Indian retail sector contributes 10% to India’s GDP and 8% to the workforce. Retail market size has increased 3x in last decade and is expected to grow $1.5 trillion by 2030 i.e., $700 bn addition In market size and around 25 mn new jobs.
India has witnessed a meteoric rise in the last decade with growth on all fronts – market size, employment, SKUs, and formats. COVID-19 presented unprecedented challenges for the sector, with lockdowns, demand variations, and supply chain disruptions impacting all retail participants. The sector has shown exemplary resilience in these difficult times, coming together to collectively resolve the challenges. Retail participants increasingly leveraged technology in their COVID-19 response strategies leading to an acceleration of tech adoption in the sector.
As the dust begins to settle, we find Indian Retail ushering into the next era of retail evolution – Retail 4.0 –led by convergence and collaborations of online and physical retail formats, with technology as the key catalyst. Technology adoption and advancement when aligned with business strategy opens new possibilities, business growth and decisions.
For the first time, NASSCOM presents the NIPP RetailTech Challenge 2021 that will scout for the most promising and upcoming Retail-tech startups with an aim to foster engagement between corporates and innovative technology ventures by connecting emerging solutions with existing industry problems in Retail. The challenge will create a comprehensive forum for enterprises and start-ups to come together and explore new opportunities for ideation and collaboration.
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