Report on the Future of Retail, developed for the Annual Meeting in 2017, projected that consumer-centric industries will go through more change in the next ten years than they have in the last forty. It also explored the ways in which the Fourth Industrial Revolution will accelerate, introducing game changing technologies, enabling once-impossible business models, and further empowering consumers.
This report explores the implications of that acceleration. It offers research-driven counsel on why organisations in the industry need to change, the features of the operating models that they should adopt, the associated challenges for employees, and the societal actions needed to best manage the scale of disruption to come.India’s GDP growth of 9.4 per cent in 2006-07 is the highest posted for over 18 years, reflecting the booming economy of the country.
Retail is one of India’s largest industries, contributing to about 10 per cent of the GDP and providing employment to 8 per cent of the nation’s workforce. Indian retail business promises to be one of the core sectors of the Indian economy, with organised retail sector estimated to grow by 400 percent.y. With 54 percent of the Indians aged below 25, the young Indian consumer is buying big to look good and feel good.
The global survey garnered
Viewpoints from 350+ respondents tounderstand the ongoing and emerging trends shaping the world of work for the Retail sector. These trends were then juxtaposed with retail trends in India through interactions with HR leaders in India to validate the themes and arrive at the insights outlined in this paper.understand the ongoing and emerging trends shaping the world of work for the Retail sector.
These trends were then juxtaposed with retail trends in India through interactions with HR leaders in India to validate the themes and arrive at the insights outlined in this paper.Increased digitization in Retail Distinct approaches to digital have talent implications, since organizations with a more robust digital model are likely more capable of attracting, engaging, and retaining talent. Although only 26 percent have the readiness to go digital, leaders do understand the importance of developing and adopting sophisticated technology in retail.
Balanced, dynamic staffing models Indian retailers are in a constant endeavor to find a perfect fit between the employee skills, job role, and organizational culture. Retailers have started exploring dynamic and collaborative staffing models, which offer varied choices to employees, to leverage to cultivate more long-term employment relationships.
Retail is a preferred employment choice As an endeavor to attract talent and be a preferred employer of choice, the initiative that has attracted maximum attention and resources, is an effective portrayal of the employer brand of the organization. The employer brand is now being effectively used by the retailers to distinguish themselves, promote their strengths and values, and highlight what makes them an employer of choice.
Modern technologies have gifted the retail sector with several advancements. Hence, the retail sector is going through a revolution that has led to the creation of retail culture.
Due to this a lot of avenues, business opportunities, and jobs are opening up.
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