Careers In Commerce That Did Not Exist 10 Years Ago

With new technological developments happening every minute, services and their delivery have also changed beyond recognition, with new innovations unfolding every minute. Platforms that did not exist ten years ago have begun dominating the way we communicate, shop, travel and do business, thereby opening up new fields of work and jobs to fill. These technological advances, in the past decade, have created entirely new career options and commerce jobs. Let us look at ten such careers in commerce (industry segment-wise), which did not exist ten years ago.

E-Commerce

One of the most popular new-age careers in commerce is E-Commerce, which has transformed the way business is done. B2B or B2C, government procurement (through GeM Portal), payments, logistics, supply-chain management, vendor management, customer-relationship management (CRM), are the new buzzwords in the E-Commerce stratosphere. While these roles did exist during times when business was done more traditionally (brick and mortar), the advent of E-Commerce has created new roles for Commerce students, such as the following:-

Customer Service Representatives

These are entry-level E-Commerce jobs in the industry that require one to handle customer orders, answer queries, and settle customer grievances.

Marketing Personnel

The goal of any E- Commerce organisation is to drive eye-balls to its portal. Once a potential customer reaches the portal, the objective is to convert him to a consumer and retain him for repeat visits and purchases. Marketing officials in E-Commerce jobs play a key role in the above activities, in collaboration with other key officials in roles such as UI/ UX, product design, etc.

Business Analyst

A firm understanding of the business matrix is essential for the success of an E- Commerce venture. Business analysts in E-Commerce jobs monitor brand objective key results, Key-Performance Indicators (KPIs), and the company’s standing against competition. They analyse, synthesise, and present data in an actionable manner for stakeholders. They are also responsible for analysing product performance, vendor performance, consumer behaviour, and impact assessment of promotional activities.

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Fintech

Fintech, another sector where the number of careers in commerce is expanding, and a sector with the biggest breakthrough in banking and finance. The amalgamation of technology with finance has brought about a revolution in the financial world. This has led to the launching and delivery of newer financial products on a scale never seen before. Some fintech jobs required in the industry are as follows.

Fintech Is One Of The Sectors Offering A Large Number Of Commerce Jobs

Product Design Executive

Professionals who understand financial products such as loans, foreign exchange, stocks, bonds, commodities, etc, can undertake the designing of newer products, along with the means to deliver these in a simple, easy to understand, efficient, and less time-consuming manner, are in great demand for fintech jobs. Product design professionals also need to monitor the entire product cycle so as to phase out products which have outlived their utility and are not delivering the right results for the consumer or the stakeholder. They also need to have good knowledge of the regulatory and compliance environment in the product domain.

Quantitative Analyst

Quants, as quantitative analysts are also called, undertake financial modelling for use by investment and other financial entities, to price, trade, and identify risk for various securities. They are primarily required for fintech jobs in investment banks/hedge funds, but opportunities are also available in banks, trading firms, depositories or fintech companies.

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Cryptocurrencies

Bitcoin was launched in the year 2009. This has been followed by the launch of thousands of cryptocurrencies. Some countries have accepted bitcoin as a legal tender, and some have launched their digital currencies. The Govt. of India has also stated that RBI will launch digital currency. India has also declared a taxation policy for cryptocurrencies and other digital assets. Dedicated exchanges are functioning for trade in cryptocurrencies all over the world, including India.

The world of cryptocurrencies has opened avenues for commerce students and people are required to work as crypto-advisors/crypto -forecasters. Roles in finance, operations, business development, research analyses, investment analyses are also available with crypto-mining companies and crypto-exchanges.

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Decentralised Finance (DeFi)

DeFi is an emerging field that challenges traditional banking (and their legacy- driven centralised systems) by facilitating a full spectrum of financial services like banking, loans, asset trading etc, through peer-to-peer relationships. DeFi runs on blockchain technology.

Jobs In DeFi

Much like fintech, lots of commerce jobs are available for commerce and finance students in DeFi. Openings in financial analyses, business development, marketing, product design, and transaction/payment officials are aplenty. Since this is a new and expanding field with new products and companies being formed at a frantic pace, job scenario is also getting more exciting by the day.

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Sustainable Finance

Of late, we have been hearing a lot about green trading; sustainability; Environment, Social and Governance (ESG); carbon credits etc. In simple terms, sustainable finance can be defined as “prioritising businesses that help the environment”. It also focuses on inclusion and following ethical business standards.

As per recent reports, companies with higher ESG ratings or following sustainable finance models have outperformed other companies in similar fields of operation.

Also, the job demand in the ESG sector has grown by over 468 percent in India in the last three years, owing to the growing concerns about climate change and necessary mandates. The report has also noted that demand for ESG roles might continue to rise as more sectors make sustainability and community relations a key part of their actions. ESG roles most in demand include banking, financial services and insurance (BFSI) ; and consulting sectors. (Source: Economic Times, June 2, 2022). Even in India, some mutual funds have launched schemes dedicated to investment in ESG companies.

Jobs In Sustainable Finance

Realising the new trend, many companies are making a transition towards sustainability and therefore, following ESG compliant practices. This transition requires finance professionals for improving the financial rate of return (ROI) and the economic rate of return; specialists for trading in green certificates/carbon credits etc, as well as for continuous engagement with all stakeholders including regulators and the government.

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Metaverse

Facebook recently changed its name to Meta to signify its shift to the newest universe on the horizon. Big brands like Gucci, Dolce & Gabbana, Casablanca are adopting the new digital universe. Closer home, the Hindi film industry has created its own Bollyverse, a metaverse dedicated to everything Bollywood relates to.

The metaverse represents a highly interactive three-dimensional virtual world. It is the merging of virtual, augmented, and physical reality. Like the real world, one can trade land/building in the metaverse of real estate, and other digital assets in through the particular platform’s metaverse. One may also opt for a third party NFT platform such as Opensea and rarible.

Jobs In The Metaverse Space

For commerce and finance professionals, jobs opportunities in the area of financial planning, business analytics, financial analyses, fund raising, valuations, business development and communication with investors/stakeholders are expanding.

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Edtech

Like other sectors, the education sector is undergoing transformation due to the aggressive intervention by technology, which has thereby given rise to a significantly higher number of jobs in edtech. It all started with Massive Open Online Courses (MOOCs), accentuated further by the pandemic and resultant lockdowns, and followed by closure of educational institutes. The coaching scenario has completely changed and for all practical purposes, edtech companies have taken over this sphere of education.

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Jobs In Edtech

Edtech companies require digital content in the form of audio/video lessons. New content is required all the time, older content needs to be updated to keep pace with the developments in the field, and teaching resources are to be made available to students digitally. This has opened up great jobs in edtech for commerce and finance experts who are interested in the field of education. They can service students in any part of the world, from their preferred locations.

It is pertinent to note that while a basic qualification in Commerce/finance/Economics can be a good starting point with respect to commerce jobs we have just discussed, additional computing skills would be a prerequisite for long-term growth in these fields. In fact, the way technology is enveloping and engulfing every sphere of our life, no job/career/industry in the world may be able to survive, much less thrive, unless it embraces the technological revolution. Therefore, commerce and finance professionals are also well-advised to develop an interdisciplinary skillset that focuses on their core area of specialisation; technology and computing; communication and soft skills. The world will then be, their playing field.

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