The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players.
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10 percent of the country’s Gross Domestic Product (GDP) and around 8 percent of the employment. India is the world’s fifth-largest global destination in the retail space.
India is expected to become the world’s fastest growing e-commerce market, driven by robust investment in the sector and a rapid increase in the number of internet users. Various agencies have high expectations about the growth of the Indian e-commerce market.
E-commerce is expanding steadily in the country. Customers have the ever increasing choice of products at the lowest rates. E-commerce is probably creating the biggest revolution in the retail industry, and this trend would continue in the years to come. Nevertheless, the long-term outlook for the industry is positive, supported by rising incomes, favourable demographics, entry of foreign players, and increasing urbanization.
Audit in the retail sector focuses mainly on revenue assurance. Periodical stock audits take care of pilferage, theft and help the store manager to manage the shelf stock and the management of “expiry nearing goods”. The audit also covers the ranking of stores based on the criteria such as customer footfall, store margin, and customer delight.
Critical examination of the different sales schemes to check whether they brought the intended outcomes such as an increase in sales volume, clearing of stocks, etc.