Indian retail industry, growing at 10 per cent, may almost double to Rs 85 trillion (lakh crore) by 2021 steered by consumer data and technology disruptions, says a joint report by Ficci and Deloitte.
According to the report, consumer data and technology disruptions will drive retail and FMCG sectors towards a new phase of growth where consumer experience will be the focal concern for all retailers and brands.
“Consumer retail forms an integral part of the industry with current estimated size of more than Rs 45 trillion. It is further expected to witness a CAGR of over 10 per cent in 2016-21 to reach a size of Rs 85 trillion by 2021,” Deloitte Touche Tohmatsu India Partner Rajat Wahi was quoted by PTI as saying.
The report predicted that Internet will play a prime role in driving the growth for consumer business sectors and consumer data and insights will be at the forefront of defining the trends.
“The data generated by shoppers and consumer behaviour would be leveraged to overhaul the consumer retail journey, using means such as Internet of Things (IoT) and predictive analysis,” it said.
Similarly, increasing use of smartphones, apps, web, social media etc will lead to growth of omni-channel retail by amalgamation of offline and online services, it said further.
According to the report, the spend on digital marketing by advertisers would also double in the next 4 years to 24 per cent of total expenses.