Once restricted to local groceries and a few big shops, the advent of the retailing industry has changed the way an urban Indian goes shopping today. Retail management poses as a good career option. Read the following post to know more.
Retail Management – an Overview
The study of management has undergone several changes since its hay days. Earlier students could specialize in streams like marketing and finance; but with the gradual expansion and most importantly, liberalization of the Indian economy – the study of management changed accordingly. Today management graduates can choose to specialize in streams like MBA in Information Technology (IT), MBA in Retail Management, MBA in Fashion Management and many more.
Of late, MBA in Retail Management has come up in a big way in the realm of management studies. Emergence of shopping malls, super markets and retail chains has long changed the concept of shopping in India. Gone are those days when you had to run to the local grocery store and wait for your turn. Changing economy resulted in increasing disposable incomes leading to a change in the lifestyle of urban Indians.
As an industry, Retail completely abides by the adage ‘Customer is King’. Yes and truly it is; so with festive season round the corner, we would definitely love to indulge in shopping spree in one of the best malls and check out the latest collections. So, while shopping for the latest shoe or the Giovanni dress, try and observe the store once. How individuals serving the floor behave; what do they do and how do they manage the shop floor.; and if you visit supermarket selling everything of our daily needs – vegetables, fruits, oils; observe a little carefully aspects like offers and discounts available; the billing counters and the queue in front of them.
Yes, that’s how it is these days. It’s more about marketing rather than simply selling some products that a customer asks; how do you convince customers to buy items that are actually not on their list; retail management has led to idea of impulse purchase and therein lays the magic of retail management.
Retail Management as a Specialization
Retail management is pursued as a specialization at the postgraduate level as a part of management studies. However, as a specialization, the core modules of retail management comprise the following:
Store Management: A comparatively new term coined in the domain of retail management, broadly store management refers to the overall activity of receiving materials, safeguard them from damaging – in short taking care of the overall store and of course managing it. As a store manager you would ideally be performing the following tasks:
Checking and maintaining the exact value of the materials
Overlooking the services of other departments
Successfully coordinating with other departments thus establishing a strong working relation
Working closely with the materials manager
Apart from these, a store manager is also responsible for managing store processes, and fulfilling customer needs within the shortest span.
Shop Floor Management: Shop floor management on the other hand is all about managing and coordinating every activities pertaining to the floor. Similar to store management, a floor manager is responsible for overlooking a particular section or a floor unlike the entire store.
Front Office Management: As the name suggests, it involves dealing with all kinds of activities with regard to front office activities. Though prevalent in other fields, front office management has a larger significance in the retailing sector.
Combined together, the three front office management, store management and shop floor management are integral part of retail management. Today, retail management has good scope for career opportunities. Management institutes these days offer courses in retail management. However, a mere degree will not help much; in order to succeed as a retail professional, you have to have a good understanding of customer behaviour, current market trend and an awareness about the current brands not only dominating the market but also latest brands foraying into it.
If you want to pursue an MBA in Retail Management, you have to follow the normal process of applying for management colleges. The most popular examination taken by students is the Common Admission Test (CAT), other entrance examinations like XAT and MAT are also considered for a degree in retail management. Top MBA institutes like Indian Institute Management, Ahmedabad(IIM-A), MDI Gurgaon offer specializations in Retail Management. A quick look at the basic course content of Retail Management includes the following:
Introduction to the Concepts of Retail Management
Segmentation in Retail Management
Trends in Retail Management
Retail Pricing and Merchandising
Significance of Relationship Marketing
Importance of Information Technology in Retail Management
A comparatively new field of management, retail management offers a galore of employment opportunities. A fresh graduate in Retail Management can earn anywhere between INR 20000 to INR 22000 in the beginning. Over time and of course along with experience, the salary packages do go up.
Organized Retailing in India – Future Prospects
Organized retail sector in India has evolved greatly over the last two and a half decades. The sector reached its zenith in the late 90s and the early 2000s. Encouraged by the economic liberalization, some of the oldest players in the segment include names like Nilgiris, Tribhovandas Bhimji Zhaveri and Bombay Swadeshi Stores. Later players who dominated the Indian retail market are Khadim’s, Apollo Pharmacy and Fabindia. Post-liberalisation the scenario underwent a sea change with multinational brands like McDonalds, Kentucky Fried Chicken (KFC) and now the latest entrant being Starbucks.
With such a boom, individuals with a degree in Retail Management are in high demand. It goes without saying that employment opportunities in the segment are plenty.
An avid reader and a passionate writer Sampurna Majumder loves challenges. Barely a year into Digital Media she has written several guest posts, blogs and articles for leading educational websites like Shiksha.com. The above post discusses the career opportunities surrounding the field of retail management.