A new retail ecosystem is emerging with convergent solutions for shoppers and retailers On 24 March, the government effectuated one of the world’s strictest lockdowns to combat the spread of covid-19, which changed consumer behaviour and purchasing patterns.
According to a World Economic Forum (WEF) and Bain & Co. report, titled Future of Consumption in Fast-Growth Consumer Markets – India, released in January 2019, about 66% of India’s overall consumption is accounted for by households earning less than ₹5 lakh, out of which 32% is contributed by households earning less than ₹2.5 lakh, annually.
The lockdown and its ramifications on employment and earnings in these low-income households means that we might see a large contraction in our