Scope of Retail Management in India
- There was a time when there was one tailor shop, one grocery shop and one local bazaar for all knick-knacks in every locality. Each family used to get their daily rations and their necessary clothes for various occasions from this one place.
- But with the advent of time and modern machines, Shops became businesses and gross business and retail business became an integral part of our lives.
- Now with the growth of business chains, retail shopping has become a part and parcel of the modern life. Without the world of shopping malls and retail industries today’s modern life can be said to be incomplete.
- Retail shopping in fact has become an integral part of people’s lives. Looking through the window of each shops and seeing the mannequins dressed in the latest in fashion and accessorized with the top draw of the day, lures customers in to check out the latest top line products.
- Retail management has therefore become an important career line and many are opting for this subject in view of the tremendous surge in retail business.
- The retail industry is perhaps one of the top most growing industries in the world and there is always a demand for people who can deal with shoppers and shop-a-holics, whether in retail stores or online portals.
- Retailing mainly involves two main issues: namely, selling of the products or services which are on offer to people and to provide affordable products of proper quality.
- The retail business requires direct one on one interaction with the client. If the service or offer provided for is attractive, automatically a deal will be struck between the retailer and customer.
- To take Retail Management as a career, the candidate has to complete their 10+2 in any stream, preferably with a background in accounts, economics or business.
- For undergraduate courses like any stream can be pursued but preferably a degree in commerce such as B.Com, BBA, Accounts, Economics, Public Relations, Sociology etc, enables the candidate in the said field.
- For postgraduate courses, one can apply for MBA in Retail Management.
- There are also Diploma Courses as well as Professional certificate courses can also be pursued.
With the growth of in the retail business, Retail Management is actually the 5th largest industry in India at present. There is a huge demand for Retail Managers and employment can be sought at:
- Multinational companies like ITC, Future group, Tata Group, Raymonds, Pantaloons, Big Bazaar, Shopper Stop, Lifestyle International, Spencers, Reliance Group who are amongst the top brands in India. Now with the surge of foreign made goods, jobs from Nike, Reebok, Domino’s, Adidas, Armani, etc are finding way.
- Shopping complexes and malls require retail managers to oversee the management between various shops situated in the mall.
- As a retail manager one can opt for sales in any shop in the entry level. This job has many prospects as a good sales person is always in demand
- As a store manager, a candidate with a retail management degree can be in charge of the overall District or Area of the shop.
- As a retail manager one can apply in companies to oversee the merchandise layouts, stocks and orders.
- One can apply also as a Visual Merchandiser or Logistics Manager or Supply Chain Distributor in many big brands.
To be a Retail manager, one must have few basic skills. They are as follows:
- The person should have excellent communication skills as communication is the key to keeping the customer satisfied.
- He should be quick and receptive of the customer’s need.
- Must have a very good rapport with both staff and management
- The person should be a team player.
- A Retail manager must be efficient, methodical and collected.
- Must possess excellent administrative skills.
- Must be aware of the legalities which are involved with running a shop.
- Must have good time management abilities and extreme patience to endure very tough and critical situations particularly in times of emergency and crisis
- Should be aware of all situations at all times
- Must know how to deal with problems immediately
- To pursue a career in Retail Management, the candidate must have completed their 10+2 in any stream and must be a graduate.
Retail management like any other management deals with one basic aspect: People.
So when someone opts a career in retail management there are many aspects that need to be looked into, these are:
- One must be a people’s person, as the retail business means taking care of people’s need at all times, patience and endurance is crucial; there is no scope to lose one’s temper
- A Retail manager is expected to have all available information about the offers available on the products and the latest in trends
- A Retail manager must know each product and if there are many departments then the retail manager is required to know each personnel in each department and sort out the work in accordance with the department and ensure proper reporting of each department and tend to the necessary requirements as and when it is to be done.
- A retail manager must always be ready for emergencies and crisis situations.
Retail Management is a flourishing career option. Various job opportunities are there in this field.
- A fresher can get a salary approx. Rs. 6,000/- to Rs. 15,000/- per month.
- If someone is in academic line, then they get the remuneration as per UGC guidelines.
- A retail manager who has experience can earn in incentives and earn upto Rs.50,000-60,000/- per month.
- A CEO can earn in lacs per annum
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