Retail sector clocked sales growth of 19 per cent in the April-November period over pre-pandemic levels, as per estimates of Retailers Association of India. This growth was led by categories such as quick-service restaurants and footwear. In terms of regions, the eastern region was ahead with 21 per cent growth compared to April-November, 2019.
“The eastern part of the country saw a 21 per cent growth as compared with in 2019, while the north saw 19 per cent growth. Both western and southern parts of India witnessed an 18 per cent growth during the period when compared with 2019,” the industry body said.
The QSR and footwear segments garnered a growth 30 per cent each in April-November over pre-pandemic levels. But the beauty & wellness and personal care segment only garnered a growth of 7 per cent compared with the corresponding period in 2019, the industry body noted.
Dramatic changes
RAI, Chairman Bijou Kurien said, “In the last 2 years, we have seen dramatic changes in the Indian retail industry. Adoption of technology by offline retailers saw a quantum jump. Online retailers continued to make inroads. SAAS-based technology interventions allowed retailers to augment their customer experience, refine operating processes and gain insights about customers and products through analytics and AI. Customers transformed to adopt newer technologies.”
Retail to grow more
Talking about expectations for 2023, Kumar Rajagopalan, CEO, RAI said, “Retail in India is expected to grow better than all other key markets across the world. Omnichannel retail has become the norm for retailers. Concepts like ONDC (Open Network for Digital Commerce) will enable millions of small retailers to participate in digital commerce. However, the coronavirus worry still looms large in other countries and inflation creates headwinds for retail. Having said that, the occasion-wear market (festivals, weddings, etc.) will thrive in the country if no COVID-19 restrictions are introduced,” he said.