More than half of all retailers (52 per cent) are planning to onboard fresh graduates this year, while two out of five (38 per cent) are seeking to recruit experienced professionals, stated a report by GI Group Holding. This emphasis on talent acquisition, it added, reflects the industry’s commitment to fostering growth and innovation.
In a report titled “The Great Indian Consumption Story”, GI Group Holding said that the retail industry experienced a rise of 8 per cent in job applications in 2023, while demand surged by 18 per cent, indicating a robust interest in retail roles. Per the details shared in the report, there has been a strong inclination among the youth towards careers in retail with 86.86 per cent of applicants aged between 18 and 30. Tier-I cities emerged as hubs for job seekers, constituting 58.49 per cent of the total applicant pool, followed by tier-II and tier-III towns. This distribution trend, it added, is expected to persist, reflecting ongoing industry dynamics.
Meanwhile, the logistics sector faced a 13.89 per cent decline in active jobs during Q3FY24, attributed to challenges during peak season fulfillment, even as the onset of 2024 saw a 10.24 per cent increase in new job postings, with projections of continued growth leading up to this year’s peak season.
According to the research, e-commerce is projected to reach Rs 26 trillion by 2030 from its current market size of Rs 8.2 trillion. Furthermore, the post-COVID-19 years have witnessed a surge in retail consumption, fueled predominantly by Gen Z and women, who account for 42 per cent of this growth. However, amidst this growth, challenges persist, stated the report, adding that 83 per cent of retailers expressed a desire to close skill gaps in sales/marketing, followed closely by logistics (77 per cent) and tech/analytical skills.
Also, tech adoption has emerged as a critical factor in driving growth and efficiency within the retail and e-commerce sectors. Businesses experiencing high growth demonstrate a higher level of tech adoption, emphasizing its role in reducing costs, managing inventory, and enhancing user experience.
Sonal Arora, Country Manager, GI Group Holding, said, “India’s retail, e-commerce and logistics sectors have witnessed phenomenal growth fueled by factors such as increasing internet penetration, smartphone adoption, and a burgeoning middle class. This growth has led to a surge in demand for efficient logistics solutions to handle last-mile delivery challenges, especially in tier-II and tier-III cities. E-commerce and retail giants and startups alike are investing heavily in technology-driven logistics infrastructure, including warehouses, fulfillment centers, and delivery networks, to streamline operations and elevate customer experience. Nonetheless, the sector continues to evolve rapidly, presenting lucrative opportunities for innovation and investment.”