The retail sector is excelling in workplace culture in all aspects as compared to other industries such as technology, manufacturing, healthcare, food, and beverages, to name a few. The difference between retail and other industries ranges from 1 percent to 4 percent based on employee perception in a survey of over 1.7 lakh employees, including 78 percent men and 22 percent women, mostly between the ages of 26-24 years. Impartiality, equity, and collaboration were the most frequently scored areas in the retail sector (4 percent) while justice, friendly, and personal jobs had a 1 percent higher ratio than other industries.
According to findings from ‘Great Place To Work’ from India’s Best Workplaces in Retail research, growing at a compound growth rate (CAGR) of 10–11 percent, the retail industry is revolutionizing itself from Kirana stores to e-commerce. By 2026, the Indian e-commerce market is anticipated to be worth $200 billion. Online, offline, and hybrid retail business models are emerging, as are experiential stores in both online and offline versions. When it comes to consumers, between 2011 and 2021, India's purchasing power increased from 15.55 to 23.13 (as per purchasing power parity index).
“The retail industry in India has been growing rapidly in recent years, driven by the country's expanding middle class and increasing purchasing power. From online shopping to AI-powered personalization, retailers are exploring innovative ways to attract and retain customers in an increasingly competitive landscape. According to a recent report by the Retailers Association of India (RAI), the retail industry in India is expected to reach $1.1 trillion by 2026, growing at a compound annual growth rate (CAGR) of 10-11 percent. With the increasing urbanization and changing lifestyles of consumers, food, and grocery retail, which accounts for the largest share of the retail market in India, is also expected to grow significantly in the coming years,” said Yeshasvini Ramaswamy, Serial Entrepreneur and CEO, Great Place To Work, India.
She further added, “The government has also introduced various initiatives, such as the 'Make in India' program and the 'Digital India' program to encourage investment and support the growth of the retail industry. Retailers who can effectively meet the evolving needs of Indian consumers will be best positioned for success in the market. Congratulations to all our winners on achieving this great accomplishment. I have faith that the industry and its leadership will continue to establish international standards for workplace culture. India has a lot to offer to the world.”
The report also found that employees in the retail sector are reporting an increase in positive workplace experiences from 84 percent in 2018 to 91 percent in 2022, with retail ranking among the top industries to work for on the employee experience spectrum.