Indian Economy News

India's retail sector set to cross US$ 2 trillion by 2030, says report

The Indian retail market is undergoing a transformative shift towards omnichannel experiences, where online and offline channels converge to meet the diverse preferences of consumers. According to the Decoding Omnichannel report by Accel, Fireside Ventures, and Redseer Strategy Consultants, by 2030, India's retail market is expected to exceed US$ 2.2 trillion, with 90% of sales occurring offline. Startups like, Urban Company, and Lenskart exemplify successful scaling through omnichannel strategies, reflecting a blend of traditional values and modern conveniences in consumer behaviour. Brands like Mamaearth have demonstrated this fusion by transitioning from online D2C to significant offline retail presence, catering to diverse consumer journeys characterized by a mix of digital and physical interactions.

Digital-first brands are positioned as leaders in scaling omnichannel strategies, leveraging their innovation prowess, data-driven marketing, and technological infrastructure to effectively tap into both online and offline channels. Fireside Ventures' founder and managing partner, Kanwaljit Singh, emphasizes the importance of being "omniprepared for omnichannel," recognizing that each brand's journey will be unique and require nuanced decisions on channel strategy based on product category and consumer maturity. As Indian consumer brands evolve, the focus broadens from establishing online viability to serving consumers seamlessly across various touchpoints, reflecting a dynamic landscape where omnichannel integration is key to success.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.