Covid-19 has been a litmus test for resilience and adaptability, and the Indian distribution sector largely succeeded in weathering the crisis by accelerating digital adoption and going digital. The Indian retail industry has become one of the fastest growing and fastest growing industries due to the entry of several new players. It achieved 93% of sales at the pre-Covid level in February 2021. It accounts for more than 10% of the country’s gross domestic product (GDP) and around 8% of employment. India is the world’s fifth largest retail destination.
Ecommerce has been a boon during the pandemic and according to a report, the online retail market is expected to reach US$120-140 billion by FY26, growing around 25-30% annually over of the next 5 years. The Indian retail market has witnessed a massive 3X growth over the past decade.
The Indian government has introduced reforms to attract foreign direct investment (FDI) in the retail sector. The government has approved 51% FDI in multi-brand retail and 100% FDI in single-brand retail under the automatic route, which should give a boost to “ease of doing” schemes. business” and “made in India”, with plans to allow 100% FDI in e-commerce.
Cumulative FDI inflows into the retail sector amounted to US$3.61 billion between April 2000 and June 2021. India’s retail sector attracted US$6.2 billion of various private equity and venture capital funds in 2020. India will become a favorable market for fashion retailers on the thanks to a large consumer base of young adults, increasing disposable income and the relaxation of IDE standards.
The retail industry employs workers in many different types of positions. The pay isn’t always good, and you’ll need flexible hours for many retail jobs. However, not all roles require a formal education, and there are opportunities to grow with a company and move up the career ladder. Due to the large number of field employees and the expanse of the retail industry, there are many opportunities for career advancement. Once you leave an entry-level position, there are opportunities for high-paying department store and management positions, especially in large national chains. You’ll also likely find IT, security, and administrative roles at major retailers. For college graduates interested in making retail a career, many top retailers have management training programs and they actively recruit students and recent graduates.
The best job for one person may not be suitable for someone else. It depends on your skills and interests and what you want to get out of your job. For example, cashier positions are often low-paying, but may allow you to work flexible hours around school or other responsibilities. Retail sales associates can earn more, especially when it’s possible to earn a commission, but you’ll need strong interpersonal skills and the ability to close a sale.