Retail industry emerging as a dynamic industry having a positive impact on hiring: Experts
New Delhi: The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players, experts associated with the sector have said.
Mr. Yuvraj Aman Singh, Founder & CEO of Rocking Deals says, that E-Tail has provided a huge boost to the brimming retail landscape in India, which has had a positive impact on all levels of hiring in the industry.
Total consumption expenditure is expected to reach nearly 3,600 billion US Dollars by 2020 from nearly 2 billion US Dollars in 2018, which accounts for over 10 percent of the country’s Gross Domestic Product (GDP) and around 8 percent of the employment.
Singh said that India is the world’s fifth-largest global destination in the retail space.
Recent research suggests that India’s retail market is expected to increase by 60 percent to reach 1.1 trillion US Dollars by 2020 while online retail is expected to be at par with the physical stores in the next five years and has grown 23 percent to 17.8 billion US Dollars in 2017.
Research states that in the coming years, about 70 percent of the world’s growth is likely to come from emerging markets, with a whopping 40 percent contribution from India and China alone.
These industry prospects suggest that emerging markets are going to gain from investor interests in the coming future.
Add to this the coming of the e-Tail ventures, and the job market scene in the retail space looks two times happy.
Experts feel that there is going to be a huge influence on the retail hiring landscape thanks to this upsurge in e-commerce retailing.
As consumers shop online at leading commerce portals and other such e-tail outlets, the share of brick-and-mortar organized retail as a part of the overall modern retail market will shrink in the next five years.
Thankfully, when it comes to the size of the retail job market, that will see a positive trend – the job opportunities in the organized and e-segments will double by the end of 2019-2020.
The share of e-commerce is expected to jump from 4 percent in 2014 to 11 percent in 2019, while the share of physical, organized or modern retail is expected to fall from 17 percent to 13 percent, said a recent report “Think India. Think Retail”, But this also means that the job opportunities will double.
Retail spending in the top seven Indian cities of India currently amounts to Rs.3.58 trillion, with organized retail penetration at 19 percent in 2014, comprising physical stores at 17 percent and online at 2 percent.
The share of organized retail in the overall retail business will rise from 19 percent to 24 percent in the next five years, driven by online sales, the report said.
Such spending is expected to touch Rs. 83,900 crores by 2019 from the present Rs. 7,200 crores, said the report.