“With the expected exponential increase in digitally savvy consumers over the next decade, technology will play a key role in the development of the Indian retail sector,” said Shashwat Goenka, Chairman, CII National Committee on Retail 2015-16 and Sector Head, Spencer's Retail, RP Sanjiv Goenka Group, observing that retailers will have to adopt technology in both back-end and front-end, to bring the digitally savvy consumer into the mainstream retail fold.
The overall retail market in India has potential to grow from $630 billion in 2015 to $1100-1200 billion in 2020, while the organized retail will#
Abheek Singhi, Senior Partner and Director, The Boston Consulting Group, India, said while the opportunity is massive, “Indian retailers would need to transform themselves to win.”
According to Chandrajit Banerjee, Director General, CII, the Indian retail sector is on the path of a transformational journey which would require arduous and strategic planning of the future by both stakeholders and government, keeping in mind the changing patterns in consumer behaviour, the galloping pace of e-commerce and omni-channel shopping which is redefining the ecosystem. (SH)
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