It's ironic that while the retail sector in India is estimated at US $350 billion, organised retail is estimated barely at US $8 billion. The upside is the expected growth rate. By 2010, organised retail is expected to grow up to US $22 billion, an estimated 40 % compounded annual growth of return over the next few years.
Numerous international retail giants from Australia, the United Kingdom, and the United States are entering the Indian market with enormous hope and investments. At present retailers in India only prefer to increase the number of outlets within a city or to other regions as a part of their expansion drive. But they will now need to fight the burgeoning retail space with many new shopping centers and growing new markets like the kids' retail revolution in apparel. To manage the tremendous volume of transactions and to beat international competition, Indian retailers have an immediate need for Customer Relationship Management (CRM) tools.
CRM will happen. It's simply a question of how long it will take and in how many ways retailers will benefit. Customer Relationship Management is important, especially for your repeat customers and for them to feel camaraderie with the retailer.
