Retail Industries

Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10% of the country's gross domestic product (GDP) and around eight% of the employment. India is the world's fifth-largest global destination in the retail space

India's retail and logistics industry, organised and unorganized in combination, employs about 40 million Indians (3.3% of Indian population). The typical Indian retail shops are very small. Over 19 million(as of 2020) outlets operate in the country

Retail sales (NAICS 44-45) for the nation increased 3.1% from $5,402.3 billion in 2019 to $5,570.4 billion in 2020, according to new estimates from the U.S. Census Bureau's 2020 Annual Retail Trade Survey (ARTS).

The ecommerce retail market, or the B2C market is expected to reach more than a $ 100 Bn opportunity by 2024. Further, it stated that online retail penetration is expected to reach around 6% in India

Technology Adoption, Inefficient Supply Chain Management, Lack of Infrastructure and Logistics, Understanding customer, High Cost of Operation, Scarcity of Skilled Workforce, Price War are the mail challenges of retailing in india

The retail industry was already facing widespread change prior to the COVID-19 pandemic, with shifts underway towards online shopping and fast delivery. The pace of change accelerated during the pandemic, with government restrictions on in-person retail experiences and a customer preference for safe, contactless delivery and return options.

The Whole sale & retail industry has been facing widespread challenges prior to the COVID-19 pandemic. Technology Adoption, Inefficient Supply Chain Management, Lack of Infrastructure and Logistics, High Cost of Operation, Scarcity of Skilled Workforce & Price Wars have been some of the major challenges faced by the retail industry.

After the covid pandemic, the advent of online retailers has seen further decrease in the market share of local retailers and supermarkets.

Under these circumstances, it will be a drastic loss which may impact a business adversely if any unfortunate event occurs. The retailers & traders may go bankrupt if they don’t delegate these risks to an insurance company.

Our experienced Retail & Wholesale Practice experts will help your Outlet/Shop/Establishment/Supermarket anticipate transpiring risks and execute strategies to ensure stability and profitability in an times of uncertainty.