Key Reasons for Retail Change in India -

Friday, July 16, 2010

Key Reasons for Retail Change in India

There are some fundamental factors that has brought the major change in retailing industry today:

Changing Income Profiles: Steady economic growth fuelled the increase in disposable income in India.

Changes in Consumption patterns: Occupational changes and expansion of media have caused a significant change in the way the consumer lives and spends his money.The changes in income brought about changes in the aspirations and the spending patterns of the consumers.

The emergence of a young Earning India :
Nearly 70% of the Indian population is below the age of 34. taking advantages of employment opportunity in the booming service sector these young Indians are redefining service and consumption patterns

Emerging Rural Market: The Rural market is beginning to emerge as an important consumption area, it has increased the demand.

Introduction of the private label : Retailers now decide on products and brands they want to stock. Some have even developed their own in store brands/products that cater to the needs of target customers.

Technology : Increasing use of technology, use of bar code provides wealth of information to retailer. Consumer profile, products purchased, price ranges, promotional offers, customer cards, internet etc.

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