Govind Shrikhande
Retail is the Most Visible Face of the Progress of Consumerism.
The Variety of Products, Brands, Channels, and Players are a testimony of a country’s path towards Active Consumerism. India has had a History of rich traditions in Textiles and Handicrafts, and its markets have always been lively & colourful.
It is a country full of diversity – Language, Religion, Food, Movies, Festivals, etc. A hard-fought battle is in progress for the Game of Thrones in Indian Retail in 2025.
So who will be the Winner amongst the Rivalries, Plots and Twists amongst this Drama ??? Let us understand the various aspects of Indian Retail before we come to the conclusion …
Indian Retail’s Evolution
Indian Retail has gone through many versions over the last 77 Years
Version 1 – From 1947 to the 1990s
Driven by Haths/Week end Markets, Exclusive Outlets of Textile and Footwear Companies- Calico, DCM, Bata, Corona, etc, Rationing shops and mainly shortages … Sellers had a dominant hold during the period.
Version 2 – 1991 to 2005
Organised Physical Retail is born with the birth of Shoppers Stop, Pantaloon, Westside, Lifestyle, Big Bazar and the entry of many Global Brands like Levi. Malls started the journey of Modern shopping with a mix of shopping, dining and entertainment.
Version 3 – 2005 to 2020
Biggies like Reliance entered the market, Walmart tied up with Bharti BT Exied, Acquired Flipkart, Amazon entered India, & Online shopping started making an impact in a few categories – while incurring big losses. Mall Rats started growing their Tribe. Online players bought in Convenience and Endless choice.
Version 4 – Post 2021
COVID drove the adoption of Digital channels in a big way. Q Com, the new Hero, starts making a big impact, denting all the players. The majority of the Online ecosystem Players are still losing money. But VC money is still pouring in behind dark stores, customer acquisition, etc. A few Players had a successful listing only to see their market caps drop – post listing – Nykaa, Mamaearth, FirstCry, etc. Leading Malls have become Monopolies with no Vacancies and rising rentals. Brands and Retailers are in a Reset Mode with Overused buzzwords – Omnichannel and AI. Value Retail continues to outperform the market ..
Themes Of Indian Retail
Throughout this Journey of Retail, there have been some themes that have stayed and some have changed dramatically. We are going to look at the themes with the Titles of some Famous Songs.
- “Yeh Dosti Hum Nahi Chodenge”
India has more than 13 million Kiranas. They have been the backbone of Indian Retail for a long, long time. Many big players came and perished – but Kiranas have continued to be the most dominant players in the Industry with a share of more than 80%. Their Service, Khata system, Personal connect, Trust, and home delivery have made them indispensable. Qcom is posing the biggest threat ever for them. But Indian consumer still loves them, saying “Yeh Dosti Hum Nahi Chodenge “. Even today, the Street markets dominate the fresh and green shopping. And kiranas are also evolving, adopting digital and social media to remain connected with their customers.
- “Kitna Badal gaya Insan”
Consumers have changed dramatically over the last 77 years. They have become modern, demanding, choosy and fashionable.. Increasing Incomes, exposure to media and social media have made them more knowledgeable. We have 4 generations of Consumers – Baby Boomers, Gen X, Y and Z.. Each has their own way of shopping, Investing, Debt adoption, consumption of Media and Social Media. In today’s world, when the buzzword is AI (Artificial Intelligence), Value Remains Supreme across all these generations. And “Aaj Pehli Taarikh hai “for shopping still connects all these generations in spite of “Kitna Badal gaya Insaan.”
- “Aaja Aaja Tu Hai Pyar Mera”
There has been a continuous evolution of Customers’ preferences over the last 77 years. From Tailoring to Ready Mades, From self-cooking to Ready to cook, From Ready to Cook to Delivery of Food. From Online Delivery to 3o Minutes Delivery, From Slow Fashion to Fast Fashion – the generational changes are visible everywhere. Sometimes I wonder, how the Young generation has Time to work after spending so much time on OTT, WhatsApp, Insta, Facebook, LinkedIn, etc !!! And Q com seems to be making all of us lazy !!
From being Mall rats, consumers have evolved into social media rats and have less and less time. As a result, Qcom is the new “Pyar” – hence everyone is singing “Aja Aja Tu hai Pyar mera …”
Bichde Sabhi Bari Bari
Companies are run by People. They bring in Knowledge, Insights, operational excellence, Experience and much more.
A company establishes itself over a period of time through the Innovation, Foresight, Vision and hard work of its Management Team.
In the last 2-3 years, we have seen huge changes in the Top management of many Retail players in India whether Online Or Offline. Brands Or Retailers have seen big changes in their Leadership and many more are in the offing . Such changes can either Break or make the company as new team members can either kill the existing culture or create a new culture driving performance .
So “Bichde Sabhi Bari Bari” will have a lasting impact on the Players and Channels …
So, who is winning this Game of Thrones Battle ??
Clearly, the Fierce battle is being played for the Mind, Heart, Time, Wallet & Loyalty of the Consumer with offers, reels, discounts, speed, etc. It is a Pitched battle with Pace, Swing, Spin, Alliances & lots of Funding.
The Retail Market size by 2030 is projected to be 1.6 Trillion USD, with the Digital Sector at app 300 bln USD, with almost 600 million online consumers.
Retailers who integrate seamlessly Online & Offline — offering digital discovery, personalised deals, and instant or scheduled delivery — will win. Technology from a support service will be the sword as well as a shield: AI-led inventory management, predictive analytics, and digital payment innovations will decide who wins the wallet.
The next chapter of India’s retail saga will continue to be about coexistence, not conquest. Physical retail will modernise and adopt digital tools. E-commerce will expand into Brick and Mortar, rural India and deepen customer engagement. Q-commerce will find its niche in urban centres while fine-tuning profitability.
Ultimately, India’s retail “Game of Thrones” will not crown a single ruler — instead, it will reward those who adapt, innovate, and serve a billion diverse consumers across languages, cities, and aspirations.
In this battlefield, speed is power, technology is armour, and trust is the ultimate currency. The best experience will be the winner
But clearly, the Throne is for the King Consumer and not for the Individual Players or the Channels. Indian Consumers’ relentless focus on Value will continue to drive the fortunes of all the Players and Channels. The Indian Raja or Rani are difficult to win over. And the players will realise again and again – that Customer is the King and the Throne Always belongs to them …
Picture Abhi Baki Hai mere Dost