Mukesh Ambani’s Reliance Retail and Kishore Biyani’s Future Group are the only two Indian companies in Asia Pacific’s top 100 Retailers list, a report said. US-based Walmart and Jeff Bezos’ Amazon also feature in the India segment of Euromonitor International’s 2019 list of top 100 retailers in Asia-Pacific. Future Group leads Reliance Retail by eight ranks on the list. The Asian Pacific list, however, is topped by Jack Ma’s Alibaba Group Holding Limited, followed by JD.com inc, Seven and I Holdings Co Ltd, AEON Group. Amazon is ranked fifth on the list.
The retail landscape in the Asia Pacific is undergoing a great change driven by factors such as urbanisation, more single households, ageing and increasing disposable income. India particularly, along with Malaysia and Indonesia are expected to witness rapid growth in median household disposable income between 2018 and 2023, Euromonitor International report said. India and China have also led to a 93% growth in retail sales in the Asia Pacific between 2014 and 2018.
Top Indian retailers
American retail corporation Walmart ranked highest in the Indian retail industry. Following Walmart is Amazon, Future Group, Reliance Retail and Tata Group. According to the Euromonitor report, Indian retail has shown a strong current value growth and this is not just limited to online retail.
Indian consumer habits are also changing as urban households adopt modern lifestyles. This is especially applicable to big cities such as Bangalore, Mumbai, Pune, Delhi and Hyderabad. The change also impacts retail as more consumers shift to online markets even to make grocery purchases due to time constraint. Retailers are capitalising on the shift by introducing various marketing schemes and strategies. Future Group, for instance, launched payment wallet Future Pay.
Meanwhile, Reliance had released its Q1 results recently and the company said that its retail business is growing faster than the competition even when the FMCG industry is witnessing a slowdown. The company also said that Reliance Industry Limited’s consumer business, including both retail arm and telecom business via Reliance Jio, helped in compensating for weakness in refining and petrochemicals businesses.