Retail Management: Ever wondered, how the discount policy at Big Bazaar is implemented? What is the need of introducing such heavy discounts? Why they offer so many deals? What is the deal about those student cards? The one and the only reason to do so is to attract more and more customers and optimize profitability. Such timely offers and deals lure more customers to the store. All these strategies are formulated with the help of retailing professionals. They are responsible for operating a store and overseeing each department from sales to stock to yield profits.
Retail can be defined as the sale of various goods and services to consumers. Retail Management is one of those branches in business administration that manages and monitors the retail department of the organization. Read the article provided below to get all the information about retail management and why to pursue a career in the field. We have also included the list of courses available, their eligibility, job prospects, and others.
- 1 Career in Retail Management
- 2 Scope in Retail Management
- 3 Retail Management Courses
- 4 Retail Management Admission & Eligibility
- 5 Skillset Required
- 6 Career & Jobs in Retail Management
- 7 Salary in Retail Management
- 8 Books and Study Material
Career in Retail Management
What is Retail Management?
Retail Management is defined as a process of sales and merchandising that brings the customers to the store, identifies their needs, helps them find the right product, and leaving the store satisfied. It is a service-oriented profession that focuses on brand naming and sales management.
Retailing in India is one of the fastest-growing industries. It contributes around 10% to the Indian GDP. With the enhancement in the people’s demands of better and quality products and services, the retailing market has profited manifold over the past few years.
In a field like retailing, “Customer is King”. Thus, the main motive of the retailing professionals is to please the customers anyhow. They focus on building proficient relations with customers along with sales and brand naming. They wish to transform the shopping experience of the customers to an enjoyable one.
Scope in Retail Management
With the advancement in globalization, the retail industry is booming. People are becoming more advance and modern. There are around 3800+ malls, 8500+ supermarkets, and over 14 million outlets in India. Every day there are hundreds more coming up. Clearly, the retail industry is not going anywhere. The companies will come up with new goods and services every day and there will always be a requirement for the retail professionals to manage things.
Retail professionals are and will always be in high demand. Pursuing a career in retail management is a lucrative career path as it offers an ample number of job opportunities in different departments in hundreds of companies at their thousands of outlets. Also, one can always start his own store and be an entrepreneur.
However, it is highly recommended to pursue a career in retailing if and only if you have an interest in retailing and possess effective qualities and skills to be a retailer. A field like management in retailing demands fast-paced work and often the employee is struck in crazy work shifts and immense work-load.
Retail Management Courses
If you wish to enter the field of retail management, you need to possess enough qualifications to have a safe and secure future in the field. One can start by opting for any course from the list provided below. The list contains the number of courses available in the field of retailing ranging from Certificate courses to Ph.D. levels.
|Course level||Course Name|
|Certificate||Certificate Course in Retail Management|
|Diploma||Diploma in Retail Management|
PG Diploma in Retail Management
PG Diploma in Fashion Merchandising and Retail Management
|Undergraduate||B.Sc. in Retail Management|
BBA in Retail Management
B.Sc. in Fashion Merchandising and Retail Management
|Postgraduate||MBA in Retail Management|
M.Sc. in Retail Management
M.Sc. in Fashion Merchandising and Retail Management
|Ph.D.||Ph.D. in Retail Management|
A specialization in the subject helps to master a specific division in the whole course curriculum. The specializations in the field of the retailing that one can opt are-
- Store Management
- Supply Chain
- Customer Relations
- Fashion Buying
- HR Management
- Quality Control
Retail Management Admission & Eligibility
The admission procedure is subject to vary from institute to institute. However, we have provided here the key eligibility required to be satisfied to get an admission in any of the retailing course.
|Course level||Duration||Key Eligibility|
|Certificate||6 – 12 months||– Intermediate pass out|
|Diploma||1 – 2 years||– Intermediate pass out|
– For PG Diploma: must been graduated in related discipline
|Undergraduate||3 years||– Intermediate pass out|
– secured at least 50% of marks in previous qualifying exam
– qualify entrance exam, if applicable.
|Postgraduate||2 years||– Bachelors in related discipline|
– secured at least 50% of marks in the graduation
– qualify entrance exam, if applicable.
|Ph.D.||2-4 years||– PG degree in related discipline|
Some institutes require the qualification in national or state level entrance exams to get admission in the retail management course. Some of the popular entrances exams for the purpose are-
Top Institutes for Retail Management Courses
India’s topmost institutes to pursue the management in retailing courses are as follows-
|Symbiosis Skills and Open University (SSOU), Pune|
|Symbiosis University of Applied Sciences (SUAS), Indore|
|Lovely Professional University, Jalandhar|
|Amity University, Noida|
|Department of Management Studies, IIT Delhi|
|Chitkara University, Patiala|
|School of Communication and Management Studies, Cochin|
|Prin. LN Welingkar Institute of Management Development and Research, Mumbai|
|Tezpur University, Assam|
|K J Somaiya Institute of Management Studies and Research, Mumbai|
|Birla Institute of Management Technology, Noida|
In order to make a career in the field of retailing, aspirants must endure a service-minded approach. The following list consists of some of the core skills that a retailing aspirant must possess.
Furthermore, the candidates in the retailing must also possess other soft skills such as:
- Analytical Skills: It is very important for the retail professionals to have a strong mathematical and analytical skills.
- Active Listening: People engaged in retailing must possess good listening skills so as to understand what the customer needs and fulfill his demands accordingly.
- Strong negotiation skills
- Leadership qualities
- Have patience
- Be cheerful in nature
Career & Jobs in Retail Management
Pursuing a career in retailing is very rewarding as well as challenging. There are a great number of job prospects in this field. The aspirants in this field must keep in mind that it’s not just a nine to five job. They might need to work with hectic schedule at crazy work shifts. Also, in retailing customer’s happiness is paramount and therefore they must possess interpersonal skills to achieve greater heights in the field.
Some of the top profiles in the field of retailing are-
|Job Profiles||Job Description|
|Retail Manager||The retail manager supervises every department and aspect of the store. He oversees the functioning of sales, stock, staff and manages budgets and costs to enhance profit rates.|
|Digital Manager||The digital manager develops various digital campaigns to optimize the productivity and profitability of the store.|
|Merchandiser||The merchandiser monitors the ongoing sales trends and collaborates with sales and stock department and prepares a strategy to attract more customers.|
|Retail Sales Assistant||The retail sales assistant is directly related to the customers. He engages customers to identify their needs and assist them accordingly. Also, introduce them to the discounts and deals offered by the store.|
|Visual Merchandiser||The visual merchandisers are responsible for the layout and design of the store. They plan and implement a visually pleasing window to attract more customers to the store.|
Top Recruiters for Retail Management
Some of the top recruiting companies that hire retail professionals are –
|Big Bazaar||Aditya Birla Group||Westside|
|Pantaloons||ITC Retail||Shopper’s Stop|
Different employment sectors where retailers are employed in high numbers are-
|Logistics||Fashion Industry||Advertising Agencies|
Salary in Retail Management
In India, the salary packages in the field like Retail management ranges from INR 1.5 lacs – INR 10 lacs per annum. Remuneration tends to increase with the gain in work experience. The salary packages being offered by the recruiting company highly depends on the factors such as:
- Job Location
- Job Profile
- Recruiting Company
- Qualifying Institute
- Educational qualifications
Also, several incentives are granted to the retailers for their excellent performance and augmenting the store profitability.
Books and Study Material
|Name of the Book||Author|
|Why We Buy: The Science of Shopping||Paco Underhill|
|Retail Management||Prabhu TL|
|The Retail Revival: Reimagining Business for the New Age of Consumerism||Doug Stephen|
|Retail Management: A Realistic Approach||Neelesh Jain|
|Retail Beyond Detail||Gibson G. Vedamani|
|Retailing Management: Text and Cases||Swapna Pradhan|
Some Other Useful Links
Frequently Asked Questions
Retail Management can be defined as a process of sales and merchandising that brings in the customers to the store, identify their needs, help them find the right product and returning them home satisfied. It is a service-oriented profession that focuses on brand and sales management
Yes. The demand of retailing professionals is increasing day by day with the increase in the number of malls, supermarket and various retail outlets.
There are numerous courses available for retail management range from Certificate course to Ph.D. level.
The candidate must be intermediate passed with at least 50% marks. Also, he must have qualified the national or state level entrance exam as applicable by the rules prescribed by the respective institute.
The candidate must hold a bachelors degree under his name in any relevant trade with at least 50% of marks.
A specialization in the subject helps to master a specific division in the whole course curriculum.
The duration of Diploma courses in Retail Management is 1-2 years
CAT, GMAT, XAT, SNAP, MAT, etc.
Symbiosis Skills and Open University (SSOU), Pune
Symbiosis University of Applied Sciences (SUAS), Indore
Lovely Professional University, Jalandhar
Amity University, Noida
Department of Management Studies, IIT Delhi
Good communication skills
Customer service approach
Time management skills
Analytical skills, etc.
Some of the top job profiles in retailing are –
Retail Sales Assistant
Shopping malls, logistics, healthcare, multiplexes, airline services, restaurants, advertising agencies, etc.