The new rules of retail: a vision for the future
2014 is set to be the year of customer centric convergence in retail in India, as new formats focus on improving customer awareness and simplifying customer interfaces and market processes. The industry needs to understand how retailers and CPG manufacturers can better meet changing consumer demands through innovative, collaborative growth tactics.
The Indian Retail Congress, which took place in Gurgaon in April 2014, covered a wide range of issues including the development of new formats, the rise of retail branding and the rapid growth of ecommerce, which are discussed below.
India's retail market is worth some US$600bn but organised retail currently accounts for just 8% of that figure. And, according to Raj Jain, CEO of Bharti Retail, food and grocery is the dominant sector, taking 69% of the total.