Retail Plus
Chennai
Where did retail begin?
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Looking into how and why retailing evolved into what it is today
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Man is a social animal. He thrives on the need to survive and the need to belong. As purported by Darwin – it is this survival instinct that has brought about the evolution of civilizations. Going beyond the basic needs of food, shelter and clothing, Man has constantly invented ways to continuously upgrade his style of living. Thus was laid the ground for retailing.
It all began with the bartering and exchange of goods – be it for kind or currency. In fact the Greeks and Romans were the first to indulge in this form of trade. Following the Romans, who issued currency (gold coins with the Roman emperor’s insignia) many civilizations started holding informal markets in fairs which patronised people from world over. Over the years, these temporary markets became more or less permanent fixtures. In fact, they could be called a precursor for the shops and retailing – in a broader perspective.
Government policies – opening up of economy has resulted in globalization of markets. The average consumer gets to choose from a wide variety of products, hence there is competition which directly reflects on bettering the quality. It is a question of simple dynamics of living – when you are used to a particular quality and then given a better one, you automatically will search for something even better. There is no question of going down on quality. (again Darwin’s hierarchy of need).
Growing segment of upwardly mobile consumers. With the average age of workforce being 19 – 23, India has truly created a consumerist society with the BPOs accounting for major percentage of this young workforce. With the whole salary at their disposal and almost no liabilities, this young Turks have a wide variety of brands to choose from. One only has to look around to see the springing of multi-brand outlets or exclusive retail showrooms of international labels.
The Double Income No Kid (DINK) segment – what with both the partners working and also the emergence of women as not just a passive but an active participant in the dynamics of marriage – India has reinvented the wheel of economy and the economics of spending, thereby redefining the whole picture of retailing.
More nuclear families – decision-making has changed from the traditionally patriarchic to mutually consensual.
Growing shopping malls – with more outlets, there is more `shopping experience’.
Easy finance options – plastic money and easy finance options also help spend more.
Today, shopping is not just a necessity. It has become a lifestyle statement. More people are on the move. They spend a lot of time out – either because of work or commuting. It is no longer a 9 to 5 job. With work becoming a 24X7 fixture, the socio-economic factors are changing, which in turn produces a change in the market place. One such change is the growing acceptance of ready-to-eat foods. Previously, eating out was reserved for `special occasions’. It was truly a treat. Today, it has become nomenclature.
Another change is that women are no longer seen as the `person in the home’. She is no longer expected to cook three course meals all the time. Her `wants’ are also respected. With her being more economically independent, she can make the choice. It must be said, increasingly, even the males have adapted to this transformation – though grudgingly.
All in all, these factors have helped reinvent the average Indian from being savings-oriented to a consumerist – on par with the developed markets.
Retailing has an all pervasive influence on our lives. Just about anybody and everybody like to shop. It could be for necessity or for the sheer heck of it or for the pure pleasure of shopping. Whatever be the reason, retailing has come a long way from its humble origins.
SANDYA DEV
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