The
Indian organized retail sector's impact changed the
lifestyle of the
Indian consumers drastically. The evident increase in consumerist activity is colossal which has already chipped out a money making recess for the
Indian organized retail sector.
With the onset of a globalized economy in India, the
Indian consumer's psyche has been changed. People have become aware of the value of money. Nowadays the
Indian consumers are well versed with the concepts about quality of products & services. These demands are the visible impacts of the
Indian organized retail sector.
Since the
liberalization policy of 1990, the
Indian economy, and its consumers are getting whiff of the latest national & international products, the with help of print & electronic media. The social changes with the rapid
economic growth due to trained personnels, fast modernization, enhanced availableness of retail space is the positive effects of
liberalization.
The growth factors of organized retail in India are:-
- Increase in per capita income which in turn increases the household
consumption
- Demographical changes and improvements in the standard of living
Change in patterns of consumption and availability of low-cost
consumer credit
- Improvements in infrastructure and enhanced availability of retail
space
- Entry to various sources of financing
The non-food sector, segments comprising apparel, accessories, fashion, lifestyle felt the significant change with the emergence of new
stores formats like convenience stores, mini marts, mini supermarkets, large supermarkets, and hyper marts. Even food retailing has became an important
retail business in the national arena, with large format retail stores, establishing stores all over India. With the entry of packaged foods like MTR, ITC Ashirbad, fast foods chains like McDonald's, KFC, beverage parlors like Nescafe, Tata Tea, Café Coffee and Barista, the Indian food habits has been altered. This stores have earned the reputation of being 'super saver locations'.
India will be an unique
business arena in whole of the global
economy, for the social and
economic parameters would overrule the big bang of the vivid competition. Previously mastered by the
unorganized retail sector, India opened up late as an
economy in 1990 until then the idea of
retail formats were spread by the government.
