Business Transformation on Retail Operations Due to COVID-19 and Its Impact on Indian Economy

Abstract

Year 2020 brought a huge challenge in business environment all over the world due to COVID-19. India is not an exception and faced similar challenges which impacted heavily on the economy. India has a huge retail market being the second largest populous country in the world with huge potential and young workforce. It is an important factor for the GDP growth of any country. The aim of this paper is to compare the past, present and predict the future economic scenario by considering various factors which majorly impacted the retail market due to COVID-19. A huge transformation observed in the retail business. Buyers’ choices shifted away from local retail purchases to online. Buying behaviour and consumer spending have shifted towards online purchases and also card transactions. This research also aims to study the impact of COVID-19 on Indian economy and way out of the downfall. Keywords: Buying Behaviour, Economic Growth, India, Pandemic, Retail Business.