Indian retail industry saw a 19 per cent jump in sales during the April-November 2022 period over the pre-pandemic levels, according to Retailers Association of India (RAI).
The eastern region clocked the highest growth rate at 21 per cent as compared to the same period in 2019. North India followed with a 19 per cent growth, while both western and southern parts witnessed an 18 per cent rise each, RAI said on Friday.
Kumar Rajagopalan, CEO of RAI, said consumers are back to shopping in stores, and it’s something they enjoy even as they continue to buy online.
While the QSR (quick service restaurant) and the footwear industries performed well during this period with a 30 per cent growth in sales, the beauty, wellness and personal care industry saw a mere 7 per cent growth as against the same period in 2019.
The last two years have seen dramatic changes in the Indian retail industry and adoption of technology by offline retailers saw a quantum jump, said Bijou Kurien, Chairman, RAI. “Retail in India is expected to grow better than all other key markets across the world. Omnichannel retail has become the norm for retailers,” he said, adding that concepts like ONDC (Open Network for Digital Commerce) will enable millions of small retailers to participate in digital commerce.
