With retail sales of $3.23 billion (around ₹26,852 crore) in 2022, India jumped to 11th position in the top markets of direct sellers, as per the World Federation of Direct Selling Association (WFDSA) report. The report which was quoted by the news agency PTI said that in the previous year, India witnessed a jump of 5.4% in retail sales. Moreover, during the last 3 years, India witnessed the highest Compounded Annual Growth Rate (CAGR) of over 13.3% on a constant dollar basis.
The WFDSA report mentioned that globally retail sales plunged by 1.5 to $172.89 billion during 2022. The United States continues to remain a top retail seller with direct sales worth $40.52 billion, a decline of 5% over 2021. The other markets in top categories include Korea, Germany, China, Japan, and Malaysia.
India will place itself among Top 5
The growth in India’s retail sales has injected optimism in the mood of the industry with the chairman of the Indian Direct Selling Association (IDSA) Rajat Banerji claiming that soon India will place itself in the top 5 markets for direct selling. “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.”
IDSA is an autonomous, self-regulatory body for the direct selling industry in India. It acts as an interface between the industry and policy-making bodies of the Government facilitating the cause of the Direct Selling Industry in India.
Rajat Banerji emphasized that after the introduction of the Consumer Protection (Direct Selling) Rules 2021, the direct selling industry in India should see more stability and inspire investor confidence as well as attract global direct sellers towards India. “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.
(With inputs from PTI)
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Updated: 21 Aug 2023, 08:53 PM IST
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