The document summarizes insights from interviews with 20 leaders of top Indian retailers on key trends in the retail industry in India over the next 5 years. The trends discussed are: 1) Continued certainty of growth in the Indian retail market driven by factors like rising incomes and urbanization; 2) The increasing reality of digital transformation and its impact on customer expectations and behavior; 3) The challenge of developing capabilities to meet new customer demands in areas like omni-channel retail, talent management and supply chain optimization; 4) The growing importance of economics and profitability given rising costs and competitive pressures; and 5) The need for retailers to fundamentally transform rather than incremental changes to capitalize on growth opportunities and adapt to disruptions.
BCG’s 2018 global challengers—100 rapidly globalizing companies from emerging markets—are getting ahead of the competition by using digital technologies.
Pursuing Customer Inspired Growth is the third presentation in A.T. Kearney's 2017 IIA series on taking difficult steps towards growth. The presentation focuses on pursuing customer-inspired growth as an answer to companies' growth imperative. It discusses traditional growth approaches and their limitations, and proposes becoming truly customer-centric by focusing on "blockbuster" customer experiences that are critical, frequent, and high in emotional value. The presentation outlines A.T. Kearney's methodology for discovering blockbusters, designing customer propositions around them, delivering proofs-of-concept, and driving organization-wide adoption through change management best practices.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Artificial intelligence could significantly boost productivity in the U.S. federal workforce, potentially providing $532 billion in annual benefits by 2028. However, federal workers will need training to take full advantage of AI's benefits. The study found AI could automate around 30% of average federal workers' tasks by 2028 if investment increases as projected. To maximize AI's benefits, the document recommends federal agencies prioritize reskilling workers, aligning AI with strategic objectives, and ensuring accessible and trusted data.
A.T. Kearney reached out to more than 2,000 executives, business leaders, and heads of strategy functions to discuss their thoughts on the state of strategy today. Our findings indicate that while most leaders continue to believe in strategy, the return on their strategy initiatives has largely eroded over the past decade. In fact, when asked what it takes to secure a prosperous future, more than 80 percent of executives consider agility as important or more important than strategy when it comes to securing a prosperous future. Fortunately, the findings also point to promising ways to reclaim strategy—including using future-focused tools and techniques and engaging the organization in strategy formulation.
Top 8 Insights From the 2018 Beauty, Health & Wellness SurveyL.E.K. Consulting
The survey analyzed spending and preferences around nutritional supplements and skincare products. It found that 80% of consumers across generations are highly engaged with both categories, spending on average over $100 per month. Key insights include: (1) Amazon is the most preferred channel for supplements and second most for skincare; (2) consumers spend significantly on the other category as well, showing crossover opportunities; (3) while spending increases with age for supplements, skincare spending is higher for millennials. The survey suggests opportunities around personalization and developing the convenience store channel.
Infrastructure Victoria - AZ/ZEV International ScanL.E.K. Consulting
InfrastructureVictoria for released the Evidence Base that will inform its advice to the Victorian Government on the infrastructure required to support automated and zero emissions vehicles. The Evidence Base includes the findings of ten projects to address key areas, including transport, energy, ICT and urban design. L.E.K. Consulting contributed to this work program, undertaking an international scan of the regulation and technical standards relating to automated and zero emission vehicle technologies.
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
Shifting Trade Rules and the Future for North America’s Auto IndustryBoston Consulting Group
Two major initiatives by the US to overhaul trade rules could have a massive impact on North America’s automotive manufacturing industry. Here’s how companies should prepare.
Lifting the Barriers to Retail Innovation in ASEAN | A.T. KearneyKearney
The document discusses retail innovation in ASEAN countries. It notes that while ASEAN has over 600 million consumers and a $2.4 trillion GDP across 10 countries, the region lags global and regional competitors in innovation. Modern retail makes up less than 50% of ASEAN retail compared to 70-85% in developed markets. Private labels only account for 1-8% of ASEAN retail sales. E-commerce is growing but still below US and China levels. The report identifies four barriers to retail innovation in ASEAN - non-tariff barriers, access to talent, trade efficiency, and integration of innovators - and how to overcome them.
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
18th Annual Global CEO Survey - Technology industry key findingsPwC
Technology industry CEOs are optimistic about growth prospects. Most see more opportunities than threats and expect revenue growth over the next three years. However, they also face challenges from disruption, convergence, and new competitors emerging from other industries like professional services and media. To succeed in this environment, CEOs see the need to invest in digital technologies, form new partnerships including with competitors, and demand a more diverse talent pool with broader skills.
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
Retailers who are proactive with their approach to consumer privacy and retail cyber security will create more meaningful data and consumer engagement.
The Accelerating Growth of Frictionless Commerce | A.T. KearneyKearney
Traditional payments are being replaced by new "frictionless" options that use customer-provided data to make a purchase without an explicit customer decision.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
Digitising Consumers in India - BCG & Matrix Studyssuserf1f48a
The document discusses trends in the Indian consumer technology space. It notes that the Indian economy has grown rapidly in recent decades and the pandemic further accelerated digital adoption. As incomes rise in India, discretionary spending is also increasing. The consumer technology sector has seen significant investment and growth, with over $250 billion in valuation and 40 unicorns. Emerging trends include the increasing relevance of omni-channel retail, social commerce, marketplace platforms surpassing search engines, and demand for quicker delivery options. Future growth is expected to come from categories like beauty, food, FMCG and furniture. Success for companies will depend on identifying customer needs, optimizing costs, expanding distribution and building capabilities for scale.
The document provides an overview of the ConsumerTech landscape in India. It discusses key trends shaping the space such as the democratization of online commerce, the increasing relevance of omni-channel, social media and marketplaces becoming important search sites, the rise of quick commerce, and shifting consumer preferences. The summary also outlines challenges and opportunities for companies in India, including scaling startups from 0-10 and driving sustainable growth from 10-100. The ConsumerTech sector in India has seen significant value creation with $250Bn in valuation and over 40 unicorns.
Marketing is defined as the process of creating, communicating, delivering and exchanging products and services that have value for customers, partners and society. The key elements of marketing include identifying customer needs, developing products to meet those needs, determining appropriate pricing, selecting distribution channels and promoting products. Marketing aims to create value for customers to build strong, long-term customer relationships and capture value in return. It involves identifying, satisfying and retaining customers while focusing on customer needs above all else.
An overview on Indian retail industry. Included information like evolution of retail in India, retail formats in India, key players, competitive landscape, key strategies, industry growth, etc.
The Indian retail industry has emerged as one of the fastest growing industries, accounting for over 10% of GDP. The market size is expected to reach $1.3 trillion by 2020 from $600 billion in 2015 growing at 12% annually. Modern trade is projected to expand at 20% per year. E-commerce sales are forecasted to reach $55 billion by 2018 and $220 billion by 2025. The growth is driven by rising incomes, urbanization, foreign investment, and the government's support through initiatives like GST. Both organized and unorganized retailers will need to collaborate to tap opportunities in rural markets and leverage digital channels.
- The retail market in India is projected to grow from an estimated US$ 672 billion in 2017 to US$ 1,200 billion in 2021.
- India's modern retail sector is expected to double in size over the next three years, growing from US$ 13.51 billion in 2016 to US$ 26.67 billion in 2019.
- Major players in the retail sector are adopting strategies like establishing strong distribution and logistics networks and adopting a "first price right" approach with limited discounts to succeed in the growing Indian retail market.
- The retail market in India is growing rapidly and is projected to reach $1,200 billion by 2021 from an estimated $672 billion in 2017.
- Organized retail currently accounts for about 9% of the total retail market but is growing at 20-25% annually and expected to reach 18% share by 2021.
- E-commerce is a small segment currently at 3% but growing quickly and projected to reach 7% share by 2021, driven by increasing internet and smartphone penetration.
- Rising incomes, growing middle class, urbanization, and changing consumer preferences are driving robust growth in the retail sector in India.
The document summarizes the findings of a survey of CFOs in the Indian retail sector conducted by Ernst & Young LLP and the Retailers Association of India in March 2014. The key findings were:
1) Indian retail market is expected to grow to $950 billion by 2018 from $520 billion in 2013, while organized retail penetration is expected to increase from 7.5% to 10% during this period.
2) The top themes for growth of organized retailers in 2014 were expected to be penetration in tier 2 and 3 cities and improvements in business models and operations.
3) Achieving profitable growth while focusing on inventory management were the top concerns for retail CFOs in 2014 as many
The annual FIBAC productivity report provides insights into the performance of the Indian banking industry in the recent fiscal years based on surveys of 34 major banks. Key highlights include:
- Fee income grew at a robust 19% in FY18 and was the major driver of the overall 7% revenue growth.
- Deposit growth slowed to 7% in FY18 with term deposits growing at just 3%. Savings accounts continued to outpace current accounts.
- Current account balances grew 7% in FY18 after growing 17% post demonetization. Metro cities drove most of this growth.
- Rural areas saw the strongest savings account growth of 15-20% reflecting financial inclusion efforts.
This document provides an overview of Future Retail Limited (Big Bazaar), which is the flagship company of Future Group, India's retail pioneer. It discusses Future Group's vision to deliver everything to every Indian consumer profitably. Big Bazaar was launched in 2001 and is Future Group's most successful venture, operating hypermarkets and retail stores across India. The document also briefly outlines Future Group's mission, employee benefits, and SWOT analysis.
A STUDY ON CUSTOMER SATISFACTION AT BIG BAZAAR (PATIA, BBSR)malaya_123
This document provides an overview of the retail industry in India. It discusses how the retail industry has evolved from small local shops to the emergence of organized retail chains. Key factors driving growth in the Indian retail sector are increasing disposable incomes, urbanization, and changing consumer preferences. While organized retail currently accounts for only 5-6% of the total retail market, it is expected to grow significantly due to continued economic and demographic changes in India. The future outlook for the retail sector remains positive with the market projected to double in size by 2020.
- The retail market in India is projected to grow from US$680 billion in 2017 to US$1.2 trillion in 2018, making it one of the fastest growing markets in the world.
- Modern retail is also expanding rapidly, expected to double in size over the next three years from US$13.51 billion in 2016 to US$26.67 billion in 2019.
- Rising incomes, growing consumer demand, and increasing penetration of organized retail are driving robust growth in the Indian retail sector.
A Dissertation report on - Financial Excellence: A comparative study of ITC l...Mohd Danish
The document provides an overview of financial excellence and the fast moving consumer goods (FMCG) industry in India. It discusses key concepts such as financial excellence, the FMCG industry and market in India, top companies in the sector, and investments. The document also examines ITC Ltd. and Patanjali in terms of their vision, mission, SWOT analysis, achievements and businesses.
This document is a seminar report on the marketing mix of the retail industry in India using Shoppers Stop as a case study. It provides an overview of the Indian retail industry, including its size, growth drivers, government initiatives, and future outlook. It discusses factors influencing the industry such as demand, supply, competition and the bargaining power of customers and suppliers. It also defines organized and unorganized retailing in India.
1. The document discusses the success of pure-play beauty companies. It analyzes major pure-play beauty players globally and compares their approaches and key performance indicators to identify successful traits.
2. It finds that focus is a major driver of success, with pure-play beauty companies performing better on average than FMCG-led beauty companies. Pure-play companies are more adaptable to rapid consumer changes.
3. Indian pure-play beauty companies are also operating successfully using philosophies of localization, fast execution, and omnichannel disruption combined with learnings from incumbents. L'Oreal, Nykaa and Honasa are front-runners in India.
The document provides an overview of the retail market in India. Some key points:
- The retail market in India is projected to grow from $680 billion in 2017 to $1.2 trillion in 2018. Modern retail is expected to double in size over the next three years reaching $26.67 billion by 2019.
- Consumer expenditure is expected to reach $3,600 billion by 2020 from $1,824 billion in 2017, driving growth in the retail sector.
- While the organized retail sector accounts for about 9% currently, it is growing at 20-25% annually and estimated to reach 10% by 2020.
- Online retail is a growing segment, increasing from $13 billion in
- The document discusses the Indian retail market, its growth trends, and opportunities.
- The retail market in India is projected to grow from $680 billion in 2017 to $1.1 trillion by 2020, driven by rising incomes, changing consumer preferences, and urbanization.
- Organized retail makes up only about 7% of the total retail market currently, indicating significant room for growth. The share of organized retail is estimated to reach 10% by 2020.
- E-commerce is a major growth area, with online retail projected to reach $60 billion by 2020, growing at over 30% annually.
January 2014 Edition of BEACON, A Monthly Newsletter by SIMCON.
Inside this issue:
CONFLUENCE’14 : The Consulting Conclave
INDUSTRY ANALYSIS : Organized Fast Food Industry
COMPANY ANALYSIS : Jubilant FoodWorks Ltd.
Concept of the Month
Quiz
Did You Know?
This document discusses the growth of organized retailing in India. It notes that while organized retail currently accounts for only 8-10% of the total retail market in India, there is significant scope for further growth given India's large population and growing middle class. Several factors are driving this growth, including increasing disposable incomes, exposure to global brands and lifestyles through media, demand for quality and convenience, and the entry of large corporate retailers. The document also examines how retailers are exploring new formats and regions, as well as opportunities in online retail, to penetrate untapped markets and take advantage of India's retail growth potential.
Big bazaar customer relationship managementAman Bansal
This document is a project report submitted by Rishi Sharma for the degree of Bachelor of Business Administration from Noida International University. The project focuses on analyzing customer relationship management practices at Big Bazaar, a large retail chain in India. It includes an introduction to CRM and its importance. It also discusses the advantages of CRM for Big Bazaar, such as providing better customer service and increasing revenues. Some challenges in implementing CRM at Big Bazaar are inaccurate product information, lack of product knowledge among sales staff, and difficulties in updating pricing and product details. The report aims to assess how CRM influences customer satisfaction levels and the store's overall success.
Food Security vs Food Safety-Factors of Food Security.pptxKhush Bakhat Razzaq
Food Security is a challenging area that affects both the authorities and locals of any country or state. Food Safety is one of the many factors that plays role in ultimate status of food security.
Food safety in the African informal sector - WFSD webinar.pptxFoodSafety4Africa
Food safety is a critical concern that significantly impacts human health, economic trade, and sustainable development worldwide. Each year, over 600 million people suffer from foodborne diseases, resulting in approximately 420,000 deaths, as reported by the World Health Organization. These figures are believed to be considerably underestimated, with populations in low- and middle-income countries bearing the brunt of this public health crisis due to inadequate food safety control systems. The World Bank estimates that these countries lose about USD 110 billion annually due to productivity losses and medical expenses stemming from foodborne illnesses.
In Africa, about 70 percent of the population relies on domestic informal food markets for their daily sustenance. This highlights the urgent need to address food safety issues within this sector to protect public health and foster sustainable development. Recognising this pressing need, the Africa Union Development Agency (AUDA-NEPAD) and the African Union Commission’s Partnership for Aflatoxin Control in Africa (PACA), in collaboration with the Food Safety for Africa (FS4Africa) and UP-RISE projects funded by the European Union, organised a timely and crucial webinar titled “Bridging Gaps in the Informal Sector” on 27 June 2024.
The webinar, which coincides with World Food Safety Day 2024 and its theme “Prepare for the Unexpected,” serves as a platform to raise awareness, facilitate knowledge-sharing, and foster collaborations among various stakeholders.
Presentation 4 – Food safety in the African informal sector – Dr. Delia Grace Randolph, Professor of Food Safety Systems, Natural Resources Institute, Joint Appointed Scientist ILRI
Menthol is a widely used organic compound known for its distinctive minty taste and cooling sensation. It is utilized in various products, including pharmaceuticals, food, beverages, and cosmetics. Derived from peppermint or other mint oils, menthol can also be synthetically produced. This report delves into the menthol production process, examining the manufacturing techniques, raw material costs, and the latest developments in the industry.
Are you considering making the switch to a vegan diet but feeling unsure about where to start?
Whether you're looking to improve your health, reduce your carbon footprint, or simply feel more compassionate towards animals, going vegan can be a rewarding and fulfilling journey.
In this comprehensive guide, we will walk you through everything you need to know to begin your vegan diet with confidence and ease.
The Versatility and Benefits of Chana.pdfCentury Foods
Chana, also known as chickpeas, is a versatile legume with significant cultural and culinary importance in many parts of the world, including Nepal. Chana recipe is a staple in many diets due to its high nutritional value and adaptability in various dishes.
Food safety is a critical concern that significantly impacts human health, economic trade, and sustainable development worldwide. Each year, over 600 million people suffer from foodborne diseases, resulting in approximately 420,000 deaths, as reported by the World Health Organization. These figures are believed to be considerably underestimated, with populations in low- and middle-income countries bearing the brunt of this public health crisis due to inadequate food safety control systems. The World Bank estimates that these countries lose about USD 110 billion annually due to productivity losses and medical expenses stemming from foodborne illnesses.
In Africa, about 70 percent of the population relies on domestic informal food markets for their daily sustenance. This highlights the urgent need to address food safety issues within this sector to protect public health and foster sustainable development. Recognising this pressing need, the Africa Union Development Agency (AUDA-NEPAD) and the African Union Commission’s Partnership for Aflatoxin Control in Africa (PACA), in collaboration with the Food Safety for Africa (FS4Africa) and UP-RISE projects funded by the European Union, organised a timely and crucial webinar titled “Bridging Gaps in the Informal Sector” on 27 June 2024.
The webinar, which coincides with World Food Safety Day 2024 and its theme “Prepare for the Unexpected,” serves as a platform to raise awareness, facilitate knowledge-sharing, and foster collaborations among various stakeholders.
The webinar gathers a diverse group of stakeholders, including food safety mandate organisations across Africa and the European Union, Codex representatives from implementation countries, food regulatory bodies, and representatives of informal sector groups and associations.
Presentation 5: Strengthening Food Safety Standards in Africa - The Role of Private Sector and Other Stakeholders - Chiluba Mwape, SPS Coordinator, AUC
In Africa, about 70 percent of the population relies on domestic informal food markets for their daily sustenance. This highlights the urgent need to address food safety issues within this sector to protect public health and foster sustainable development.
Recognising this pressing need, the Africa Union Development Agency (AUDA-NEPAD) and the African Union Commission’s Partnership for Aflatoxin Control in Africa (PACA), in collaboration with the Food Safety for Africa (FS4Africa) and UP-RISE projects funded by the European Union, organised a timely and crucial webinar titled “Bridging Gaps in the Informal Sector” on 27 June 2024.
The webinar, which coincides with World Food Safety Day 2024 and its theme “Prepare for the Unexpected,” serves as a platform to raise awareness, facilitate knowledge-sharing, and foster collaborations among various stakeholders.
The primary objectives of the webinar are multifaceted. It aims to highlight the importance of food safety in Africa’s informal food sector and the role of the FS4Africa and UP-RISE projects in developing co-created solutions. Additionally, the webinar seeks to disseminate effective strategies and interventions, establishing networks to support the informal sector in improving food safety practices.
Overview Presentation 1: The Food Safety for Africa (FS4Africa) project - Dr. Titilayo Falade, Project Coordinator for Food Safety for Africa, International Institute of Tropical Agriculture (IITA)
BENEFITS OF TURMERIC POWDER FROM MERRY MANTRArayasnow07
Turmeric may seem like a colored yellow spice used in households in order to cook different types of curries and dishes. It has also been used as a traditional medicine for centuries in the USA. It provides us with several health benefits if consumed. It has antioxidant properties, reduces inflammation and plant-based food prevents medical conditions at maximum. Organic turmeric is free from all the pesticides but they might be as expensive too. Buy turmeric powder online from Merrymantra as it offers a variety of products at different price ranges. Along with organic turmeric powder, you can check out the other products it offers at convenient prices such as coriander, rice, cumin, and chili. The main goal of Merrymantra is to offer their customers organic products so that they can live their lives in a healthy manner.
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Monitoring Rangeland Degradation and its Dynamism in Pastoral Areas of Afar R...PriyankaKilaniya
Rangelands cover a significant portion of the world's land area, particularly in Africa, where they support the livelihoods of communities and contribute to national economies. However, rangeland degradation poses a significant environmental challenge globally, threatening ecosystem services and impacting food security, water availability, and resilience to climate change. In Ethiopia, rangeland degradation is a pressing issue, driven by factors such as overgrazing, deforestation, soil erosion, and climate change, which in turn affect vegetation cover, soil fertility, and biodiversity. This study analyses Rangeland cover changes in Afar pastoralist systems using Landsat satellite images from 2000 to 2020. This was done by downloading and processing Landsat images of 2000, 2010 and 2020. A supervised classification approach identified five land-use/cover classes, and results show significant changes in forest, grassland, bare land, cropland, and wetland areas over the two-decade period. Grassland areas declined drastically. The findings underscore the complexity of land use dynamics in the Afar region and highlight the need for holistic approaches integrating ecological conservation, sustainable land management, and community engagement to mitigate further degradation and preserve vital ecosystems. By addressing the complex drivers of land use change and adopting adaptive management strategies, stakeholders can work towards fostering resilience and promoting the long-term sustainability of the region's landscapes and livelihoods.
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81 offices in 45 countries. For more information, please visit bcg.com.
The Retail Leadership Summit (RLS) is the biggest knowledge dissemination platform—and the
only one that is by the industry, for the industry. It’s where the entire retail fraternity gets together
to deliberate on not just business-relevant issues, but also industry-pertinent ones. It’s the largest
congregation of retail leaders, decision makers and visionaries. Together, they chart the path to
take the industry to the next level.
Retailers Association of India (RAI) is the unified voice of Indian retailers. As a not for profit
organization, RAI works with all the stakeholders in retail to create the right environment for the
growth of modern retail in India. RAI encourages, develops, facilitates and supports retailers to
modernize and adopt best practices. RAI’s efforts center around advocacy and government
representations, bringing best practices to the industry, fostering retail learning and training,
creating a reservoir of information through retail research, disseminating communication through
magazines, newsletters and its website, for the benefit of its members and the industry as a
whole.
5. The Boston Consulting Group • Retailers Association of India | 55 | Retail 2020: Retrospect, Reinvent, Rewrite
Modern retail in India has experienced a remarkable transformation over the last two decades.As we retrospect,
the fundamental strengths of the India consumption story continue to surface. Rising incomes, urbanization, and
attitudinal shifts reaffirm this optimistic outlook, pointing to a certainty of growth in the future.
However, the future will have discontinuities along the way, forcing players to reinvent. For example, the reality
of digital has arrived sooner than expected, reshaping customer behavior and expectations. In this rapidly
changing retail landscape, brick and mortar retailers will be competing with an increasingly wider set of peers for
the same customer wallet. This poses a challenge of capabilities. Players will need to modify their offerings
across the purchase pathway to provide a seamless omni-channel experience to the digitally savvy consumer. In
parallel, building capabilities in talent management and supply chain optimization will gain urgency.
As the industry evolves, players will be required to rewrite their approach. Incremental changes will not suffice
and a fundamental transformation will be necessary. Players will need to find ways to fund this journey, in part
as margin and cost pressures increase the importance of economics. In equal measure, the disruptive changes
will require a set of measured bets to be taken even as organizations develop key enablers.
It is exactly these themes which have been echoed by industry leaders at the forefront of retail. This publication
highlights the most relevant themes for retail in India and brings perspectives from over 20 CEOs of top retailers
in India.
We would like to thank them for sharing their insights—we look forward to continued collaboration as we work
towards accelerated performance in retail.
Foreword
Kumar Rajagopalan,
Chief Executive Officer
Retailers Association of India
Amitabh Mall,
Partner and Director
The Boston Consulting Group
7. The Boston Consulting Group • Retailers Association of India | 7
Based on interviews with 20 leaders at the forefront of Indian retail,BCG global experience as well as proprietary
data and analysis, this report captures key trends across five themes. Over the next few pages, key insights and
perspectives on these trends have been shared.
Retrospect, Reinvent, Rewrite
Retrospect
Reinvent
Rewrite
Certainty of
Growth
Reality of
Digital
Challenge of
Capability
Importance of
Economics
Need for
Transformation
• Perspectives from the forefront—
highlights from interviews with CEOs of
top Indian retailers
• Summary of insights on trends across the
five themes and their implications for
retailers
Chapter 1: Insights and Implications Chapter 2: Leadership Perspectives
This report is divided into two chapters:
10. 10 | Retail 2020: Retrospect, Reinvent, Rewrite
Overall Indian retail projected to double to $1 trillion by 2020 from $600 billion in 2015
•• Retail market expected to grow by 12 percent in line with historical trends
Rapid growth in retail driven by four factors
•• Income growth: ~3 times increase in average household income from $6,393 in 2010 to $18,448 in 2020
•• Urbanization: 40 percent population to live in urban cities by 2020, up from 31 percent in 2010
•• Nuclearization: Over 200 million households to be nuclear by 2020—with 25-50 percent higher
consumption per capita spend
•• Attitudinal shifts: 75 percent of population by 2020 will belong to Generation I1
with markedly higher
consumption levels
Modern trade expected to grow 3 times to $180 billion by 2020 from $60 billion in 2015
•• Traditional trade projected to grow at 10 percent per annum2
•• Modern trade projected to grow at almost twice this pace
Three key trends to drive this growth in modern trade
•• Rapid consumer evolution: Greater brand recognition, trading up, need for modern shopping
environment
•• Supply-side evolution: New entrants, new formats and differentiated strategies
•• Positive regulatory environment: Reduction of multiplicity of taxes, promise of increasing ease of
doing business
Certainty of Growth
Key Implications for Indian Retailers
• Sharply identify emerging opportunities across geographies and customer segments; be clear on what
not to chase
• Constantly readjust propositions to remain relevant, with rapid reinvent-test-rollout model
• Allow for experimentation; be prepared for both successes and failures that drive innovation
1
Individuals who have grown up in the liberalized economy (<14 years of age when economy started opening).
2
At constant currency, i.e. real growth rate at 2010 constant prices.
11. The Boston Consulting Group • Retailers Association of India | 11
Modern Trade to Grow Twice as Fast as Traditional Trade
0
400
800
1,200
60-70
2010
320
300-310
2005
208
200-210
165-180
550-560
US$ billion
+12%
1,077
2020 (P)2015 (E)
622
890-910
Modern
trade
10-11% 15-17%5-6%3-4%
21%
10%
Source: BCG analysis.
CAGR
(2015-2020)
5-10
15-20
Modern trade
Traditional trade
12. 12 | Retail 2020: Retrospect, Reinvent, Rewrite
E-commerce market in India expected to quadruple to $60-70 billion over the next 5 years, driven by faster
growth in goods than services
Internet users expected to increase 3 times from ~200 million in 2014 to ~600 million by 2020
•• Increased proliferation of smartphones from 120-140 million in 2014 to 600-700 million in 2020
•• Lower cost of connectivity and improved quality
•• Expanded reach in lower tier cities and rural areas due to investments in network infrastructure
Customers attracted to e-commerce because of superior value proposition on several counts
•• Broader assortment
•• Higher discounts
•• Greater convenience
Efforts by players to develop payment channels (cash on delivery, mobile wallets) and streamlined logistics
infrastructure to also aid e-commerce growth
Reality of Digital
Key Implications for Indian Retailers
• Proactively conceptualize and execute a digital strategy with clarity on why shoppers purchase online
• Smartly leverage social media to drive word of mouth
• Design a seamless and connected customer journey as shoppers migrate across channels
13. The Boston Consulting Group • Retailers Association of India | 13
0
20
40
60
80
E-commerce transaction
value (US$ billion)
30-34%
2019
60-70
32-37
28-33
2014
16-17
12.5-13
3.5-4
CAGR
(2009-2014)
50-55%
India E-Commerce Market to Reach $60-70 Billion by 2019
Note: 2018 INR to $ = 1/60.
Sources: BCG IAMAI 2014 report; Forrester, EM, eMarketeer, Ovum, ITU, Pyramid, BCG analysis.
20-24%
Goods
Services
14. Promise of omni-channel increasingly relevant, even for brick and mortar retailers
•• Customers do not distinguish between online and physical channels while shopping, but expect a
seamless experience
•• Traditional strengths and expertise in retail insufficient to deliver quality omni-channel experience
Well conceptualized talent management strategy critical to revitalize customer journey across channels
•• High attrition at the front-end as opportunity sets expand for individuals
•• Limited capabilities in the middle and top management due to inadequate specialized training and
depth of experience in the sector
Supply chain requires evolution as modern trade grows exponentially
•• Low end-to-end visibility of inventory flow, results in long lead times to respond to demand
•• Infrastructure challenges make physical execution difficult
Challenge of Capability
14 | Retail 2020: Retrospect, Reinvent, Rewrite
Key Implications for Indian Retailers
• Develop a comprehensive omni-channel offering which interacts with customers along the entire
purchase pathway
• Adopt a targeted approach to training, appraisal and retention of leaders and employees while
recognizing functional and regional variation
• Build a demand-driven supply chain anchored in real time flow of information
15. Available only to omni-channel retailers
Available to both omni and e-tailers but omni has an advantage
Available to both omni and e-tailers
Omni-Channel is a Critical Capability to be Built Along
the Customer Purchase Pathway
Post-purchaseShop
General
information
Reviews and
advice
Cross-selling
Product
ratings
Search
capabilities
Interactive aisle
Check store
inventory
Lists (shopping,
wish, registry)
Pictures / videosStore pick-up
Product
comparison
Returns
Store locator
Social media
LocateResearch
Source: BCG analysis.
The Boston Consulting Group • Retailers Association of India | 15
16. 16 | Retail 2020: Retrospect, Reinvent, Rewrite
Several economic challenges plague Indian modern trade on both demand and supply side
On the demand side
•• Throughputs still not high enough as the Indian consumer gets used to modern trade
•• Pricing and promotions often poorly executed—customer willingness and ability to pay not leveraged
adequately
On the supply side
•• Real estate costs and rentals highly inflationary
•• High COGS due to low bargaining power with suppliers due to limited scale
•• High cost supply chain due to poor connectivity, out of stocks, excess inventory
Importance of Economics
Key Implications for Indian Retailers
• Develop clear proof of concept that delivers the right profitability
• Attack the throughput problem first—costs and margins will follow
17. The Boston Consulting Group • Retailers Association of India | 17
Lower sales throughput Lower gross margins Higher rentals
1,500-2,500
Indian
Retailers
International
Retailers
8,000-12,000
18-22%
7-8%
25-30%
International
Retailers
Indian
Retailers
1.5-3%
Indian
Retailers
International
Retailers
3-6%
1.5-3%
Sales per sq. ft. (in Rs.) Gross margins % sales Rentals as % sales
Several Structural Challenges in Economics of Indian Retail
Source: BCG analysis.
Example: Food & Groceries Retail
6,500-9,500
18. 18 | Retail 2020: Retrospect, Reinvent, Rewrite
In the spirit of retrospect, reinvent and rewrite, retailers should aim for fundamental transformation, not
incremental changes
•• Optimally avail the remarkable growth opportunity
•• Operate in the new digital reality serving empowered consumers
•• Build capabilities in quality omni-channel experience, talent management and supply chain optimization
•• Recognize the importance of economics and prioritize profitability
This requires working on four pillars simultaneously
•• Fund the journey: Generate cash quickly from existing operations by relooking at core business
•• Win the medium term: Identify the truly winning consumer proposition for the next 6-8 years and align
the operating model
•• Take measured bets: Invest in 2-3 emerging but important trends
•• Enable the transformation: Invest in people and technology to improve efficiency, productivity and
morale
Need for Transformation
19. The Boston Consulting Group • Retailers Association of India | 19
Fund the journey
Extracting cash from the business to fund
future growth engines and experiments
Retail pricing strategy
Demand driven supply chain
Margin enhancement through
COGS reduction
1
2
3
Win the medium term
Developing a differentiated offering to build
medium term competitive advantage
Re-invent core banner proposition
Omni-channel management
Advantaged business model
4
5
6
Take measured bets
Evaluate emerging trends, invest light and early behind them now
Brand advocacyDigital experience7 8
Enable the transformation
Invest in skills and technology with an integrated business view
Organization structure, span
and influenceLeverage technology for agility9 10
BCG Transformation Framework in Retail
Source: BCG analysis.
22. 22 | Retail 2020: Retrospect, Reinvent, Rewrite
Ajay Kaul
CEO, Jubilant
"In times when the economy is tight, we face the brunt of
lower discretionery spend. But right now, we are feeling
very positive about the future and our industry."
Certainty of
Growth
"The Indian consumer is on the digitization cycle—it is
irreversible... it is causing habit changes which are
undiscovered and will provide multiple opportunities to
engage with."
Reality of
Digital
"Consumers are categorically democratizing
consumption—critical to break stereotypes in our mind."
Need for
Transformation
23. The Boston Consulting Group • Retailers Association of India | 23
Ashish Dikshit
CEO, Madura Fashion and Lifestyle Limited
"In the short term before the value equation in consumers'
mind gets redefined, offline retailers still have an edge in
product and customer service experience over online."
Reality of
Digital
"Our supply chain is robust and being in the business for
long helps—it will be the critical building block for the
future."
Challenge of
Capability
"We can get the capital if we deserve it—we have in the
past provided superior returns on capital and hence have
the shareholder confidence to back our growth &
innovation plans."
Importance of
Economics
24. 24 | Retail 2020: Retrospect, Reinvent, Rewrite
Ashutosh Garg
Founder & Chairman, Guardian LifeCare
"As a nation we are adding 25 million + consumers every
year with more disposable incomes—growth in India will
be a way of life."
Certainty of
Growth
"The pharmacy retail business works a lot on 'trust' and
hence channel, product and experience fatigue does not set
in too easily. The digital channels will need to create that
trust to win—and it will take some time and not just
discounts."
Reality of
Digital
"The 'colour' of money is the same—capital to grow the
industry must be welcomed."
Importance of
Economics
25. The Boston Consulting Group • Retailers Association of India | 25
Atul Ahuja
Vice President—Retail, Apollo Pharmacy
"In pharma, categories which are advocacy and advice
driven and not prescription driven will do well. Digital also
opens up access to categories which are in the personal
space."
Reality of
Digital
"Consumers are expecting a more professional product
manager in the store—if you can't present a category well,
don't show it."
Challenge of
Capability
"Omni-channel has been experimented in the pharma space
earlier as well—needs the rigour of execution to see
through to success."
Need for
Transformation
26. 26 | Retail 2020: Retrospect, Reinvent, Rewrite
B. S. Nagesh
Founder, TRRAIN, Non-Executive Vice-Chairman, Shoppers Stop
"Investments in technology are critical. However, big data
cannot replace customer touchpoints. We need to ensure
that we continue to talk to our customers."
Challenge of
Capability
"New ways to create productivity and efficiency are
required; traditional cost-cutting may not work."
Importance of
Economics
"Brick and mortar is still 80-85% of the market—players
need to focus on transforming this core to provide a better
customer experience which may not be possible with
online."
Need for
Transformation
27. The Boston Consulting Group • Retailers Association of India | 27
Bhaskar Bhat
Managing Director, Titan Industries Limited
"India opportunity is not only massive in the future but it
is large even now. Aspiration of the consumers has no
reverse gear."
Certainty of
Growth
"Retailers need to become more relationship focused
rather than only being transactional."
Challenge of
Capability
"Imperative is to have a bit more of the science of
retailing—both in floor management as well as shopper
management."
Need for
Transformation
28. 28 | Retail 2020: Retrospect, Reinvent, Rewrite
Himanshu Chakrawarti
CEO, The Mobile Store
"There will be growth in the market, but not everybody
will succeed. There will be winners and losers."
Certainty of
Growth
"Indian retailers will have to adopt a cohesive digital
strategy. They cannot cut and paste from global
benchmarks since they do not have the scale required."
Challenge of
Capability
"We need to give the customer a compelling reason
to transact."
Need for
Transformation
29. The Boston Consulting Group • Retailers Association of India | 29
J Suresh
Managing Director & CEO, Arvind Lifestyle Brands Limited
"The online players today are playing a dual role of
e-commerce players and technology players, with a focus
on monetizing their tech platform. To succeed, they will need
to be clear on their strategy."
Reality of
Digital
"Talent acquisition needs to be a big focus, with more
emphasis on getting quality talent vs. quantity. Given the
talent shortage, the thinking needs to change—need to hire
those with raw talent and then groom them."
Challenge of
Capability
"The focus so far has been on expansion, i.e. creating new
assets for growth. Going forward, the focus needs to be on
efficiencies and sweating existing assets."
Importance of
Economics
30. 30 | Retail 2020: Retrospect, Reinvent, Rewrite
Kabir Lumba
Managing Director, Lifestyle International Private Limited
"The market in India is immense—there are enough
customers to tap in each segment & format of the retail
market."
Certainty of
Growth
"Digital has clearly expanded the market reach and added
a lot of excitement—it has helped in breaking monopolies
of the incumbents."
Reality of
Digital
"Retail is a common-sense industry—if you have talent
and intuition, you can learn & grow on the job very easily
... what is critical is to identify this attitude."
Challenge of
Capability
31. The Boston Consulting Group • Retailers Association of India | 31
Krish Iyer
President & CEO, Walmart India Private Limited
"Current day online business models have low profitability
but the anywhere, anytime consumer is here to stay."
Reality of
Digital
"Developing talent is a key pre-requisite in Indian retail in
terms of both front-end talent and merchant talent."
Challenge of
Capability
"China is far ahead of us in terms of real estate
development and infrastructure: sales productivity in
India is much lower. This coupled with high rentals puts
pressure on profitability."
Importance of
Economics
32. 32 | Retail 2020: Retrospect, Reinvent, Rewrite
Rafique Malik
Managing Director, Metro Shoes
"The overall trajectory for retail is on a growth path:
outlook for GDP is positive, brand acceptability in tier
2-3 cities, and retail spaces in high street locations are
expanding."
Certainty of
Growth
"Greater connectivity, proliferation of smartphones,
nuclearization, working women and lack of time will drive
online shopping."
Reality of
Digital
"Our key imperative is to deliver a seamless and omi-
channel quality customer experience such that shopping
online and offline feels the same. Equally, talent
management is a concern: attrition rates are high, skilled
manpower takes experience and time to build."
Challenge of
Capability
33. The Boston Consulting Group • Retailers Association of India | 33
Rahul Mehta
President, CMAI
"The consumer’s online buying behavior is based on three
fundamental pillars—convenience, price and range. So
far, the ‘price’ factor is the primary driver of online business
in the market. They will have to start emphasizing the other
pillars—range and convenience."
Reality of
Digital
"A key to realizing the omni-channel dream (or vision!)
would be the speed with which back end inventory
management is integrated into store operations—i.e. how
quickly can you make the ‘endless aisle’ concept a reality."
Challenge of
Capability
"To my mind, profitability pressure is obviously the biggest
pressure point. There is over-reliance on the ‘sale’ concept.
Structurally, you are heading for a P&L where, instead of
selling 60 to 65% of men’s wear at full price, the industry is
at 45%."
Importance of
Economics
34. 34 | Retail 2020: Retrospect, Reinvent, Rewrite
Rajesh Jain
Managing Director & CEO, Lacoste
"We are extremely positive about the Indian consumption
story—specially in the premium segments of the market.
Our performance in India continues to be strong both from
a growth & profitability perspective and all growth
capital is self created."
Certainty of
Growth
"The digital wave in India will be strong and change the
way the game is played. Currently, the competition is not
between online and offline channels, its a war between
discount and non-discount sales."
Reality of
Digital
"In the retail industry products need to be available to the
right customer in the right place at the right time: we need a
very robust & adaptive supply chain."
Challenge of
Capability
35. The Boston Consulting Group • Retailers Association of India | 35
Randall Guttery
CEO, Reliance Retail
"The younger generation in India is going to be a true
game changer—they are going to expect more products,
more efficiency, more excitement & more engagement."
Certainty of
Growth
"There is some form of a lack of supplier assistance to
modern trade: somewhere they will have to accept that this
is the way forward."
Challenge of
Capability
"As FDI opens up, it will expand consumer choice and allow
us more scope to innovate. The magic is not about taking
an order—it is about fulfilling the delivery promise."
Need for
Transformation
36. 36 | Retail 2020: Retrospect, Reinvent, Rewrite
S. Subramanian
CEO, Kaya
"Online consumers will be more mature in times to
come—will likely spend less time browsing for deals, and
will want to buy and complete the transaction quickly. They
will also want higher serviceability."
Reality of
Digital
"It will be critical to have omni-channel presence
including presence in mobile with right kind of gateways for
easy access."
Challenge of
Capability
"There will be increased focus for online to demonstrate
profitability, not just growth, very similar evolution to
what happened to modern retail, where focus earlier was on
growth but now is on establishing profitability—building
loyalty, keeping costs under control."
Importance of
Economics
37. The Boston Consulting Group • Retailers Association of India | 37
Sadashiv Nayak
CEO, Future Value Retail Limited
"The Indian market opportunity & shape is changing by
leaps and bounds. We are often surprised by how some
categories are experiencing a very different nature of
consumption and choice."
Certainty of
Growth
"The premium on in-store excitement is now higher—post
the digital disruption, customers expect more from physical
stores."
Reality of
Digital
"The whole ecosystem in retail needs to build capabilities
to move forward at the same acceleration gear—it cant
be done by a single banner & associated suppliers on their
own."
Challenge of
Capability
38. 38 | Retail 2020: Retrospect, Reinvent, Rewrite
Sathish Babu
Founder & CEO, Univer Cell
"The online growth in mobile devices is a disruption
driven purely by price. They have not provided additional
convenience or service. A retail store provides assurance of
quality and an interactive shopping experience."
Reality of
Digital
"Shopping in a store needs to be a memorable experience—
just talking features or price is not good enough, the staff
has to be able to tell a story."
Challenge of
Capability
"Malls are still too expensive even as the footfalls are
declining. There is a correction required."
Importance of
Economics
39. The Boston Consulting Group • Retailers Association of India | 39
Shailesh Chaturvedi
CEO, Tommy Hilfiger
"I am optimistic about the outlook of retail in India, there
are several consumption enablers in place—the critical
ones being the Indian appetite to trade up, monetary
loosening & rational tax structures in the future."
Certainty of
Growth
"Digital is a way of life for retailers, not just e-commerce:
a force for driving efficiency in operations and managing
human resource besides a marketing and customer outreach
channel."
Reality of
Digital
"The future of retail will compose of 3Ds: Daulat (wealth
sharing within the retail ecosystem), Depth (in channels &
category execution) and Digital (significant part of the
operating model)."
Importance of
Economics
40. 40 | Retail 2020: Retrospect, Reinvent, Rewrite
Shital Mehta
CEO, Pantaloons
"The elephant is going to dance: Buoyant future for Indian
retail lies ahead. I am extremely excited with the next
generation of towns showing extremely positive signs."
Certainty of
Growth
"The amalgamation of the virtual and real world is
inevitable. Multi channel will co-exist with pure-play
e-commerce with healthy tension between the two channels
but overall very positive for the Indian consumer."
Challenge of
Capability
"In times to come, there will be calibrated profitability
centric expansion across segments and markets. The right
opportunities in India will always attract the right capital."
Importance of
Economics
41. The Boston Consulting Group • Retailers Association of India | 41
Vishak Kumar
CEO, ABRL
"E-commerce is still very young and as a process of natural
industry evolution, players will figure out the profitability
question and set investor expectations accordingly."
Reality of
Digital
"The supply chain in India is not yet fully built for
modern trade; historically, business models were designed
for traditional trade."
Challenge of
Capability
"One area that does concern me is the lack of
differentiation in the space—retailers will need to
proactively think about their concept & unique appeal to
consumers over time."
Need for
Transformation
42. 42 | Retail 2020: Retrospect, Reinvent, Rewrite
The Boston Consulting Group published
other reports and articles on related topics
that may be of interest to senior executives.
Recent examples include:
Retail Transformation—“Love it or hate it,
but you can’t ignore it”
A focus by The Boston Consulting Group, in India
Retail Report, January 2015
India at Digital.Bharat—Creating a $200
billion internet economy
A report by The Boston Consulting Group,
January 2015
The Retail Revival Series: Succeeding with
a Store-Led Strategy—A Store-Level Focus
Can Transform Retail Chains Faster and
Yield Real Results
An article by The Boston Consulting Group,
September 2014
In Omnichannel Retail, It’s Still
About Detail
An article by The Boston Consulting Group,
August 2014
Changing your orbit—The Handbook
for Transformation in FMCG andRetail
Business
A report by The Boston Consulting Group,
June 2014
From Buzz to Bucks—Capitalizing on
India’s “Digitally Influenced” Consumers
A focus by The Boston Consulting Group,
April 2013
Retail 2020: Competing in a
Changing Industry
A report by The Boston Consulting Group,
August 2012
FOR FURTHER READING
43. The Boston Consulting Group • Retailers Association of India | 43
NOTE TO THE READER
About the Authors
Abheek Singhi is a Senior Partner and
Director in the Mumbai office of The Boston
Consulting Group and is the Head of BCG’s
Consumer and Retail practice in Asia Pacific.
Amitabh Mall is a Partner and Director in
BCG’s Mumbai office. Rachit Mathur is a
Principal in BCG’s New Delhi office. Parul
Bajaj is a Project Leader in BCG’s Mumbai
office.
For Further Contact
If you would like to discuss the themes and
content of this report, please contact:
BCG
Abheek Singhi
BCG Mumbai
+91 22 6749 7017
singhi.abheek@bcg.com
Amitabh Mall
BCG Mumbai
+91 22 6749 7079
mall.amitabh@bcg.com
Rachit Mathur
BCG New Delhi
+91 124 459 7293
mathur.rachit@bcg.com
Parul Bajaj
BCG Mumbai
+91 22 6749 7144
bajaj.parul@bcg.com
Acknowledgements
This study was undertaken by The Boston
Consulting Group (BCG) with support from the
Retailers Association of India (RAI).
We are thankful to Vidya Hariharan,Boishakhi
Dutt,Shiv Joshi,Heena Panchal and the rest of
the RAI team for their support.
We are also thankful to several leaders in
Indian retail for taking the time to discuss their
perspective.Their inputs were critical in making
this report insightful and relevant.
We gratefully acknowledge Sukriti for her
support in this report.
Special thanks to Jasmin Pithawala and Maneck
Katrak for managing the marketing process and
Jamshed Daruwalla,Pradeep Hire and
Seshachalam Marella for their contributions to
the design and production of this report.