Retail technology is an ever-changing beast. More compelling microchips, higher definition screens and fantastic new software drives this market, with the end product being a wealth of big data. As the retail sector witnessed unprecedented growth, India has emerged among the most desirable retail destinations in the world. Even though modern trade is growing at 15 to 20% per annum, it has a low organized retail penetration of just 8%.
The Indian retail industry over the past few years has been able to mark a significant exponential growth in the same lines as the IT industry.
India’s economic growth and its demographic profile make the country a compelling business case for global retailers planning an international foray. The strong economic growth is attributed to high disposable incomes, growing middle-class influence, increasing individual wealth and the country’s large young population. The untapped rural sector and the lesser developed Tier II and Tier III cities provide ample opportunities for growth. It's a long game and advancing innovations which can be on the rise for a very long time. Especially in India, RetailTech is a big ballgame. Major players like Flipkart, Myntra, eBay are the prime example. Even international retail companies are jumping into Indian markets to reap the benefits. So it becomes our prime priority to emphasize and help startups in India who are into retail. A goal to incubate the next ‘Flipkart’.