Image Source : REPRESENTATIVE India witnessed a jump of 5.4% in retail sales over 2021
With retail sales of $3.23 billion (around Rs 26,852 crore) in 2022, India has moved up to 11th position in the top markets of direct sellers ranking, as per the World Federation of Direct Selling Association (WFDSA) report.
As per the WFDSA report, Indian direct selling has registered a growth of 5.4 per cent over 2021 retail sales. On a constant dollar basis, the Indian market attained the highest Compounded Annual Growth Rate (CAGR) of over 13.3 per cent during the last three years, it added.
The report further mentioned that the global direct selling industry reported a decline of 1.5 per cent in 2022 to USD 172.89 billion.
US top retail seller
The United States continues to remain a top retail seller with direct sales worth $40.52 billion, a decline of 5 per cent over 2021. It was followed by Korea, Germany, China, Japan and Malaysia.
Indian Direct Selling Association (IDSA) Chairman Rajat Banerji said: “India’s direct selling market is growing steadily and has the potential to place itself in the top five global markets over the next decade.”
With the notification of Consumer Protection (Direct Selling) Rules 2021 and its subsequent amendment, the direct selling industry in India should see stability that could inspire investor confidence as well as interest from the large global direct selling companies, he added.
“Only three among the top ten (sellers) are in India today and we would like to see all start their business in India,” Rajat added.
IDSA is a self-regulatory body for the direct selling industry in India.
(With PTI inputs)
Latest Business News
Source link
