‘Hyderabad best rated in ease of doing business’
Hyderabad: Industry body Retailers Association of India (RAI) works with Governments and stakeholders to support employment growth in the retail sector. It has more than five lakh members across the country and about ten per cent of them are in Telangana. It hosted the first edition of Hyderabad Retail Summit here. RAI Chief Executive Officer […]
Hyderabad: Industry body Retailers Association of India (RAI) works with Governments and stakeholders to support employment growth in the retail sector. It has more than five lakh members across the country and about ten per cent of them are in Telangana. It hosted the first edition of Hyderabad Retail Summit here. RAI Chief Executive Officer Rajagopalan in his recent visit to city spoke to Telangana Today about the changes happening in the retail segment as well as the attractiveness of Hyderabad to it.
Hyderabad appeal
Hyderabad is rated the best in terms of ease of doing business. The per capita income is on the rise and that augurs well for our sector. The consumption in the city is growing. Also, people in Hyderabad have a willingness to spend. The city is cosmopolitan in nature and therefore attracts a lot of people from outside to do business here. Also, many people have a flair for global products. There are about five lakh members across the country and about ten per cent of them are from Telangana. They include quick-service restaurants, consumer durables, footwear, jewellery and many more segments. Each business on average needs about 1,000 sqft.
Covid impact
Many sectors took a hit. However, food and medicare segment did well in the past two years. Purchases have come down due to limited travel possibilities and fewer events happening due to Covid. The Telangana Government ensured that there were no major closures of businesses. We are seeing sales increase as the situation is improving. Marriages and events will be major drivers of growth in days to come.
Innovations happening
The work-from-home model has had a good impact on the retail sector. People have proved that they can be at home and still be productive. There is a better work-life balance and therefore the consumers are able to spend quality time shopping. Businesses are catering to online as well as physical customers with a digital frontend, cashless and contactless transactions. The focus now is on efficient supply chains and speedy service. Also, the demand for made-in-India products is on the rise across the segments.
Cheershopping is on
There is no revenge shopping or splurge shopping that occurs after a frugal spending for a set period. In revenge shopping, people choose to buy luxury items rather than mid-tier or bargain products. They play a catch-up game to compensate for the shopping that did not happen due to restrictions. Why would people take revenge on themselves? Customers are now cheer shopping. They are happy to spend and are not at revenge with themselves or anyone.
Small players
The Government is working to bring an Open Network for Digital Commerce (ONDC) platform in a few months. This will enable small retailers to be part of the e-commerce revolution. ONDC is expected to do what the UPI did to the digital payment domain.
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