Retail in India is gradually inching in its ways towards becoming the next boom Industry.
Organized Retail on India has changed the whole concept of shopping in terms of consumer buying behavior.
The organized retail in India is expected to grow stronger than GDP growth in next Five year. Retail market in India is projected to grow from an estimated US$ 672 billion in 2017 to US$ 1,200 billion in 2021. Online retail sales are forecasted to grow at the rate of 31 per cent year-on-year. India is expected to become the world’s fastest growing e-commerce market, driven by robust investment in the sector and rapid increase in the number of internet users.
After metros and large cities, organized retail industry has started penetrating smaller cities & towns.
All these are changing market dynamics because customer is more brand conscious, now in India. Right from a 5 year old child to a 60 year old man wants the best and the latest brand in the market and his preference is globally determined since the world has become a global village.
Due to above changing global business environment the challenge before retailers is getting quality & specialist manpower.
Retail productivity in India is very low compared to international peer measures. Total retail employment in India, both organised and unorganised, account for about 6% of Indian labour work force currently – most of which is unorganised. This about a third of levels in United States and Europe; and about half of levels in other emerging economies. A complete expansion of retail sector to levels and productivity similar to other emerging economies and developed economies such as the United States would create over 50 million jobs in India.
Now it is necessary that a student in addition to bookish knowledge in MBA should have authentic retail domain knowledge. We advice students to do MBA with retail certification to boost their career in retail Industry. A large number of students those who prefer MBA are joining Hierank Business School , Noida Delhi NCR.