The Indian retail industry is undergoing a sea change with more and more multi national corporations entering the sector. The perception about the Indian retail sector is changing with emergence of luxurious and spacious malls. Even though the Indian retail industry is dominated by the unorganized sector, the organized sector has started to establish its roots across various cities in India. With this, the traditional norms that existed in the retail industry has started to change.

The recent developments in the retail industry

The retail industry is witnessing emergence of new formats such as departmental stores, Super markets, hyper markets, and malls. These are the new faces of the retail industry. The large multinationals are planning to set up retail outlets across the country with huge capital investment. This is going to create huge employment opportunities as the industry requires huge amount of man power. For example, Bharti Wal-Mart is planning to open 8 to 10 retail outlets across various cities and this is expected to create employment opportunities for about 4000 people towards the end of the year. It is estimated that the retail industry will create job openings of around 60 to 80 lakh by 2016. India which is rich in middle class has become a favorite destination for global retail corporations as the purchasing power of the middle is increasing.

The value and growth of retail sector in India

The exploding retail sector in India is expected to reach a value of $640 billion by 2015, which is double the value of the sector in 2007 ($330 billion). The total retail sale in India currently is $392 billion. Based on an estimate by McKinsey & Company, the Indian retail industry is expected to grow to 14 to 18 per cent by 2015. Food and beverages, electronics and apparels are few of the segments in the retail industry that are experiencing higher growth. It is estimated that the consumer electronics segment will grow at a rate of 55 per cent during 2011-2014. The food and beverages segment is expected to reach a value of $150 billion at the end of 2025.

The potential of organized retail sector in India

The growth potential for the organized retail sector in India is very huge. In India, the organized retail sector was able to penetrate into only 8 per cent of the total retail market, while that in the United States is 85 per cent. It is expected that the organized retail sector will capture 25 per cent of the market by 2018. The sector is expected to grow both in the urban and rural areas, which serve the luxury segment in the urban areas.

The increasing role of global retail giants

The nod by the central government to accept FDI in the sector has opened up the markets for global retail giants such as Wal-Mart, Starbucks etc which will make the market more competitive. Many of the global retailers have tied up with Indian firms to explore the large Indian market. The leading Indian retail companies include future group, reliance fresh, Pantaloon, Tata trent, More etc.

Careers opportunities in the retail industry in India

The career opportunities in the retail sector are very large. The various opportunities in retail industry are in the areas such as inventory management, supply chain management, sales and marketing, public relations etc. The various roles include cashier, sales personal, store manager, administration etc. The managerial positions vary from store manger to national head, with many positions in between them, which usually changes with the organizations. In most of the retail stores, the store manager will be in charge of the whole store. The store manager has to meet certain revenue target, which is divided to employees in the stores.

Another attractive opportunity is that of merchandising, which is mainly concerned with purchase of goods that are offered for sale in the store. This requires knowledge about supply chain, and understanding of accounting. In case of becoming sales personal, the individual must have strong communication skill which will help them in persuading the customers to purchase goods.

A growing area of opportunity in the retail sector is the area of software which is finding increased use. The software jobs in the retail sector involve the use and customization of CRM software, e-commerce, and point of sale terminal customization.

Since most of the jobs in retail sector involve contact with the customers, they should have excellent communication skill together with a pleasing behavior which will make the customers comfortable. The store employees should always approach the customers with a smile and should have excellent product knowledge so that he or she can help the customers with choosing the product.

Courses in retail management

There are many institutes that offer courses in retail management. Such courses will help individuals to develop competencies that are required by the retail industry. It will usually include personality development, which make you dynamic and develop the right kind of attitude that will make you successful.

What salary can be expected in the retail industry?

As the retail industry in India growing at a healthy rate, the salary offered and the speed of progression is becoming high. The need for candidates with right kind of qualifications and competencies are also on the rise.

In the case of sales personnel, the salary ranges from Rs 6000 to Rs 15000 per month. They also receive incentives and bonus in addition to their salary. In the case of a store manager, the salary is of the range of Rs 30,000 and above per month. In the case of employees above the level of store manager, the compensation is usually above Rs 50000. In the case of national head, the compensation is often above Rs 200000 per month.

The retail industry in India is going to grow at a faster rate and so will be the career opportunities and the compensation offered. The career opportunities are challenging as well as promising for any individual with good skills.