India sees boom in global direct sales; Ranked 11th
India records highest global CAGR; Chairman of IDSA predicts India as top 5 soon.
India has fared in the 11th position for the top global direct selling markets, as per WFDSA (World Federation of Direct Selling Association). Direct Selling is a business model where products or services are sold directly to consumers, typically outside of a traditional retail environment. They operate through a variety of methods such as door-to-door sales or online sales etc.
PTI cited India’s surge of 5.4% in retail sales i.e. India had retail sales of Rs. 26,852 crores and a CAGR (Compounded Annual Growth Rate) of over 13.3% for the last three years, the global highest so far in a constant dollar basis.
The top-tier rankers are the USA, Korea, Germany, China, Japan, and Malaysia. America secured the top position yet again with a whopping $40.52 billion in retail direct sales, albeit a decline of 5% over 2021.
To reach the top 5, India has to take serious leaps. Rajat Banerji, chairperson of the Indian Direct Selling Association, an autonomous, self-regulatory body for the direct selling industry in India which acts as an interface between the industry and policy-making bodies of the government facilitating the cause of the Direct Selling Industry in India said, “Only three among the top ten (sellers) are in India today and we would like to see all start their business in India”
Banerji emphasized that the aftermath of introducing and the amendment of the Consumer Protection (Direct Selling) Rules 2021, will bear sweet fruit by providing direct selling industry stability and inspiring investor confidence as well as attracting global direct sellers towards India.
The growth in India’s retail sales has caused a paroxysm of optimism in the mood of the industry with the chairman of IDSA 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,” he added.
This win for India comes at a time when global direct reported a 1.5% fall to $167.89 billion in 2022 proving the overall resilience of Indian markets in a collapsing global economic scene! The top 10 Direct Selling Companies in India in 2022 have been listed as Asclepius Wellness Pvt. Ltd., Avon Beauty Products India, and Tupperware India Pvt. Ltd, Glaze Trading India Pvt. Ltd., Mi Lifestyle Marketing Global Pvt. Ltd., Forever Living Products (India) Pvt. Ltd., Oriflame India Pvt. Ltd., Vestige Marketing Pvt. Ltd., Modicare Ltd., SafeShop aka Safe&Secure Online Marketing Pvt. Ltd. This industry has become a beacon of hope for the Indian Economy as it attracts global players even more.
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