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Project report for Retail Store is as follows.
Due to the arrival of numerous new companies, the Indian retail industry has become one of the highly innovative and incredibly quickly sectors.
From US$ 1,824 billion in 2017, total consumer spending is anticipated to reach over US$ 5,200 billion by 2022. It generates more over ten percent of the nation’s GDP and employs about eight percent of the workforce. In terms of retail, India ranks 5th in the global market.
The United Nations Conference on Trade and Development’s 2019 Business-to-Consumer (B2C) E-commerce Index placed India 73rd. India ranks 5th in global retail destination, ranking 63 in the World Bank’s Conducting Business 2020 report.
As per the DPIIT, India’s retail sector attracted FDI equity inflows of US$ 3.47 billion from April 2000 to March 2021.
Many firms have entered in the Indian retail industry in recent months, owing to the growing demand for consumer products in various industries such as consumer electronics and household appliances.
In 2020, several private equity and venture capital funds invested US$ 6.2 billion in India’s retail industry.
Market potential Of Retail Store
According to Forrester Research, India’s retail industry would be worth $883 billion in 2020, with food retail responsible for $608 billion. By 2024, the industry is expected to surpass US$ 1.3 trillion.
Local retailers in India, also referred as brick and mortar (B&M) shops, are anticipated to raise their revenue by Rs 10,000-12,000 crore (US$ 1.39-2.77 billion) in FY20. Even by final moment of 2021, India’s direct sales sector will be worth $2.14 billion.
In February 2021, the retail sector attained 93 percent sales which was before Covid lockdown, as per the Retailers Association of India (RAI); consumer items and fast service restaurants (QSR) rose by 15 percent and 18 percent, respectively.
The Indian e-commerce sector has been predicted to reach $55 billion in sales by 2021, with 40 million new online customers adding.
In 2021, the majority of digital buyers is expected to hit 190 million, up from 150 million last year, with 300 million expected within next 5 years. With a yearly Gross Merchandise Value (GMV) of US$ 350 billion, India is expected to overtake the United States and China as the world’s third-largest online retail industry by 2030.
By 2030, new-generation logistics companies are anticipated to deliver 2.5 billion Direct-to-Consumer (D2C) goods. In the next ten years, digital used vehicles transaction penetration is anticipated to increase by 9x.
