Home / Knowledge / News / Retail / India one position down in 2019 GRDI rankings

India one position down in 2019 GRDI rankings

30
Dec '19
Pic: Shutterstock
Pic: Shutterstock
This year’s AT Kearney 2019 Global Retail Development Index (GRDI) marked India one position down at number 2 in its rankings as compared to last year. With a population of 1.37 billion and GDP per capita of $7,874, the country recorded total retail sales of $1,202 billion. Retail accounts for 11 per cent of India’s GDP which government continues to support.

According to the report, rising consumer incomes and greater digital connectivity have both contributed to 9 per cent growth in India’s retail market from 2016 to 2018, which is expected to reach $1.4 trillion by 2021. Government of India in turn is supporting the retail sector through liberalised retail, e-commerce, and investment policies.

Premiumisation is a major trend in India. Rising consumer incomes, exposure to advanced global brands, and evolving lifestyles have created a huge demand for premium products across sectors such as apparel, food, and durables. Thus, the luxury segment is expected to grow since the introduction of a GST in 2017.

Apple, Alexander McQueen, and Yves Saint Laurent plan to open stores in India, the latter two at the DLF Chanakya luxury brand mall in New Delhi. Tiffany & Co has partnered with Reliance to debut stores in New Delhi in 2019 and Mumbai in 2020. More international retailers are now in the market, including Ikea, Under Armour, American Eagle Outfitters, Miniso, Ted Baker, Go Sport, Replay, and Hummel.

The report expects modern retail in India to grow at 18 per cent during the next five years as innovative platforms offering quality, convenience, and easier access are introduced. ABFRL, Shoppers Stop, and Big Bazaar are using analytics and advanced predictive modelling tools to capture customer behaviour and footfall, while mall developer DLF is using them to tailor its space allocation and promotions.

Indian consumers love online shopping. Online spend per shopper is expected to nearly double to $309 by 2030 from its current $183. Overall, the report sees online growing at a healthy 28 per cent CAGR to $60 billion by 2020, with shoppers favouring purchases of electronics and lifestyle products the most. Online grocery promises to be the next growth wave at a whopping 87 per cent CAGR by 2022. Both small and large grocery specialists have entered the segment horizontally—specifically MilkBasket, NinjaCart, and Supr—while vertically integrated players such as Amazon Pantry and Flipkart’s Supermart are testing it.

So, while technology, international investment, and regulatory reform continue to create a global market populated by a new kind of consumer, local market conditions, taxation structures, trade barriers, labour availability, and a host of other factors mitigate against globalisation.

The Global Retail Development Index ranks 30 developing countries on a scale of zero to 100—the higher the ranking, the more urgency to enter a country. Countries are selected from 200 nations based on three criteria: country risk, population size and wealth.

Fibre2Fashion News Desk (PC)


Must ReadView All

Pic: Shutterstock

Textiles | On 20th Feb 2020

An Industry Goes Viral

When the novel coronavirus, now called COVID-19, was first detected...

Pic: Shutterstock

Textiles | On 20th Feb 2020

Rising global import of sacks and bags

Overall trade of sacks and bags (for packaging of goods) has been...

Pic: freemind-production / Shutterstock.com

Retail | On 20th Feb 2020

Authentic Brands announces acquisition of Forever 21

Authentic Brands Group (ABG), a global brand development, marketing,...

Interviews View All

Kaizad Hansotia, GetNatty

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Footwear industry, Head honchos

Footwear industry
Head honchos

There is rising demand for fancy, trendy and yet comfortable footwear

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Jash Choraria,

Jash Choraria

Established in 2015 by <b>Jash Choraria</b>, Unifynd is a Mumbai-based...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search