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Nitin Chhabra on how Ace Turtle is transcending boundaries & reshaping retail narrative
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Image: Shutterstock/>The retail landscape has constantly evolved over the past century. For example, in the US, mom-and-pop shops gave way to departmental stores that offered curated products and experiences to consumers under one roof. This was followed by the advent of big-box retailers such as Walmart, driven by value and convenience in the 60s. The advent of ecommerce however has been a disruptive event, challenging the basic nature of interaction with consumers. The current wave of disruption has been termed the “retail apocalypse”.
In contrast to its global counterparts though, the physical retail landscape in India isn’t under such a threat. Ecommerce contributes only approximately 5 percent of the overall retail market share in comparison to nearly 12 percent coming from online retail in the US. Even with the Covid-19 pandemic disproportionately boosting ecommerce growth, we believe the future of retail most likely won’t be binary. Brick-and-mortar retail is here