What: Coresight released its report on the trends to watch in India for 2024.

Why it is important: India is a major market both in terms of national size, but also in terms of trends shaping their customers’ behaviour… who are expected to travel the world in a massive manner and therefore have new expectations when visiting international department stores.

In 2024 and beyond, ten key trends are set to shape India’s dynamic retail sector, offering strategic opportunities for brands and retailers:

1. Expansion to Tier 2+ Cities: Retailers and mall developers will venture into Tier 2 and 3 cities, tapping into emerging consumer markets beyond metropolitan areas.
2. Retail Sector Consolidation: Larger conglomerates will dominate the retail landscape, enhancing their presence through technological efficiency and expansion beyond metro cities.
3. Year-Round Online Sales Events: E-commerce entities will organize sales and shopping events around various festivals and holidays throughout the year.
4. GenAI-Driven Personalization: Brands and retailers will use generative AI for hyper-personalization to enhance customer experiences.
5. Focus on Sustainability: Sustainability will become crucial for customer retention and loyalty, with consumers increasingly seeking eco-friendly products.
6. Immersive Shopping Technologies: Augmented and virtual reality technologies will be employed to create more engaging and immersive shopping experiences.
7. Growth in Luxury Segment: India will become a key player in global luxury retail, driven by rising domestic demand and international luxury brands establishing a local presence.
8. Rise of Video Commerce and Influencer Marketing: Brands and e-commerce platforms will increasingly use influencer marketing and video commerce, including livestreaming, to boost customer engagement and informed purchasing decisions.
9. E-Commerce Expansion Beyond Tier 3 Cities: E-commerce will reach rural markets, extending beyond Tier 3 cities with improved delivery infrastructure.
10. Intensified Private Label Competition: The growing consumer interest in private labels will lead retailers to strengthen their private-label brand positioning and explore new product categories.
    Overall, India’s retail sector is expected to undergo significant transformation and growth, driven by a mix of geographic expansion, technological innovation, and evolving consumer preferences towards sustainability and premium offerings.

The 10 retail trends to watch in India