Delve into India’s retail evolution journey, where digital collaboration has now come to fuel economic growth and resilience
This joint study of NASSCOM and Technopak maps key milestones in the Indian retail story from its inception (Retail 1.0) to its current state (Retail 4.0)
Retail as a sector is one of the growth engines for nation’s economy, with double digit contribution to the GDP, and employment to nearly 40 million individuals in FY2020. The COVID-19 pandemic presented enormous challenges for the retail segment. The players not only experienced sudden shifts in demand patterns and supply chain disruptions resulting from restricted inter-state movement, but also faced sudden workforce fluctuations because of infection related concerns and mass reverse migration.
COVID-19 has been a litmus test for resilience and adaptability, and retail players have been largely successful in navigating the crisis by leveraging technology and collaborations. Government of India has been consistently emphasizing that focus on digitization is the need of the hour. As such, it is heartening to see the exponential increase in tech-adoption in Indian retail during COVID-19 which was led by traditional retail players. It is fascinating how neighbourhood stores and kiranashops crossed over to the other side of the digital divide and are now part of a digitally connected retail ecosystem.
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