powerhouse."

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.

About Team Marksmen

Through an array of bespoke industry-centric knowledge platforms, using a variety of formats, such as Roundtables, Summits & Conferences, Workshops, and Recognition Ceremonies, Team Marksmen helps senior industry decision makers navigate through issues of critical importance and informs their worldview for better decision-making.

Team Marksmen has successfully executed more than 30 events with 400+ domestic and international B2B and B2C brands, helping businesses across industries create opportunities to engage audiences through on ground and virtual experiences.

The organisation empowers industry leaders by providing them with insights, ideas, and opportunities that fits their unique industry and context. Through content shared via its flagship website, Marksmen Daily, and print magazine 'in Focus' focused on business, leadership, and lifestyle, they help advance the practice of management. Meanwhile, through strategic initiatives like Marksmen Media, it helps organisations achieve their objectives through a plethora of bespoke digital and content strategies

To know more about this unique initiative, write to us at contact@teammarksmen.com.