India’s large population pool, especially youth, is attracting global investors or consumption fraternity towards the nation, said Lalit Agarwal, Managing Director, V-Mart Retail on Wednesday.
While speaking at BW Retail Summit, Agarwal talked about how retailers can expand into interior parts of India as apart from large cities like metros and tier one, there is a large and parallel India.
“More than 2,000 towns have a population of around one lakh. That is what is unique to India and there are major chances that businesses can survive, can get developed and there is a future that will come out of this,” he said.
While talking about the towns and utilising the youth population, Agarwal stated that there is an opportunity for every kind of retail business whether it is online, offline, Omni, or restaurant business.
To grab the opportunities, he said, “It is all about the infrastructure, reaching to these spaces, talking to those customers and how does one differentiate with those audiences because in India we have different customers every 100 kilometres.”
He also talked about customer demography and said that in India it is not standardised. He said that people behave, eat, and speak differently and this brings in diversity.
As per Agarwal, business leaders need to understand diversity and have to create a solution along with what we are speaking about technology, digitalisation, analytics and data mining.
“We need to understand right from the grassroots level what is their need then we will successfully be able to deliver through the processes, resources and technology and the product,” he mentioned.
These things will bring in huge potential for growth and the road ahead, according to Agarwal.