Retail Industry Profile in India
The retail industry in India is one of the fastest-growing in the world. India holds a 5th position in the largest preferred retail destination globally. The country is highest in the world especially in terms of per capita retail store availability.
It is the process of selling goods or services to the customers through many different ways to earn a profit. The word itself is applied where a service provider fills the small orders of an individual. The service providers which includes retail banking, private healthcare, and many others.
This industry has a great and ancient history. Over a period of one hundred years, the shops were transformed from little to the sophisticated shopping malls.
A retailer is an organization or a person who is a reseller who sells goods or services directly to consumers. Some of them may sell to business customers which are called a non-retail activity.
It is the offering of stage payments to the customers who are creditworthy. The chain mainly consists of goods producers, wholesalers, and many others. At each process, there is a markup or profit. The product manufacturers calculate their product charges and before selling to wholesalers they add a little profit percent, next the wholesalers also add profit percent and retailers add their own profit margin to the product before selling to the customers.
The market size is expected to increase by 60 percent to reach US$ 1.1 trillion by the year 2020 if the growth happens. The overall market is estimated to grow at a rate of 12 percent per annum. The size of the modern retail industry in India is US$ 70.45 billion in 2016 and is expected to reach US$ 11.25 billion in 2019.
EsaleMedia focuses on growth-oriented and wholesale distribution enterprises. Retailers satisfy demand identified through a supply chain.