The retail industry in India is growing at a rate of 10 per cent and can be expected to be worth Rs 85 lakh crore by the year 2021 owing to technology disruptions and consumer data, according to a recent report.
The sector is seen advancing towards a growth phase where brands and retailers will consider consumer experience as their focal concern, says the joint report by Deloitte and FICCI.
Internet will be majorly responsible for driving the growth in the consumer business sectors, the report said, adding, consumer data and insights will play a key role in defining the trends.
"Consumer retail forms an integral part of the industry with current estimated size of more than Rs 45 trillion. It is further expected to witness a CAGR of over 10 per cent in 2016-21 to reach a size of Rs 85 trillion by 2021," said media reports quoting Rajat Wahi, Deloitte Touche Tohmatsu India Partner.
The report also says that the data generated by consumers and their behaviour will be used to improve the retail experience with the help of technology innovations such as Internet of Things and predictive analysis.
Omni-channel retail will also grow with an amalgamation of online and offline services as well as increasing use of apps, smartphones, social media and more, adds the report.