Retail management: Join the Indian Retail Revolution

Retail Management Career. Img source: Vrconsulting
Retail Management Career.
Img source: Vrconsulting

We have all seen huge malls and supermarkets mushrooming in the metros and cities over the last decade or so. The rapid growth in organised retail comes from a rising demand, rising income levels, a rise in disposable income and also an increase in aspirations the Indian middle class. On the supply side, we have seen entrant of new players and foreign brands, expansion of existing players and emergence of new categories. Market research firm TechNavio has predicted that organised retail, which includes e-retail, is likely to grow at over 23 per cent from 2013-2018. Such a fast growth would naturally translate into a huge demand for manpower. This is what makes retail management such a lucrative career.

Retail Management – As a Career:

In an era of increased competition, it is important that a store or a retail outlet is managed in an efficient manner so that it is profitable. Retail management is all about doing that. Retail establishments, both big and small, require personnel to run them. A retail professional’s role is to run or a store or several stores successfully. It involves one or more of the following- managing teams, managing inventory, promotion and marketing, customer service, dealing with customer complaints, overseeing the pricing mechanism, maintaining budgets and so on.

What to study in Retail Management:

With an increase in demand for professionals, a lot of retail management institutes have come up across the country which offers bachelors, masters and diploma degree in retail management. Some of the well-known institutes that offer post graduate courses in retail management are Indian Institute of Social Welfare and Business Management, Kolkata, L. N. Welingkar Institute of Management, Mumbai, Amity Business School, Noida and Birla Institute of Management Technology, Greater Noida. These courses teach you communication skills, the dynamics of modern retail,

With an increase in demand for professionals, a lot of retail management institutes have come up across the country which offers bachelors, masters and diploma degree in retail management. Some of the well-known institutes that offer post graduate courses in retail management are Indian Institute of Social Welfare and Business Management, Kolkata, L. N. Welingkar Institute of Management, Mumbai, Amity Business School, Noida and Birla Institute of Management Technology, Greater Noida. These courses teach you communication skills, the dynamics of modern retail, techniques and practises used by retailers and also give you hands-on experience at malls and retail destinations.

Career opportunities in Retail Management:

Big retail chains Pantaloon Retail, RPG group, Tata Group, Landmark Group, ITC Group and AV Birla Group hire store managers, retail managers, floor managers, retail buyers, operations managers, warehouse managers, customer sales associates, relationship managers, marketing and sales executives, inventory management personnel and merchandisers. Standalone store chains spread across the country also hire retail professionals.

While the growth in organised offline retail has been strong, the booming of e-retail or e-commerce in the last few years has opened up a lot more opportunities in the retail industry. Fast growing e-commerce firms, backed by big investments are hiring in a major way. A lot of these companies are hiring from the existing talent pool in offline retail.

Salary prospects- Retail Management:

A beginner may start from salaries of Rs 25,000 per month and upwards. With 4-5 years of experience salaries can be as high as 8-10 lakh per annum. E-retail, also known as e-commerce is however the fastest growing segment in retail. Established e-retailers like Flipkart.com, Amazon.in and Snapdeal are known to be offering salaries to senior professionals that are best in the industry.

Skills required – Retail Management:

Employers will look for a wide range of skill before hiring you. Strong communication skills, management and motivational skills, problem solving skills, customer focus and understanding of finances and profitability are some of the key skills required in this profession. In the starting years it is advisable to work in customer facing roles as that is a skill that employers put a lot of stress on. If you want to build a career in one of the country’s fastest growing sectors, a career in retail is for you.

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