Indian retail to double
Economic Times | Indian retail market expected to nearly double to US$ 1 trillion by 2020.
Indian retail market is seeing a surge in entry of new players and is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, said a joint report by consulting firm Deloitte and Retail Association of India. The employment base of the retail industry is expected to touch 56 million by 2022 “across conventional and specialized retail segments,” said the report.
It further said that the foreign direct investment accounted to US$ 537.61 million till March 2016. Business to business e-commerce market which is expected to touch US$ 700 billion by 2020 and business to consumer e-commerce market is expected to reach US$ 102 billion by 2020.
The employment base of the retail industry is expected to touch 56 million by 2022 “across conventional and specialized retail segments,” said the report published today.
However, the attrition level across the industry is continuously increasing amidst shortage of trained manpower, especially for store workers. The attrition amongst the entry and mid-level is more than 30 percent annually, led by food and grocery retail stores and auto and auto component stores.
Hence, the retail industry is putting smart HR analytics in place to detect possible good successors, in a speedy and efficient manner, it pointed out.
“A retail giant for example, has a talent transformation programme where people are made to identify their skill sets. Based on the skill sets, customized career paths are designed for the employees in order to create a talent pipeline for all verticals,” said the report – Surfing tides of retail change.
High-end luxury retailers are adopting new ways of training employees with international assignments, internships, and job rotations. However, value based retailers are still conventional in their approach “but are expected to follow soon.”
“A fashion retail giant deployed staff from their Singapore unit to their pilot store in India along with the new hire Indian staff for training and handover for initial few months of their setup,” it said.