Friday, August 18 2006 16:44 Hrs (IST) - World Time -

New Delhi: The retail industry has tremendous potential in India and could grow from $300 billion today to a $600 billion business by 2015 if it becomes inclusive, industry experts said at a seminar here today (Aug 18, 2006).

Retailing in India has understood the potential of the consumers who are at the bottom of the pyramid, the experts said at a seminar on marketing organised by the Confederation of Indian Industry (CII).

"It is high time we junk the fact that the poor are victims. They are resilient and creative entrepreneurs. They should be viewed as viable consumers," said Raghu Pillai, president and chief executive of Reliance Retail.

"India can catch the $600 billion mark only if there is a paradigm shift in the mindset that regards those at the bottom of the pyramid as potential consumers," Pillai added.

India has long ignored the capability of the retail sector and even though the country has leapfrogged the evolution stage, a lot needs to be achieved with more players venturing in, the marketing experts said.

"India has been able to leapfrog generations in the retail industry. This is because there has been a huge amount of consumption boom," said R. Subramanian of Subhiksha Retail.

Emphasising the importance of foreign capital in retailing, Subramanian said, "Retail trade should also be opened up to foreign players as for other sectors so that we can achieve the goal."

Maureen Johnson of global media group said, "Organised retailing in India can be achieved if greater emphasise is laid on customer relationship management. With skilled workforce and systematic approach India will transform the traditional marketing landscape seamlessly."