Career in Retail Management
To put it in simple terms, Career in Retail Management saves time & ensures that the customers easily locate their desired merchandise and return home satisfied with the service. From diversifying into businesses and coming up with new marketing strategies, Retailers try all the relevant gimmicks to attract customers and to get more sales.
A Retail Manager would be required to know all the information about the brands available, retail philosophies, marketing strategies and everything else required to make the customer buy the products.
A Retail Manager’s job is to run the store successfully, optimizing the use of resources and bringing in as much sales as possible, by the use of marketing and sales strategies and providing the utmost satisfaction to the customers.
Retailing Process involves direct interface with the customer and the coordination of business activities from the design of a product to its delivery and post delivery service.
The Job Duties of a Retail Manager are –
- Supervising, training, recruiting and appraising staff.
- Marketing and promoting the business.
- Meeting and even breaking previous sales targets & maximizing profitability.
- Overseeing stock control & pricing.
- Maintaining and managing financial and statistical records.
- Dealing with customer complaints & queries.
- Managing budgets and planning.
- Ensuring safety legislation and complying with health standards.
- Preparing promotional displays and materials.
The atmosphere and work schedules would depend on the company he/ she is working for. One may begin his/ her career as a management trainee and then with the right kind of attitude and aptitude, could climb up the management ladder and get into managerial positions and even serve higher posts in the retail industry.
The various sub divisions in Retail Management include
- Supply chain management.
- Inventory management.
- Sales & marketing.
- Public Relations.
- Operations Management.
- Since it involves interacting with different kinds of people everyday, Interpersonal or People skills are very essential and very useful in this profession.
- One must possess Excellent IT skills.
- As a Retail manager would have multiple tasks & duties at hand, He/ she must be very well Organised i.e possess Excellent Organisational skills.
- Commercial Awareness is very important, keeping track of the latest trends etc.
- One should be enthusiastic and driven to achieve targets and push oneself break previous sales records.
- Effective influencing and negotiation skills are necessary in this vocation.
- Time is a major factor in Retail, Hence strong time management skills are also essential.
- Business focus, Relationship management and Personal effectiveness are all essential and qualities of significance in Retail Industry.
- Ability to understand the supply chain management and apply it most efficiently.
- Must have a keen sense of observation and attention for detail.
- Must be disciplined, fast learner and quick to adapt to changes.
- Should have an analytical mind and good accounting skills.
- Must have knowledge and clear understanding of all departments of Retail industry, i.e inventory management, supply chain management, public relations etc.
- Should have a natural flair in selling products and maintaining good customer relations.
- Should have a positive and optimistic attitude towards work.
- This is a very essential quality, He/ She must have good leadership qualities.
- Should be creative and have a wide range of imagination in order to come up with remarkable marketing and even advertising strategies.
- Should have a strong customer focus.
- Ability to work under pressure and meet tight deadlines.
Career in Retail Management Salary Package
The salary package for a Sales executive or a Floor manager would range from 15,000 INR to 25,000 INR a month and it depends upon the scale and magnitude of the store or business one’s working in.
At the corporate level, A retail manager may function as a business development officer.
In small stores, an entry level sales executive may earn 6,000 INR- 10,000 INR a month.
Career in Retail Management Job Prospects
The different job roles in Retail Sector are
- Store manager.
- Retail Operation manager.
- Retail merchandisers & buyers.
- Visual Merchandisers.
- Floor Manager/ Dept manager/ Category manager.
- Warehouse managers & logistics managers.
- Retail marketing executives.
- Retail Communication manager.
- Brand manager.
- Image promoter.
- Merchandise manager.
There are many job prospects in Retail sector for a fresh Sales & marketing graduate as a Sales executive, retail manager , merchandiser, marketing manager etc.
One can even be a franchisee for another big player in the business.
Opening of multiple retail chains in metro cities and even in smaller towns has opened the doors for multiple career options in the retail sector.
Candidates with Retail Management experience can seek a career in relative fields such as Supervisory, Client communication, Merchandise shipment, Administrative and marketing services.
How Do I get there ?
- The Candidate must have passed his/ her 10+2 or any equivalent examination to apply for a Bachelor degree course in Retail management.
The Bachelor/ Master’s/ Postgraduate diploma degree course offered by Indian Institutes in India are
- B.Sc – Fashion Merchandising & Retail Management (B.Sc – FMRM).
- M.Sc – Fashion Merchandising and Retail management (B.Sc -FMRM).
- M.B.A – Retail Management.
- Bachelor of Fashion Retail Management.
- Post graduate certificate in Retail Management (P.G.C.R.M).
- Post graduate Diploma – Marketing and Retail Management (P.G.D M.R.M).
- Post graduate Diploma in Retail Management (P.G.D.R.M).
- Post graduate Programmer in Fashion Retail management.