The total addressable market for value lifestyle retail market in India was worth $88 billion in FY 2021, as per a RedSeer report. This market is expected to touch $175 billion by FY26. While the size of the market is huge, it is divided into three components – mom-and-pop stores, organized retail, and e-commerce. In the value retail segment, the largest component is the neighborhood mom-and-pop stores, which hold 75 percent of the market share, while organized retail is 17 percent, and e-commerce is 8 percent. Hence, the organized retail and e-commerce segments are the ones that are likely to grow in the next few years.
According to the report, the overall number of online shoppers is expected to grow from 150 million in FY21 to 350 million in FY26. Online shoppers from the emerging segment are expected to witness an approximately threefold increase, up from around 78 million in FY21 to around 255 million in the financial year 2026. Additionally, mid-income buyers will account for 73 percent of online shoppers by FY26 and will drive the growth of value e-commerce.
In tandem with this, Snapdeal plans to take over overall India’s value e-commerce segment. It has built a leadership position in this segment and rolled out multiple initiatives that make it easy for buyers to discover value-priced merchandise, and for sellers to tap this mega opportunity.
This story is from the May - July 2023 edition of Retailer.
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This story is from the May - July 2023 edition of Retailer.
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