The Retail Sector in India has seen phenomenal growth in the past years. According to the recent report by Times of India, the Global Retail Development Index 2012 says that, India ranks 5th among the top 30 emerging markets for retail.
Many factors have contributed to the boom in this sector. One of the major reasons for the boom in Indian Retail Industry is the rise of consumerism. Unlike, a decade ago, people are spending more on the luxury goods now than ever before. The increase in the Purchasing Power Parity (PPP) of people has resulted in the shoot up of retailing facilities in India.
India also has a high internal consumption pattern. Due to the large population the internal consumption rate is very high. Also, owing to the diversity in cultures, religions and family values that promote larger expenditure on special occasions like festivals and marriages, keeps the machinery of retail sector well-oiled and working.
More number of Indians are travelling abroad these days. This has exposed people to numerous cultures and ways of life. As a result, there has been greater exposure to brands. This is the main reason for increasing brand loyalty among the Indians.
It is said that the big fat wedding culture of India is also one of the defining factors of the Indian Retail Sector. This is because marriage is a time when everyone irrespective of any religion, caste, creed or economic status engages in buying gifts. This provides a new dimension to the retail sector.
The Indian Retail market can be divided into two parts:
– Organized sector
– Unorganized sector
It has been pointed out that with the large number of opportunities in this sector comes the completion. The Indian Retail industry is now looking for a number of specialized retail professionals. The basic skills required for a person to succeed in the retail industry are conceptual understanding, analytical skills and details, observing the customers and understanding them and understanding global retailing strategies and market among others.
Therefore, it is evident that if you wish to have a career in this ‘semi-hospitality’ sector then you must have knowledge of all the front end issues such as Customer Relationship Management, ERP, Merchandize Mix, Retail Store Operations, and Customer Marketing etc. It thus becomes imperative for an aspiring professional to gain in-depth knowledge of the concept of retailing.
One mode of gaining such knowledge can be online courses. EduKart.com has designed various Certificate Courses in Retail Management, which will allow you to gain an insight of this field. These courses are certified by Retailer’s Association of India. The various courses have been comprehensively designed by industry and subject experts.