MUMBAI -- India's merchandise retail sector is set to see a rise of digital commerce in the next decade with the government-planned introduction of 5G network, according to participants in an Indian retail sector meeting held in the Indian financial hub.
The two-day Phygital Retail Convention 2022 starting from Wednesday focuses on the evolution of the retail sector and understanding the trend and changes the sector is expected to see in the South Asian country.
Speaking at the inaugural session, Arvind Singhal, chairman of Technopak Advisors, a management consulting firm in India, said, "Open network for digital commerce will be the biggest transformation in Indian retail as the 5G network penetrates and facilitates in product discovery much faster."
India has planned to launch its 5G network in about a dozen selected cities in the first phase.
The introduction of 5G network is also expected to bring about changes in consumption and spending pattern among Indian consumers.
"If India's per capita consumption crosses the 5,000 U.S. dollars hurdle over the next decade from 2,000 U.S. dollars as of now, then discretionary spending will rise as the country's merchandise retail will rise to 1.8 trillion U.S. dollars from the 800 billion U.S. dollars now," Singhal said.
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