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India's Retail Potential Tops $1T 2020
Aug 10, 2012 4:40 AM
By Dilipp S Nag
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RAPAPORT... India's retail sector is poised to become a $1.3 trillion opportunity by 2020 as integrated, multi-channel retailing will drive the upcoming wave of consumption, according to a report from the Federation of Indian Chambers of Commerce and Industry (FICCI) and Tata Consultancy Services (TCS).
Modern retailers of the past have tried to capitalize on this opportunity by increasing their store presence across major cities in India, while fast moving consumer goods (FMCG) companies have tried to enhance their distribution reach, the report stated.
However, these strategies alone cannot be addressed by conventional brick-and-mortar since growth opportunities are dispersed across the country where more than one billion consumers require millions of sales and service touch points, FICCI noted.
The report titled “Driving Indian Consumption through Integrated Multi-Channel Retailing” proposed a forward-looking ''4i'' multichannel maturity model (4i MMM) to help retailers fully leverage the potential of brick-and-mortar together with digital and mobile channels.
FICCI stated that the modern retailers have the potential to reach $10 billion worth of sales through digital, mobile and other non-conventional channels in just the next eight years.
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Tags:
Dilipp S Nag, FICCI, FMCG, India, Rapaport, retail, retailers, TCS
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