OCTOBER 20239Netflix, Disney+ Hotstar, Zee5, Sony LIV and more are offering a wide range of movies, games, web-series sports, live telecast of shows and sports. These platforms are undeniably making our small leisure and weekend dazzling without the need for rushing to the multiplexes or stadiums. Here with subscriptions, you can watch the latest episodes or your favorite tv-shows even before they are telecasted. On the other hand, if you have subscription or membership in Zomato or Swiggy, they will offer few discounts with free delivery. Subscription model provides the business organizations to properly navigate their business ideas to skyrocket their sales by attracting a large crowd of consumers. As, with each passing day, the craze of these platforms is growing at a rocket speed, retailers are looking for new ideas and methods or subscription-based business models to keep pace with the demand.6. Omnichannel Models: As the demand of e-commerce is bulging day-by-day customers are more using D2C channels. Retailers must meet customers where they are to deliver seamless and personalized shopping experiences that are consistent across all channels. Retailers are using more updated technologies focusing towards a more customer-centric approach and data-driven insights to provide exceptional services to meet customer expectations, for creating a competitive advantage. Online shoppers in India are expected to touch a sale of $500 million in 2030, more than 2x increase from $220 million users in 2022.7. Data Privacy & Cyber Security: With the increasing level of data breaches and privacy concerns, consumers are very skeptic about sharing their information with the retailers. So, retailers need to have a robust data privacy and security. The absorption of broadband and internet is likely to reach 55 percent or more by 2025, and reach to 850 million users. The big and renowned channels of retailers are spending more money to have a sound robust security system which will safeguard the huge customers' personal information from the cyber rogues. A vigilant surveillance model in retail industry is very much needed and in demand these days.Market Demand of Retail IndustryIndian Scenario of Retail Industry: Indian retail market is expected to reach $1.1 trillion by 2027 and $2 trillion by 2032. 12 percent of the whole industry is organized, so government needs to take a good care of this industry to uplift the economy. Renowned retail company Reliance Group generates over $7 billion in revenue and employs more than 88,000 people in over 750 cities worldwide, having 10,415 stores covering 22 million square feet. It is India's largest retailer in terms of reach, scale, revenue, and profitability. Future Group earns annual revenue of around $3.5 billion and employs over 35,000 professionals across the country, having more than 2000 stores that cover over 16 million square feet in more than 400 cities.Future AheadBy 2030, India will add 140 million middle-income and 21 million high-income households ­ Leading to a huge emerging middle class. The Indian retail sector will contribute around 8 percent of the workforce which is nearly 35 million. It is expected to create 25 million new jobs by 2030. The global retail market attained a value of $23 trillion in 2022, due to the growing smartphone penetration and the ever-increasing usage of internet across the globe. India is the 4th largest preferred retail destination globally. The retail industry has undergone a true metamorphosis with adoption of cutting-edge technologies and tools. Recently, few of the retailers started shifting into more sustainable ways and channels. The Giant home furnishing company IKEA declared that they are planning to eliminate the plastic materials in packaging and will introduce new materials by 2025 and by 2028, 100 percent of the packaging materials will be replaced by sustainable packaging materials. Automated pricing technology will become more prevalent in the market which will minimize the requirement of labor force in pricing system and will ensure more transparency in the system. By 2030, rural per capita consumption will grow 4.3 times and in urban India, it will grow 3.5 times by 2030, middle-income and high-income households will drive nearly $4 trillion of incremental consumption spend. The growing digital influence will affect around 30-35 percent of all retail sales in coming couple of years. Over the next 3-5 years, share of modern retail including D2C and B2C market will increase to 30-35 percent with share of traditional retail coming down to 65-70 perecnt.So, from the above testimonies, it is evident that Retail industry is refurbishing all the limbs targeting the gigantic record sales in the days to come.
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