Retail management refers to the process of assisting customers in obtaining desired products from retail stores for personal use. It entails all of the processes necessary to entice customers inside the store and meet their purchasing desires. In India, the business is growing in popularity, and it requires a large number of trained workers to handle superstores, wholesalers, cash-and-carry operations, and hypermarkets.
Let us dive deeper into Career in Retail Management!
About Retail Management
The process of bringing customers into a retail business and obtaining the things they want is known as retail management. This not only saves clients time, but also ensures that they can simply find the things they want and go home happy. Customer relationship management, brand management, and sales management are all important aspects of retail management. Overall, retail management provides customers with a pleasurable shopping experience.
Roles and Responsibilities
Here are some of the responsibilities that someone working in retail management is expected to fulfil –
- Close and open the store.
- Employees are hired, managed, trained, and motivated.
- Manage the work schedules of your employees.
- Develop short- and long-term business plans and strategies.
- Set store sales targets, anticipate future sales volumes, and stick to sales quotas.
- Create and carry out promotions.
- Establish and monitor store budgets in order to increase revenue and profitability.
- Purchase things from merchants and providers, and work out terms with them.
- Analyze and organize your inventory.
- Make and keep eye-catching and accurate store displays.
- Organize and supervise product line evaluations.
Eligibility
- Candidates who have completed 10+2 are eligible to pursue a degree in retail management at the undergraduate level.
- Candidates with a bachelor’s degree in a suitable field are eligible to pursue Retail Management at the master’s and doctorate levels in Indian and international universities.
Graduates from any field are eligible to apply for postgraduate diplomas or degrees in retail management. A written test, personal interview, and group discussion are commonly required to pass.
Career Prospects
Client communication, supervision, sales, merchandise transportation, management, and administrative services are all possible careers for those with a retail management degree. The following are some examples of industry profiles:
- Retail Manager – Retail managers are in charge of the store’s everyday operations. They are the ones that guarantee that operations operate smoothly in order to maximize sales and save costs—knowledge of many business areas such as sales, marketing, and so on. An competent retail manager will also be able to motivate employees to work to their full potential. The goal is to run our store in a way that increases income and expands the company.
- Store Manager – Developing store tactics to increase the number of customers, increase store traffic, and maximize profits. By training, encouraging, coaching, and providing feedback to store employees, sales targets can be met. Providing exceptional service to ensure high levels of client satisfaction.
- Merchandiser – Merchandisers make ensuring that things are available at the proper shop or on the right website, at the right time, and in the correct amounts. This entails collaborating closely with purchasing departments to effectively estimate trends, plan stock levels, and track success.
- Retail Buyer – A retail buyer is in charge of determining the amounts of goods and merchandise sold at retail establishments, as well as planning, selecting, and purchasing them. To ensure that their products remain competitive, they source and assess existing commodities.
- Supply Chain Managers – To maximize process efficiency and productivity, they are in charge of controlling and managing the company’s whole supply chain and logistics strategy and operations. They also play an important role in establishing and maintaining positive connections with vendors and distributors.
Average Salary
Retail Managers with 1 to 4 years of experience make an average total of Rs. 411,000 (including tips, bonuses, and overtime compensation). The average total remuneration for a mid-career Retail Manager with 5 to 9 years of experience is Rs. 672,492. The average total remuneration for an experienced Retail Manager with 10 to 19 years of experience is Rs. 816,491. Employees in their late careers (20 years and up) earn an average of Rs. 1,275,000.
Employment Outlook
For a college graduate, the retail business offers a variety of work opportunities. You can work as a sales executive or directly as a sales manager or marketing manager, and you can even establish your own retail business by becoming a franchisee of another major retailer!
Floor staff and store supervisors are always in high demand. This is primarily due to the ever-expanding supermarket and hypermarket industry. In order to accommodate clients who frequent the market, several start-up retail chains pick freshmen from colleges or hire students for part-time jobs.
Resources offered by Vskills for Retail Management
Vskills offer Retail Management certification for all those interested in working in this field or in advancing their career. This certification course covers various objectives –
- Defining The Retail Supply Chain
- A Changing World: Moving Toward Comparative Advantages
- Drivers Of Retail Supply Chain Change
- Paths To The Customer
- Product Types – Value To The Customer
- Retail Supply Chain Management – Skills Required
- The Demand-Driven Supply Chain
- Product Tracking Along Retail Supply Chains
- Understanding Supply Chain Costs
- Retail Return
Vskills also offers free practice tests and online tutorials to supplement the learning process. You can check them by clicking on the following links –
Other Resources for Retail Management
Before you can become an expert in desired areas, you must first build a solid base. Before you can move on to practical teaching, you’ll need to have the right applied skills. To gain better understanding of the domain, you can use the following tools:
- Firstly, Online Tutorials for Retail Management
- Also, Certification Courses from verified sources such as Vskills, Coursera, Udemy and so on.
- In addition, Online communities
- Moreover, Blogs and study material from experts in this field and many more.
Here are some examples of how you can improve your abilities:
- Freelancing
- Internships
- Apprenticeship programs
The above steps will help you to get this domain started. It’s a long way to go, however. You can take an advanced course to reach a new level of skills.
Discover the career opportunities and other prospects of Career in Retail Management. Hurry up and start preparing now with Vskills.in!
