On 20th July 2017 in an interactive session with Mr. Mayank Jain, Regional Business Manager, Titan Eye Plus; the speaker threw light on the fact that retail in India is booming. He told the students that currently India is ranked number two in retail potential and has successfully jumped thirteen places of what it was last year. It is amazing to know that we are first in the world in terms of per capita retail ability.
Taking the discussion forward, Mr. Jain mentioned that the reason for this exponential growth is that we have very good market potential. The economic risk of all the retailers who are coming in India right now is extremely low. FDI has been taken to next level altogether. 100% FDI has been approved in unibrands and multibrands.
Furthermore, Mr. Jain also touched upon the fact that the market sizing is extremely important. Quoting an example of the same, he mentioned that “if the market size is around 1 crore rupees per annum and my market share is 15% then I would be earning 15 lakhs; which is not a viable component”. If we look closely towards the data provided we will notice that the market size of India is growing exponentially. Mr. Jain left the students surprised by mentioning the fact that the total Indian market size has almost doubled up in a span of four years. This has made India a very favored destination for all the retailers to come, grow and earn. He also mentioned how important a role does visual merchandising plays in retail.
To conclude, Mr. Jain, an alumnus of TAPMI, proudly mentioned that professionalism that TAPMI teaches can be realized only when one steps out in the corporate world. And this professionalism is very important in the retail sector.