Market is replete with opportunities, with soaring demands. While MNCs and zealously wooing the rising middle class through Organized Retailing sales, volumes are strong in the Organized Retail Sector.
The last decade has seen unmitigated rise in demands in the consumer durables sector vis-à-vis the Indian Retail Industry.
A number of factors have contributed to the persistent rise in demand for consumer durables within the Indian Retail Sector. The most perceptible ones include the mounting income levels, emergence of dual-income families, availability of disposable income, changing lifestyles. These factors have led to the emergence of a highly aware and demanding consumer base.
In terms of product category, the consumer durables market can be stratified into - consumer electronics comprising of TV sets, audio systems, VCD players and others; and appliances referred to as “white goods”, which includes washing machines, microwave ovens, air conditioners (A/Cs).
MNCs with their superior technology and high spending on R&D have a distinct edge over Indian manufacturers. Domestic companies however, are able to have a standing owing to a far-reaching distribution network and a better understanding of the local market conditions. Presently sales volumes are the highest in the Unorganized Retail Sector.
In the rural areas the demand is also governed by the extent of government funding for infrastructure development, particularly with respect to electricity.
RNCOS, an India based market research company, in its report “India Retail Sector Analysis (2006-2007)”, highlights the overall contribution of the Indian consumer durable sector in the Indian Retail Industry. The existing size of this sector stands at an estimated USD 4.5 Bn.
There has been stiff competition among major MNC brands like Sony, Samsung, and LG; especially in the high demand categories like flat screen TVs and frost-free refrigerators. In 2005, sales volume for Indian TV and Refrigerator stood at a whooping 8.9 Mn and 4.2 Mn respectively.
The research report addresses the opportunities and the challenges in the Indian Retail Sector that are critical to the success of Indian Retail Industry in general & Organized Retail Industry in particular.
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