A joint report by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Deloitte has expressed hopes for Indian retail sector growth in future, saying that the sector is expected to grow almost double to Rs 85 trillion by 2021 from the current estimated size of more than Rs 45 trillion, with a CAGR of over 10 percent in 2016-21.
The report said that the consumer data along with disruptions in technology will lead to growth in retail and FMCG sectors, noting that consumer experience will be the focal concern for all retailers and brands. For consumer business sectors, it said that internet will be a key growth driver and consumer data and insights will be at the forefront of defining the trends.
As per report, the data generated by shoppers and consumer behaviour would be leveraged to overhaul the consumer retail journey, using means such as Internet of Things (IoT) and predictive analysis. FICCI- Deloitte report further noted that growing number of smartphones, apps, web, social media users will also drive the growth of omni-channel retail, predicting that advertisers’ spending on digital marketing would double in the next 4 years to 24 percent of total expenses.