“India’s retail industry is rapidly growing due to the entry of new players. With a large population, a growing middle class, and an emerging luxury spending cohort, foreign retailers have excellent prospects for business expansion in the Indian market.” – India Briefing, 2023
The global economy relies heavily on the retail sector because it acts as a link for goods and services from producers to consumers. To ensure seamless operations, maximum sales performance, and customer pleasure, retail organisations must have effective retail management.
Practices for retail management have changed over time in response to the industry’s shifting needs. These days, Retail Managers are essential to the success of companies in this field because they handle everything from staff training and industry trends to inventory management and sales strategy guidance.
Let us discover more about today’s world of retail management, what is retail management, its scope, the skills required, etc.
What is Retail Management?
Retail management is the practice of helping customers get the items they want from retail establishments for themselves. It includes the procedures required to draw clients into the store and fulfil their purchase needs. Time is saved and clients are certain to locate what they want promptly and leave satisfied, thanks to retail management.
The three categories of retail courses offered in India include diplomas, bachelor’s degrees, certification, professional, and postgraduate degrees. Retail courses are available for full-time or part-time enrollment for candidates.
Scope of MBA in Retail Management
The economy has developed tremendously, making retail management one of the fastest-growing careers in the sector. A recent analysis from Anarock and the Retailers Association of India (RAI) projects that by August 2023, the organised retail sector in India will have grown at a compound annual growth rate (CAGR) of 25%.
India has one of the fastest-growing retail sectors. Therefore, the retail sectors need some of the skilled candidates with eligible hard and soft skills.
People who are passionate about sales marketplaces, business diversification, campaigning, advertising, market research, and segmentation have a wide range of professional opportunities in the country’s expanding retail sector. The retail industry is witnessing constant growth, which is driving up the demand for courses that will equip students with the strategies, processes, and techniques needed to increase sales and satisfy customers.
Skills Required for Retail Management
Retail Managers need a specialised set of skills to manage sales operations, lead a sales team, deliver first-rate customer service, and close deals with customers. These qualities are known as retail management skills. Retail Managers provide the sales crew with crucial training, direction, and assistance as part of their job responsibilities. They also serve as a point of contact for the staff and the management of the retail business. They also address client issues and pay attention to customer needs. Let us look at some of the essential skills you would require to become a successful Retail Manager:
|Time management skills
List of Top Jobs with Salaries after Retail Management Degree
Retailing is a dynamic sector that includes some of the most well-known brands in the world along with a wide range of industries. Candidates with a background in retail management have the option to seek employment in sales, management, administrative services, merchandise shipment, management, and client communication. Let us look at the various job options in retail management:
There are many more options that you can explore after completing an MBA in Retail Management. Let us explore each job in more detail:
1. Retail Product Manager
After completing an MBA in Retail Management, this is considered the top career. Retail Managers ensure that every product that is supplied to customers is managed successfully. It’s a senior role in the retail management industry. Retail Product Managers oversee a product’s lifespan. The work encompasses everything from developing marketing strategies to the initial concept stage. Retail Product Managers are in high demand, particularly in India. Developing strategies, conducting research, offering insights, hiring staff fall under their responsibilities. Strategic planning, communication, negotiation, analytical, attention to detail, and long-sightedness are the qualities needed for this role.
- Average Salary: ₹4,90,000
- Highest Salary: ₹ 12,00,000
2. Store Manager
A retail shop manager’s responsibility is to ensure that a department store’s everyday operations run smoothly and efficiently. This is just another fantastic job option in retail management. Developing fresh and innovative concepts to enhance the store’s operations, financial results, customer traffic, and other management facets is another one of their responsibilities. Along with these key divisions, a store manager collaborates closely with HR, Marketing, Customer Service, Logistics, Administration, and Finance.
- Average Salary: ₹ 5,20,000
- Highest Salary: ₹ 10,40,000
3. Brand Manager
As a Brand Manager, it is your job to create compelling and successful marketing initiatives that will improve consumer perception of your company and boost sales. A marketing campaign goes through several phases, from initial planning and strategy to final execution. If their campaign doesn’t produce the expected results, they adjust and make the necessary adjustments. This field job pays well for characteristics like self-motivation, computer proficiency, leadership, communication, and multitasking.
- Average Salary: ₹ 18,00,000
- Highest Salary: ₹ 32,40,000
Merchandisers are the experts who manage product-specific ads and related materials in supermarket stores. Some of the responsibilities you will be managing as a Merchandiser include replenishment and removal of inventory from stores. As a Merchandiser, you will also be responsible for maintaining order, retagging the shelves, and scheduling the supply of fresh goods. In this sector, having good organisational and managerial abilities is beneficial. Getting a graduate degree or an MBA in Marketing or Retail Management is necessary to work as a Retail Sales Merchandiser.
- Average Salary: ₹ 4,10,000
- Highest Salary: ₹ ₹ 7,00,000
5. Sales Manager
Sales Managers work in both retail and non-retail environments. As a Sales Manager, you will be responsible for supervising the daily operations of sales personnel and sales-related tasks. This retail management job pays well for those with managerial and leadership abilities. The basic requirement needed to work as a Sales Manager includes a bachelor’s degree in Finance, Marketing, Business Retail Management, Retail Management, or an MBA in Sales or Retail Management. Online coursework is most ideal for people who want to continue their career in the retail industry as well as increase their income.
- Average Salary: ₹ 6,80,000
- Highest Salary: ₹ 15,40,000
6. Marketing Executive
A Marketing Executive is among the greatest jobs you may consider after completing courses in Retail Management. As a Marketing Executive, you will be overseeing the advertising, public relations, and marketing strategy departments of businesses to maximise profits. Your duties as a Marketing Executive will include conducting market research to assess future consumer demand for the company’s products and services and then developing a marketing strategy to satisfy that need. A candidate with an MBA in Retail Management would be ideal for this role. A bachelor’s degree followed by an MBA in Business, Economics, Marketing, Retail Management, or a related field, is the minimum educational requirement, nevertheless.
- Average Salary: ₹ 3,30,000
- Highest Salary: ₹ 6,00,000
Best Institute for Online MBA in Retail Management & Related Programmes
|Name of the College
|D.Y. Patil Deemed To Be University
|Bharati Vidyapeeth Deemed to be University
Deloitte India and the Shopping Centre Association of India (SCAI) predict that by the end of the decade, the retail sector in India will grow to a value of $4.5 trillion. As of 2022, the Indian Retail Market is worth $1.3 trillion. The career scope in retail management is filled with opportunities, all you need is the right skills and education for it. The retail industry is experiencing a surge in the demand for qualified workers, as a new generation of savvy professionals enters the area. This is the ideal industry for you if you have a preference for research, sales, marketing, goods, advertising, or campaigning. After completing studies in retail management, there are a variety of employment options available in this fascinating industry. You can apply for an online retail management course that would provide you with skills, flexibility and the right experience.
Aayushi is an avid reader, writer and travel enthusiast. She has been working as a Content Creator for 8 years and has been employed in the Education industry for the last two years. She has worked in multiple niches. She is always looking for opportunities to learn new things and grow; and wants to contribute maximum to the cause of education, upholding the Sustainable Development Goal 4.