Retail Banks On Highly Optimised Supply Chains For Growth: Report
The report pointed out that 95 percent of industry experts believed that creation of highly optimised supply chains would drive growth in retail in the next five years
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Almost 20 percent to 25 percent of the workforce in the retail sector would be deployed in jobs that have radically changed skill set requirements in the next five years, according to a recently released report by FICCI-NASSCOM and EY.
The report pointed out that 95 percent of industry experts believed that creation of highly optimised supply chains would drive growth in retail in the next five years. It also highlighted that more than 76 percent of the industry experts believe that rising middle-class and business innovation would drive growth in the sector.
Anurag Malik, partner, people and organisation, Advisory Services, EY, said, "New business models such as e-commerce and mobile based e-retailing are increasingly becoming popular in India across tier I, II and III cities. The impact of this growth is already visible on the job market.”
He added, “The e-commerce companies are creating new job profiles in logistics, warehousing, web and app design, system integration, customer service, big data and machine learning. Hence, the need is to acquire new skill set through training, learning and development, adopt technology and be market ready for the changing job roles in the retail sector.”
The report also stressed on the demand for a resourceful planet and sustainability, and under demographic changes, it cited increasing urbanisation, and the rise in middle-class, as well as a higher proportion of young population.
The potential new job roles that the retail industry respondents have listed are retail data analyst, digital imaging leader, IT process modeller, digital marketing specialist and customer experience leader.
The report noted that 90 percent of the respondents believe that collaboration with other industry partners for creation of a larger ecosystem and making changes in existing processes are key initiatives by industry players.
Further, re-skilling of employees was rated as a key initiative by 71 percent of the industry players. The report also said that 95 percent respondents expect big data and cloud to be a key technology trend in the coming years.