Career in Retail Management
Here you will get all details related career in Retail Management. For admission in reputed institutes like IIMs one has to clear CAT (Common Admission Test). Similarly, to do MBA from foreign universities, one has to pass the GMAT exam.
Some of the good institutes offering courses in Retail Management are MDI, Gurgaon and NMIMS University, Mumbai. For admission in these you have to pass the entrance exam.
As a student, the Retail Management course will give you the knowledge of:
- Introduction and Concept of Retail Management
- retail trends
- retail market segmentation
- Retail Pricing & Merchandising
- Relationship Marketing in Retailing
- Contribution of Information Technology in Retailing
All other subjects are either sub-disciplines of these subjects or are related to them in some way or the other.
Retail management is definitely a non-traditional subject. You should choose this subject only if you have the ability to understand the nuances of this field and your inclination is also in advertising. After this, a golden career will be waiting for you.
Introduction of Career in Retail Management
The management of supermarkets or hypermarkets in extremely difficult and competitive business conditions is called retail management. This industry has developed a lot in India in the last decade. From making a new marketing policy to spreading the business in different areas, companies have tried all the tricks to woo the customers.
It is an industry that works on the paradigm of “customer is paramount”. Next time you go to buy an item of your choice from any hyper market or supermarket like Reliance Fresh or Big Bazaar, make sure to analyze the discount you can get on it.
Today the market is dynamic and the system present here is fully computerized. Gone are the days when you used to bring goods from nearby grocery stores at high prices. Today almost everything is available with a discount. Actually this is the sale season that too without any reason.
Today almost all the brands are providing discounts everywhere from their factory outlets to supermarkets to increase their market penetration.
Hence, retail management is a subject for which you need to be aware of all the brands, their marketing strategy and retail philosophy of winning customers.
Is Career in Retail Management the right career for me?
As mentioned above, retail management can prove to be a suitable career for those who are interested in the subjects of utility goods, sales market, market segmentation, business diversity, advertising and promotion and market research.
This profession provides an opportunity to know the new companies entering the market and their new products. Here you can start your career as Assistant Retail Manager where you can be entrusted with the responsibility of managing an entire store. To be successful in this field, your thoughts should have dynamism and team-leader qualities.
Fees structure of Career in Retail Management?
The annual fee for a course in retail management varies from 1 to 3 lakhs depending on the choice of college or institute. If you do this course from Tier-1 B-schools like IIMs etc. then the fee will be maximum in the above mentioned limit. If you choose an international university that offers you the opportunity to study abroad, then its fees can be even higher.
Scholarship in Retail Management
The best option to take education loan is State Bank of India which provides loan up to 7.5 lakhs. Other banks also provide this facility, but before taking a loan, you must know about their interest rate.
Many colleges also offer scholarships to good students, although it is less prevalent in India, but foreign institutes provide full scholarships to students who score well in CAT or GMAT, although here also you will have to arrange for additional expenses such as accommodation. . Foreign institutions offer scholarships on the basis of GMAT and CAT scores.
employment opportunities Career in Retail Management
There are a lot of employment opportunities in this field for graduate students. You can start your career as a sales executive or directly become a sales manager or marketing manager. You can even start your own business by taking the franchise of any major retail brand.
pay scale Career in Retail Management
Depending on the volume of work, you can get a monthly salary of 15000 to 25000 rupees as a sales executive or floor manager. Here it is your responsibility – to manage the customers on the floor and help them in their purchases.
You can also become a Business Development Manager by going to the corporate level.
Demand and supply
Due to the rapid expansion of the business of supermarkets and hypermarkets, the demand for floor workers and retail managers is always high in the market. Sometimes start-up retail chains recruit freshers from college or even offer part-time jobs to handle customers during peak-hours.
Sometimes these companies also hire 12th pass students with simple marks. However, MBA students are sought after in activities such as business research, market research, pricing and strategy making. Retail professionals are in abundance in India, but still the demand for good professionals in this field always remains.
Companies like Reliance, Big Bazaar, Vishal Mega-Mart and the recently established Star Bazaar are earning lakhs of rupees per day by selling products on a large scale.
Apart from these, major clothing makers Westside and Pantaloons, footwear makers Regal, Metro and Bata Bazaar constantly invent new and innovative ways and come up with different strategies to sell their products.
In this context, the major contribution of summer, spring, winter sales remains. The rise and fall of the shares of these big companies depends on their monthly and annual sales.
The top ten retail companies in India are Shoppers-Top, Westside, Pantaloons, Life-Style, RPG Retail, Crossword, Wills Life Style, Globus, Piramals and Ebony Retail Holdings.
- The trend of supermarkets and hypermarkets in India has come from foreign brands such as companies like Walmart. Companies like Walmart have modern supplies to sell their products.
- The series uses strategies.
- Brands like Ray-Ban, Bose, Gucci and Mango have already entered the Indian market with an aim to satisfy the high class Indian customers with their trendy products. Therefore, there are commendable employment opportunities in this field for Indian students.
positive / negative aspects
Many companies from Germany, US and UK are opening their stores in India every year. As a result, there are good opportunities here for the job seekers.
The retail system in general is a very attractive and diverse sector. Working in this field will give you a much wider exposure as well as get a chance to meet different types of people every day.
Some retail outlets give jobs to ordinary graduates without giving preference to MBA degree holders or students who have done any other course in retail management, this leads to irregularities in their careers.
Brands that are not able to do well in the market reduce the volume of their business and cut jobs. These are one of the biggest risks associated with this area.
Role and Designation Career in Retail Management
People employed by various retail companies are mostly called floor managers, floor executives, lobby managers, etc. At the corporate level, there are positions like sales manager and marketing manager.
With the development of the retail industry, today people are able to see many malls, supermarkets, movie theaters and hypermarkets. Although the products that they all sell are of different types, they have the same premise – to win the hearts of the customers.
Some tips for getting employment
Following are the tips for you to get employed in a retail company:
- Create a resume that shows your ability to communicate with customers and excellent communication skills.
- Be sure to mention the awards received in school or college in the resume.
- Apply to at least 5 to 7 companies so that you can choose the better option.