Covid-19 has been a litmus test for resilience and adaptability, and the Indian retail sector has been largely successful in navigating the crisis by accelerating digital adoption and the shift to online. The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It achieved 93 percent of pre-Covid level sales in February 2021. It accounts for over 10 percent of the country’s gross domestic product (GDP) and around 8 percent of employment. India is the world’s fifth-largest global destination in the retail space.
E-retail has been a boon during the pandemic and according to a report, the e-retail market is expected to grow to US$ 120-140 billion by FY26, increasing at approximately 25-30 percent per annum over the next 5 years. The Indian retail market has witnessed a massive growth of 3X over the last decade.
The Government of India has introduced reforms to attract Foreign Direct Investment (FDI) in the retail industry. The Government has approved 51 percent FDI in multi-brand retail and 100 percent FDI in single-brand retail under the automatic route, which is expected to give a boost to ‘ease of doing business’ and ‘make in India’ schemes, with plans to allow 100 percent FDI in e-commerce.
Cumulative FDI inflows in the retail sector stood at US$ 3.61 billion between April 2000 and June 2021. India’s retail sector attracted US$ 6.2 billion from various private equity and venture capital funds in 2020. India will become a favorable market for fashion retailers on the back of a large young adult consumer base, increasing disposable income, and relaxed FDI norms.
The retail sector employs workers in many different types of positions. The pay isn’t always great, and you’ll need a flexible schedule for many jobs working in retail. However, not all roles require formal education, and there are opportunities to grow with a company and move up the career ladder. Because of the large number of employees in the field and the scope the retail industry covers, there are plenty of opportunities for career advancement. Once you’ve moved up from an entry-level job, there are opportunities for decent-paying department store and management positions, especially with the larger national chains. You’ll also likely find IT, security, and administrative positions at the major retailers. For college graduates interested in making retail a career, many leading retailers have management training programs, and they actively recruit students and recent graduates.
The best job for one person may not be the right fit for someone else. It depends on your skills and interests and what you want to get out of your work. For example, cashier positions are often low-paying but may allow you to work a flexible schedule around school or other responsibilities. Retail sales associates can earn more, especially when there is an opportunity to get paid a commission, but you’ll need strong interpersonal skills and the ability to close a sale.