India an OniomaniacPolitan of the World

Oniomaniacs are the ones who have an unrational sense of desire to buy and shop. India from the vantage point of retailers is yet to be developed into a paradise for veteran Oniomaniacs and novice Oniomaniacs. India having topped the GRDI (Global Retail Development Index) in the world is poised as a lucrative region for retail majors like Walmart and Carrafeur. With only 3% of the retail segment being organized the retailers have a huge scope of growth and wealth creation.

India offers them a huge population with increasing source of income, increasing standard of living and a population working in stressful culture. Malls provide an ambience which relieves stress and facilitates entertainment which ultimately ends up as intentional or unintentional shopping foray for the consumers. This is the reason you will find multiplexes, restaurants and play schools for children with shopping malls. Psychology of a customer is a major impetus/deterrent for shopping and has been the target of retailers.

With the advent of plastic money (credit cards) and growth of credit at 22% in India, our country is a green pasture for retailers. All the more both information technology and advertisement technology with huge penetration ability have played a vital role in burgeoning the ever expansive list of shoppers. According to IAMAI study, the market size of e-commerce was estimated to be Rs 7080 crores for the year 07/08 and the average rate of growth for the year 2007/08 was projected to be 30 per cent. 100% FDI in cash and trade will facilitate margins in retail pricing and will support schemes like season sales.

With such huge growth rate and factors yet to be unexplored, India will slowly transform into a haven for veteran Oniomaniacs and tyro shoppers. Far Fetched is not the fact that we will live with many more Oniomaniacs of our own country and Oniomaniacs from parts of world coming to India for shopping and will be tagged as “OniomaniacPolitan of the World“. Happy Shopping!!!