Introduction to Retail Management

Introduction to Retail Management

Retail Management Definition

This is the process that facilitates easy procurement of desired merchandise from retail stores for the sole purpose of personal consumption. It is an elaborate process that includes multiple steps for attracting the customer to the store and then meeting their needs and requirements.

Because of retail management, shopping can indeed be a pleasurable experience. If done correctly, the consumer will definitely be satisfied and happy. The purpose of retail management is to sort things out and shun the element of difficulty.

What is the Need for Retail Management?

  • Retail management curbs down the instances of shoplifting.
  • Retail management helps in keeping unnecessary chaos at bay.
  • It helps in apt management of time. Locating a desired merchandise gets much easier and thus leads to ultimate customer satisfaction.

Scope of retail management:

Retail management as a career option is growing in leaps and bounds. The industry has already witnessed the prolific growth of retail management, impacting the economy on the whole. Indian retail market is quite lucrative and dynamic for the world. Therefore, the demand for retail management professionals has been quite high. The sky-rocketed demand has successfully created a new generation of smart, knowledgeable retail management professionals who have a caliber that matches international standards. They aim to offer the best services all around the world.

Different types of retail management courses in India:

  • Bachelor of Fashion Retail Management
  • Diploma in Retail Management
  • PG Diploma in Retail Management
  • MBA in Retail Management
  • PG Diploma in Fashion Retail Management

Eligibility for a retail management course

If you are interested in the course of retail management course, then you should know the eligibility criteria as well.

  • If you have passed the 10+2 level, then you can pursue retail management at the under-graduation level.
  • If you have a Bachelor’s degree in any relevant discipline, then you can pursue a Master’s in Retail management as well as go for the doctorate level, both in India as well as the overseas institution.

Also Read: Let’s Know About Online Retailing, Before You Start

Top Indian Colleges Where You Can Study Retail Management:

There are multiple colleges in India which lets you pursue retail management course at different levels. Some of the famous colleges offering retail management course are:

  • Amity Business School
  • Birla Institute of Management Technology
  • KJ Somaiya Institute of Management Studies and Research
  • LN Welingkar Institute of Management, development, and research
  • Institute of Public Enterprise

Top International Colleges or Universities for Pursuing Retail Management:

  • University of Minnesota
  • Central Michigan University
  • Purdue University
  • Florida International University
  • Eastern Kentucky University

Job opportunities in the field of retail management:

It is absolutely true that retailing is a highly dynamic industry. It consists of a huge number of sectors and is home to some of the largest companies in the entire world. If you are a candidate for retail management, then you can give your career a kick start by becoming a supervisory merchandise shipment expert, offering efficient client communication, involving yourself in management, sales, and administrative services. Every year, retail management alone offers above 2 million jobs throughout the world.

Different job profiles under retail management:

  • Retail buyer
  • Retail manager
  • Store manager
  • Merchandiser
  • Marketing Executive
  • Analyst
  • Marketing Executive
  • Brand Manager
  • Supply chain distributer
  • Customer care executives
  • Department manager
  • Image promoter
  • Merchandise manager
  • Warehouse manager

Companies that are more likely to hire retail management professionals:

  • Retail industries
  • Aditya Birla Group
  • ITC Retail
  • Reliance group of industries
  • Spencers
  • Lifestyle international
  • Tata Group, and so on.

6 things to consider if you are willing to pursue retail management:

  • Perfect personality: You should have the right personality to proliferate as successful retail management professional. You should possess traits like patience, efficient communicating ability, professionalism, customer service skills, etc.
  • Higher your experience, the greater your growth: Grab an entry level job and gather experience as much as you can. On your way to your desired position, you need to learn each and every aspect of retailing.
  • Retail is not only about sales: A retail manager needs to be a multitasker. He has to take care of different activities like merchandising, customer service, inventory management, dealing with complaints, queries, and so on.
  • You do not always need a college degree: If you do not have a degree, internal training and development programs will be of great help to you. You can start from scratch directly from the sales floor.
  • It’s all about numbers: Your success will be measured on the basis of sales and profits. You, as a retail manager, will be enhancing the performance by catering to the needs of the consumers. This will further improve turnover and maximize profits.
  • It is not a 9 to 5 job: Stores are always open, keeping in mind the convenience of consumers who work 9 to 5. You may have to show up on the weekends or late in the evening. You may require to put in some extra hours as a retail manager to maximize your efficiency.

Thus, retail management is a top-notch career option with ample job opportunities.