The footwear industry did particularly well in 2022 with a 30% growth as compared to 2019 followed by the beauty, wellness and care industry
New Delhi: Footwear emerged as the category that recorded the maximum growth of 30% in 2022 as compared to 2019, as per Retailers Association of India (RAI). This was followed by the beauty, wellness and care industry with 7% growth in 2022 as compared to pre-pandemic levels.
Overall, the Indian retail industry witnessed 19% growth from April to November 2022 as compared to the same period pre-pandemic. While East India posted 21% growth, as compared to 2019, north saw a 19% growth in the same period. On the other hand, both the west and east saw an 18% growth.
Trends 2022
RAI also shared trends that dominated 2022. These include:
There is a need to adopt omnichannel, which would be a long-drawn-out process, given India’s demographics.
Consumers are back to shopping in stores. “It’s something they enjoy even as they continue to buy online. However, while buying online, we must keep in mind that there is a need for trusted brands as customers now only want to buy from reliable sellers,” RAI CEO Kumar Rajagopalan said.
Accelerated adoption of technology by offline-first retailers. “In the last two years, we have witnessed dramatic changes in the Indian retail industry. The adoption of technology by offline retailers saw a quantum jump. Online retailers continued to make inroads,” said RAI Chairman Bijou Kurien. According to him, SAAS-based technology interventions allowed retailers to augment their customer experience, refine operating processes and gain insights about customers and products through analytics and AI. “Customers transformed to adopt newer technologies,” Kurien added.
Expected trends of 2023
“Retail in India is expected to grow better than all other key markets across the world. Omnichannel retail has become the norm for retailers. Concepts like ONDC (Open Network for Digital Commerce) will enable millions of small retailers to participate in digital commerce,” said Rajagopalan.
“However, the coronavirus worry still looms large in other countries and inflation creates headwinds for retail. Having said that, the occasion-wear market (festivals, weddings, etc.) will thrive in the country if no COVID-19 restrictions are introduced,” the RAI CEO added.
