Retail management pertains to the
task of managing supermarkets and hypermarkets in strict business terms. In
India, the retail industry has seen a great upsurge in the past decade. From
adopting new marketing strategies to diversifying into businesses, companies
have tried all gimmicks to impress the customer. This is one industry that
works clearly on the paradigm, “Customer is King”. The next time you enter a
Reliance Fresh supermarket or a Big Bazaar to buy a commodity of your choice,
try and analyze the various discount prices being offered. The systems these
days are super fast and dynamic and totally computerized. Unlike in the past
where you had a grocery or a kirana shop selling you products and commodities
at higher prices, now almost everything comes for a discount! It is the sale
season for no proper reason! Right from factory outlets to supermarkets, some
brand or the other would offer you discounts to beat and win the competition.
Accordingly, retail management is a
subject that requires you to be fully aware of brands, marketing strategies,
and retail philosophies behind winning the customer.
Step-by-Step
You will basically need to clear the
CAT (Common Aptitude Test) for getting into prestigious colleges such as the
IIMs or clear GMAT (General Management Aptitude Test) to get admitted to
foreign universities for pursuing MBA.
Some of the best institutes offering
courses in retail management are: MDI Gurgaon and NMIMS University,Mumbai. You
would have to appear for entrance exams to get admitted to these colleges.
As a student, pursuing a course in
retail management would equip you with knowledge in the following areas
overall:
1. Introduction to Retail
Management and Concepts
2. Retailing trends
3. Retail Market Segmentation
4. Retail Pricing and merchandising
5. Relationship Marketing in Retailing
6. Role of Information Technology in Retailing
2. Retailing trends
3. Retail Market Segmentation
4. Retail Pricing and merchandising
5. Relationship Marketing in Retailing
6. Role of Information Technology in Retailing
All other topics are a subset of
either of these or are related subtopics.
Start Early
Retail management is an unconventional
subject to say the least. It is a choice you must make if only you have the
acumen to understand the retail industry and an inclination towards advertising
as well. No doubt then, it will be a highly rewarding career.
Is it the Right Career for Me?
As stated above, retail management
is the right or rather the best career for those who feel an interest towards
commodities, sales markets, market segments, diversification of businesses,
advertising and campaigning, and marketing research. The profession offers wide
scope for exploring new companies that get introduced into the market and offer
various products. You can start as an assistant retail manager and manage as
store. You have to be dynamic and a team leader to succeed in the field.
What would it Cost Me?
A course in retail management would
cost you somewhere between 1 lac and 3 lacs annually depending on the college
or institute you choose. If you are pursue the course from a Tier-1 B-school
such as the IIMs, then you would be charged optimally in the range specified
above. On the other hand, if you are pursuing the course from an international
university that offers you chances to travel abroad, the fee would be higher.
Funding/Scholarship
The best option for getting
education loans is from State Bank of India, which offers up to a maximum loan
of 7.5 lacs. Other banks offer education loans too but you must check on the
pay back interests being charged.
Several colleges offer scholarships
to brilliant students. However, this is rare in India. Though colleges abroad
offer full funding for students who score very well in GMAT exams or CAT exams,
yet you must be prepared for meeting additional expenses such as boarding and
lodging. The GMAT and CAT scores are taken into account for funding in universities
abroad.
Job Prospect
The job options in the retail field
are quite interesting for a college graduate. You may start working as a sales
executive or be directly employed as a sales manager or a marketing
manager and even start a retail business of your own by becoming a franchisee
of another big player in the retail business!
Pay Packet
The
pay packet for a sales executive or a floor manager averages anywhere between
Rs. 15,000 and Rs. 25,000 depending on the magnitude of business you handle. Your
responsibilities would primarily include managing people on the floor and
assisting them with purchases.
At
a corporate level, you may work as business development officer as well.
Demand and Supply
The demand for floor personnel and
retail managers is always high. This is primarily because the supermarkets and
hypermarkets business is ever expanding. Sometimes, start up retail chains
select freshers from colleges or hire students for part-time jobs in order to
handle customers who visit the market.
The educational requirement sometime
is limited to just a twelfth standard with pass marks! However, for students
who have completed MBA in Retail management, the demand is more on the side of
business research, market research, and pricing and strategising perspective.
The supply is optimal in India but there is always a huge demand for retail
professionals.
Market Watch
Companies such as Reliance, Big
Bazaar, Vishal Mega Mart, and the newly started Star Bazaar make millions of
rupees per day owing to the sheer volume of products and commodities they sell.
Besides these companies, apparel leaders such as Westside and Pantaloons,
shoemakers such as Regal, Metro and Bata use different strategies to market
their products and come up with creative methods to sell their brands.
In this context, the summer, spring,
winter sales and discounts hold much importance. The rise and fall of stocks
and shares of these brands entirely depends on the monthly and annual sales.
International Focus
The concept of supermarkets and hypermarkets
has been borrowed by India from abroad from brand names such as Wal Mart. A
company like Wal Mart uses advanced supply chain strategies to market and sell
its products.
Much to the satisfaction of Indians,
brands such as Ray-Ban, Bose, Gucci and Mango that sell fashion products have
also entered the Indian market long time ago to provide a high end
Indian customer with quality products.
In this context, the job opportunities for students of retail management are quite encouraging.
Positives/Negatives
+ives:
• There are several foreign
retail chains from countries like Germany, the US and the UK which are opening
up stores in India every year. As a result, these have generated
many opportunities for job seekers.
• The retail systems in general are very colourful and exciting. Individuals pursuing a job in this industry get wide exposure and an opportunity to interact with different kinds of people.
• The retail systems in general are very colourful and exciting. Individuals pursuing a job in this industry get wide exposure and an opportunity to interact with different kinds of people.
-ives:
• Some retail outlets hire
individuals who are simply graduates and do not ask for an MBA degree or any
specific qualification in retail management. Sometimes, this may lead to
inconsistencies in people’s careers.
• Certain brands that don’t do well in the market sometimes downsize their business and layoff employees. This is a risk factor often associated with the retail business.
• Certain brands that don’t do well in the market sometimes downsize their business and layoff employees. This is a risk factor often associated with the retail business.
Different Roles, Different Names
The employees hired by retail
companies are usually known as floor managers, floor executives, lobby managers
et al. At a corporate level, they would be called sales managers or marketing
managers.
Nonetheless, the growth and
expansion of the retail industry has seen the upsurge of plenty of malls,
supermarkets, movie theatres, and hypermarkets for the general public. Though
the products they see are different, the basic functionality remains the same,
of capturing customers’ hearts.
Top Companies
These are the top 10 retail
companies in India: Shopper’s Stop, Westside, Pantaloons, Lifestyle, RPG
Retail, Crossword, Wills Lifestyle, Globus, Piramals and Ebony Retail Holdings
Tips for Getting Hired
To get hired with a retail company,
follow the steps mentioned below:
- Prepare
a resume that highlights your passion for interacting with customers and
excellent communication skills.
2. Include details of any awards or recognition bestowed upon you in school or college.
3. Apply with top 5 to 7 companies to select the best job position.
Mr. Sounik Kajal Kumar Dash, Diploma (EE), B.Tech
(EEE), ADEM, DHRD, MBA (IHRM, CULC-London)
Corporate Lobbyist and Strategist, Career
Consultant, www.sounikkajal.com
Source: http://www.odishabook.com/Aticle/Education/Career-Options/2013/09/29/Career-Courses-in-Retail-Management
