Retail Management is a field in management that deals with all processes related to selling of goods and services to consumers. Retail management is a chain of processes which ensures delivery of goods which are being demanded by consumers at an affordable price and on time. it is also termed as retailing.
Retailing involves understanding the requirements of a customer through direct interaction with them and coordinating with the organization and its business activities starting from designing of a product specific to the requirements of the customer to its delivery and also after-delivery service. Specialists in retail management are generally known as Retail Managers, and their job profile involves problem solving, monitoring Retail orders, merchandising, human resources and stocks, analyzing the supply etc.
Few courses offered in Retail Management:-
• Certificate Course in Retail Bank Operations • Certificate in Retail Management • Certificate Course in Retail • Diploma in Retail Management • Bachelor of Arts in Materials Management • MBA in Retail Management • Master of Retailing & Logistics Management • Master in Retail Management • Post Graduate Diploma in Retail Management
For admission into bachelor’s degree program, a student must have passed the higher secondary education or 10+2 in any stream. The duration for this program is of 3 years.
For admission into master’s degree program a student must have passed the bachelor’s degree in retail management or subjects related to retail. The duration for this program is of 2 years.
• Competitive Analysis and Planning • Store Operations • Pricing Management • Merchandising
Today, India is being benefitted in the retail sector, thanks to a number of retail chain outlets that are entering into the Indian market. In fact, it is considered to be one of the top ten rising retail markets all over the world, which is opening up numerous opportunities for professionals who might be interested in ratailing. A graduate in retailing can work in fields such as supply chains, departmental stores, supermarkets, advertising agencies etc. Retail managers also play the role of direct marketers in manufacturing companies where they interact with customers and help them understand the products and choose a product that would be most beneficial to them and ensure that the product reaches customers directly.
Companies in insurance, banking, healthcare and educational industries also hire skilled retailers to convey their commodities directly to their customers and increase their brand visibility. Now that multinational companies like Reliance Group, Tata Groups Trent, ITC Retail, Big Bazaar & Pantaloons, etc have ventured into retailing, there is no dearth for jo0b opportunities. These businesses are creating huge employment opportunities for trained Retail Management professionals.
The pay package in the retail industry depends on factors such as qualification, company, job profile and the area of the work. The average salary of a sales person in the retail industries varies between Rs.7,000 to Rs.10,000 per month. As the professional gains more experience, the pay scale also increases to Rs.15,000 -25,000 per month.