With MBA aspirants increasingly opting for the Retail management specialization, the Indian and multinational conglomerates are eyeing the talented graduates to hire the skilled graduates to fill the contemporary job roles. India, being one of the highly preferred country by many large conglomerates in Retail market has shown robust growth in Indian retail market. It can be prominently seen in the tremendous growth in the past ten years & is still expected to rise by $1.1Tn by 2027 & 2TN by 2032.
Currently the retail space is dominated by Food & grocery (63%), Apparel& footwear (9%) and consumer electronics (7%). India currently has the 4th largest retail market in the world due to consistent flow of Foreign Investment over the years. In the retail space, conglomerate has expanded to occupy retail space of nearly 23.25 million square feet in 60 plus malls which will become operational by Fiscal year 2024-25. The people shopping online in India are expected to reach ~500Mn in 2030 which is addition of 150 million from 2020 & as such India’s Digital economy is expected to touch $800Bn by 2030.
The gigantic statistics shared above is a testament to the plethora of job opportunities awaiting the skilled professionals in the retail domain. The Retail sector of India accounts for over 10% of the country’s GDP and around 8% of the workforce which is 35+Million. The retail sector alone is expected to create 25 Million new jobs by 2030. With such growth of the retail sector especially with the international conglomerates, there is a dire need for skilled retail management professionals who can manage retail operations, sales, marketing, and customer service. This demand presents ample opportunities for retail management aspirants to build a successful career in the industry.
All about Conglomerates
Going by the books, a conglomerate represents one group that overlooks multiple business entities in entirely different industries. The Largest Indian Conglomerates is Reliance Industries Ltd. followed by Tata Group which has more than 100 years of experience. Mahindra group as well as Bajaj Group comprises major rising of the Indian auto sectors in retail space. The telecom industries have Bharti Group & Reliance Jio.
In the multinational category, the established conglomerates includes latest being UAE Retail company Lulu Group with malls in various Indian space. The British Dutch company Unilever has been one of the oldest Indian conglomerates among the other proved and dependable names such as Samsung – South Korean, LG – South Korean, General Electric (GE) – American, Nestle – Swiss, PepsiCo – American, IBM, Amazon, IKEA, the Swedish furniture maker, and Swedish retailer H&M among others. These conglomerates have been consistently keen on expanding their presence in the Indian retail segment.
Why Conglomerates need Retail Management Graduates?
The Jagan Institute of Management Studies, JIMS Rohini, offers PDGM – Retail Management specialization to the aspirants with an intent to help them capture the contemporary job roles which extent in the AI and AR models as well. The diverse range of products and services offered by the conglomerates opens wide avenues of jobs in the retail sector.
Conglomerates are keeping an eye on the Retail management graduate because they have the right acumen to bring several skills and benefits on the table. Retail management aspirants have a strong understanding of business operations. They are trained to understand and operate functions of supply chain management, inventory control, and cost management. This knowledge can help them regulate and manage multiple businesses and industries.
As organized retail in India is on the rise, due to the advent of e-commerce, and foreign players entering the malls and shopping centers space, retail management graduate are skilled enough to help them established and expand their retail chain operations. Beyond this, a Retail management graduate is trained to understand customers’ needs, preferences, and behaviors, and to create an optimal shopping experience. They are even trained in marketing and sales techniques, including creating effective promotions and advertisements, understanding consumer behavior, and building brand loyalty.
As conglomerates intend to build a strong brand image, MBA aspirants, are trained to handle and manage strong leadership roles and showcase effective management skills right from the beginning. Conglomerates can deploy these professionals to leverage their target audience across different industries and business.
Overall, retail management aspirants can bring several valuable skills to conglomerates, including customer focus, business acumen, marketing expertise, and leadership skills. As conglomerates operate across multiple industries, they can benefit from these skills to manage and grow their diverse range of businesses.