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On the other hand, the application of
information technology in the retail sector has been on the
rise over the past few years, across the world. It has
significantly improved the effectiveness of various
activities like operating the stores, merchandise
management, inventory management, sales forecasting, etc.
Technological advancements have also prompted retailers to
focus on television shopping and online shopping. All these
developments create a host of employment opportunities.
The unorganized sector in retailing does not provide
advanced and technological facilities as provided by the
organized sector. The change in customer preferences helps
organized retailers provide a wide variety of products with
state-of-the-art display and stocking capabilities. The
retailers in the organized sector set up stores on a large
scale with different kinds of products. |
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This allows them to bargain with their suppliers, thus, giving them the
advantage of lower costs and supply chain efficiencies. These advantages
combined with a highly trained staff increase productivity and lead to
competitive pricing of the products.
The McKinsey report that India is poised to witness an explosive growth in
the organized retail sector has inspired many national and international
companies to enter this sector in a big way. Apart from the existing
industry giants such as the TATA, RPG, ITC, etc., new players like Reliance
Industries are planning to enter this segment in a big way by establishing
shopping malls, in India's major cities and pumping insignificant
investment. Many of the international retailers are waiting at the country's
doorstep to enter the market. Recently, global retail giant Wal-Mart
International's CEO and President, John B Menzer, met the Prime Minister,
Manmohan Singh, to discuss the opening up of the retail sector. Wal-Mart is
planning to invest substantially once this sector opens up.
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