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India’s retail region, which is currently growing at a rate of $ 900 billion and is growing at a rate of 5%, may soon reach a growth rate of 9–10%. According to the Retailrs Association of India (RAI), this increase may be possible due to the consumer base and increasing ability in the market.

Rai’s CEO Kumar Rajagopalan said, “The retail area had registered a 20% increase after the epidemic, but it has decreased by 5% in the last one year. However, we are expecting to see the growth rate of 9-10% soon.”

It is clear from the trends of the industry that consumption is increasing due to consumer base and rising income. He also informed that development is also making significant changes in the retail sector towards becoming India’s third largest economy. “As per capita income increases, consumption also increases, and it is also seen in the retail field.”

Rajagopalan said that the Indian retail area is gradually organizing. Ten years ago, where only 4-5% of the region was organized, now this figure has reached 17%. He also stated that various initiatives of e-commerce and government have helped to organize the retail, such as the prevalence of GST and digital money.

Apart from this, he also discussed the new challenges faced by the industry. He said that the business is completely changing, and the “Omnichanal” model is getting widespread acceptance. Now customers are shopping in both online and offline methods.

Rajagopalan also said that competition is increasing, as now the obstacles of entry into the retail sector are over. He said, “It has become even more difficult to attract customers’ attention as they are distracted by many things. Retail vendors now have a big challenge to present their messaging to attractive, clear and present to customers.”

He said that many people are available in the industry, but quality skills, maintaining existing talents and developing new talents remain a big challenge. Currently more than 40 million people work in the retail area, which is probably the second largest area after agriculture and allied sectors.