In retail management, you are in charge of everything that makes a store work like buying products, inventory or merchandising to improve sales. The retail industry is growing rapidly in today’s world. Retail management is part of supply chain management. Selling the product to the last user is called retail and the correct usage of resources is called management. Retail management is direct communication with customers and coordinating and analysing their needs. A few years back it was just selling goods in the market, but now the trend has changed, people are starting to buy online, whether it is electronics or grocery items, or clothes.
Everything is available online through websites or digital shopping apps, and payment is also made online, so it has become so popular that retail management now has its specialisation. Shopping has become a hobby for people, retail management helps in identifying what the customer needs and saves time. Retail management includes the step of attracting customers to the store and maintaining outlets. Creating the brand image by handling customers. Retail management is all about the famous Hindi slogan ‘JO DIKHTA HAI WOHI BIKTA HAI’.
Here are some of the skills required to be a retail manager.
Be patient. You should listen to every detail and concern of customers. You need to have strong customer service skills as selling is an art. But the most important is self-confidence. You need to be proud of the product you are selling, it should be the best among others. You should have negotiating skills. It is part of buying and selling. As they say ‘the customer is always right, keeping it in mind will surely increase sales and profits. Retail management is also a game of numbers.
The retail management courses focus on the introduction, retail management, retail trends, pricing, segmentation, retail marketing and inventory control. As a retail manager, you will perform tasks such as
- Hiring and inspiring a team to increase sales
- Connecting with vendors about work relation
- Creating store displays
- Analyse new trends and research the competitors
- Dealing with customers and they’re complains
- Organising the inventory
COURSES IN RETAIL MANAGEMENT
There are various options to pursue in retail management. Either you can have a degree or diploma in retail management. Both have specialities in their way.
People who pursue retail management have the following choices to do
- Certificate for retail management 6 months
- Diploma in retail management 1 year
- BSc in retail management 3yrs
- MBA in retail management 5yrs
- BSc in fashion merchandising and retail management
- MSc in fashion merchandising and retail management
BENEFITS OF RETAIL MANAGEMENT COURSE
One of the industries with the quickest global growth is this one. If we talk about the Amazon shopping app the number of sellers is increasing day by day. As it is the modern way of selling products, the demand for skilled professionals has increased. It is a perfect career option for people who love sales and marketing, advertising and campaigns. You can work in departmental stores, agencies, supermarkets, supply chains or advertising and many more. Retail managers are in charge of day-to-day business which includes supply, retail orders, merchandising, human resources, and checking stock. Managers must oversee all activities carried out in the store.
Retail managers also have options to work in insurance, banking, education, and healthcare as it is selling of service. When we go to buy a car we get the best hospitality from sales professionals, who calmly educate us about the cars, which is also a part of retail management. You can get opportunities from big bazaars or supermarkets. You start as a sales executive and with years of experience, you can be a retail manager. There are many foreign MNCs which are making markets in India and giving you opportunities to work with them as retail managers.
Job titles include floor manager, floor executive, lobby manager, sales manager, marketing manager, store manager, supply chain manager, and customer care executive.
You can earn 2-3 lakhs per annum as a fresher but as you gain experience and reach the level of manager you can easily earn 6-7 lakhs per annum. Salary depends on the organisation you work for. Big names can give you a lifestyle but startups will give you experience and skills.
Students should have passed 10+2 to be admitted to retail management courses. Also, the mainstream should be commerce.