Indian retail to get bigger

Modern retail in India is expected to double in size in three years across the top six retail markets of the country. These include NCR (national capital region), Mumbai, Chennai, Bangalore, Pune and Hyderabad.

Retail stores across the country (online and offline) are reinventing themselves to embrace the idea of omni channel retailing. Consequently, penetration of modern retail is expected to see a substantial rise from the current 19 per cent to 24 per cent in three years. Omni channel extends to brick-and-mortar stores, smart phones, computers, tablets, direct mails and television. The emergence of technology and the increased use of plastic money and mobile wallets have been the key drivers behind the growth of omni channel retailing.

The concept of shopping has undergone a tremendous change in terms of retail format and consumer buying behavior. With the boundaries between offline and online stores blurring, omni channel retail is an idea whose time has come. But while brands like GAP, Woodland and Jack & Jones, Vero Moda and Only are following the same strategy, there are others like Swedish fast-fashion brand H&M who have decided to focus on just offline stores right now. On the other hand Shoppers Stop has launched an app and remodeled its online shopping portal.