Introduction of Retail Management
Retail management pertains to the duty of managing supermarkets and hypermarkets in stern business terms. In India, the retail field has seen a great soar in the past decade. From adopting fresh marketing strategies to diversify into businesses, firms have tried all magics to impress the customer. This is one field that works fairly on the paradigm, “Customer is King”. The next time you join a Reliance new supermarket or a Big Bazaar to buy a product of your choice, try and examine the various discount price being given. Nowadays the systems are super fast and dynamic and fully computerized. Unlike in the past where you had a shop or a kirana shop selling your items and commodities at huge prices, now almost items comes for a discount! It is at the sale season for no special reason! Right from plant retailers to supermarkets, some brand or the opposite would give you discounts to beat and win the competition.
Accordingly, retail management is a subject that needs you to be fully aware of marketing strategies, brands, and retail philosophies behind winning the clients.
Various Roles, various Names
The employees hired by retail firm are generally known as floor executives, floor managers, lobby managers etc. At a corporate level, they would be known marketing managers or sales managers.
Nonetheless, the florish and expansion of the retail field has seen the upsurge of several of malls, supermarkets, hypermarkets,and movie theaters for the public. Though the items they see are different, the cardinal functionality remains the same, of capturing clients’ hearts.
Market Watch
Firms such as Reliance, Vishal Mega Mart, Big Bazaar, and the freshly started Star Bazaar make millions of rupees each day owing to the sheer volume of items and commodities they sell. Besides these firms, apparel leaders like Westside and Pantaloons, shoemakers like Regal, Metro and Bata use various strategies to market their items and come up with creative process to sell their brands.
In this situation, the winter spring, summer, sales and discounts hold more importance. The up and down of stocks and shares of these brands completely based on the monthly and annual sales.
International Focus
The idea of supermarkets and hypermarkets has been taken by India from abroad from brand names like Walmart. A firm like Walmart uses advanced supply chain methods to market and sell its commodities.
Much to the satisfaction of Indians, brands like Ray-Ban, Gucci, Bose, and Mango that sell fashion items have also entered to the Indian market long time ago to offer a high-end Indian customer with quality items.
In this situation, the job opportunities for candidates of retail management are quite encouraging.
Positives/Negatives
+ives:
• There are plenty foreign retail chains from countries such as Germany, the UK, and the US which are starting up stores in India each year. As a result, these have created many prospects for job seekers.
• The retail systems are generally very colourful and exciting. Individuals following a job in this field get wide exposure and a scope to interact with various kinds of people.
-ives:
• Some retail outlets hire people who are simply graduates and do not refer for an MBA degree or any specific eligibility in retail management. Sometimes, this may lead to imprudent in people’s careers.
• Certain brands that do not do well in the market sometimes downsize their business and layoff workers. This is a tough factor often compared with the retail business.
Step-by-Step
You will basically require to pass the CAT (Common Aptitude Test) for getting into famous colleges like the IIMs or pass GMAT (General Management Aptitude Test) to earn admitted to foreign universities for following MBA.
Some of the best colleges providing courses in retail management are: MDI Gurgaon and NMIMS University at Mumbai. You would have to apply for entrance exams to earn admitted to these colleges.
As a candidate, take a courses in retail management would assign you with knowledge in the following areas:
- Introduction to Retail Management and Concepts
- Retailing trends
- Retail Market Segmentation
- Retail Pricing and merchandising
- Relationship Marketing in Retailing
- Role of Information Technology in Retailing
All other content are a subset of these or are related subtopics.
Start Early
Retail management is an incredible subject to say the least. It is an option you must make if only you have the ingenuity to understand the retail field and an interest towards advertising as well. No doubt then, it will be a greatly rewarding career.
Is it the Right Career ?
As mentioned above, retail management is the correct or rather the best career option for those who have interest towards commodities, market segments, sales markets, campaigning and advertising, diversification of businesses,and marketing research. The profession provides wide scope for exploring new firms that get introduced into the market and provide various items. You can start with an assistant retail manager and handle as store. You have to be dynamic and a team captain to succeed in the industry.
Pay Packet
The pay package for a sales executive or a floor manager averages anywhere in the range Rs. 15,000 and Rs. 25,000 based on the magnitude of business you manage. Your responsibilities would firstly include managing people on the floor and helping them with purchases.
At a corporate level, you may employ as business development officer as well.
What would it Cost?
A course in retail management would charge you somewhere in the range 1 lac and 3 lacs annually based on the college or institute you opt. If you are take the courses from a Tier-1 B-school like IIMs, then you would be cost optimally in the range mentioned above. On the other side, if you are take the courses from an international university that given you chances to travel abroad, and the cost would be huge.
Funding/Scholarship
The best choice for getting education loans from State Bank of India, which provide up to a maximum loan of 7.5 lacs. Other banks provide education loans too but you should check on the return interests being charged.
Several institutes offer scholarships to brilliant candidates. However, this is very rare in India. Though institutes abroad offer full funding for candidates who score very good in GMAT exams or CAT exams, yet you should be prepared for meeting additional charges like boarding and lodging. The GMAT and CAT scores are pick into account for funding in colleges abroad.
Job Prospect
The job choice in the retail industry are quite interesting for an institute graduate. You may start employing as a sales executive or be directly appointed as a sales manager or a marketing manager and even open a retail business of your own by becoming a franchisee of another large player in the retail business!
Demand and Supply
The demand for retail managers and floor personnel is always high. This is primarily due to the supermarkets and hypermarkets business is ever emerging. Sometimes, start up retail chains choose freshers from institutes or hire candidates for part-time jobs in order to manage customers who visit the markets.
The educational needs sometime is limited to just a 12th standard with pass marks! However, for candidates who have finished MBA in Retail management, the demand is large on the side of market research, business research, and pricing and strategizing perspective. The supply is optimal in India but there is always a great demand for retail experts.
Tips for Getting Hired
To obtain hired with a retail firm, follow the steps listed below:
- create a resume that highlights your ambition for interacting with clients and excellent communication talents.
- it includes details of any awards or recognition bestowing upon you in school or college.
- Apply with top five to seven companies to select the best employment position.
Top Companies
These are the top ten retail firms in India
| Globus | Crossword |
| Lifestyle | Pantaloons |
| Piramals | Ebony Retail Holdings |
| RPG Retail | Wills Lifestyle |
| Shopper’s Stop, Westside |
