India Replaces China as Top Retail Destination in 2017: Study
The 2017 Global Retail Development Index (GRDI) placed India as the Top Retail Destination among 30 developing countries. GRDI 2017 titled as ‘The Age of Focus‘ has given India a top position on ease of doing business in the retail sector switching position with China in terms of both the market size and growing momentum.
The major factors due to which global brands gained traction includes rapid urbanization and growing middle class, rising mobile and e-commerce penetration, relaxation in FDI regulations in key areas of the retail sector and the major impact was made by GST in India. The government’s effort to boost cashless payments and reform indirect taxation with a nationwide goods and services tax (GST) boosted the adoption of organised retail and also led the global retailers to easily move in and explore Indian retail market.
As per the report, these trends will boost the organised retail in India to double in size by 2020. Due to the rising of internet users along with consumption boom, the report stated that it will drive the online retail to grow 30% annually and reach $48 billion by 2020. Rightly titled as “Age of Focus” - the 2017 Global Retail Development Index because the geopolitical instability and strongly emerging competition in the global retail market will make the global retailers to rethink their strategies.
India being the top retail destination, it is expected to experience a huge competition amongst the retail brands. In these changing dynamics, Ginesys retail ERP will help you to stay ahead and be ready to the heavy competition.