Retail industry is one of the most rapidly changing industries of the world, contributing to the economic growth of one and many. Retailing is an important part of the business industry which has selling products and services to consumers at its core. If you are on your path to become a retail store manager, here are some things you ought to know.
The origin of the word retail is French, derived from retailer that means “to cut a piece off” or “to break bulk”. In simple words, retailing refers to the process of timely delivery of goods as and when demanded by the consumers at affordable prices. It is a people-oriented industry which is buzzing with opening of sprawling shopping malls across the different parts of the country.
The first wave of retail revolution came in the late 80s after which the Indian retail sector grew to become the fifth most attractive emerging retail market in the world. Currently, the sector contributes to more than 10 percent of the total gross domestic product and provides employment to eight percent population. In the next five years it is expected that the industry will grow at a rate of 30 percent.
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With such a tremendous growth, retail management has become a very lucrative career option. Many students are now opting for specialized retail management courses.
The fast pace of expansion has thrown open a wide gap between the demand and supply of skilled professionals in this sector. The resulting effect is that retail management and store management jobs are now one of the most highly paid in the industry. Besides, even if you are not an expert, there are plenty of entry level opportunities.
Retail is an industry looking for people at all levels, from the school pass out with basic skills to the highly qualified professionals backed with years of experience. The top popular jobs in retail sector include:
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In addition to these two professions, the retail sector has many other jobs such as logistics and warehouse manager, retail communication manager, retail marketing executive and back-end operation manager.
Education and eligibility Owing to the YoY augmentation of the retail industry, a number of colleges and higher educational institutions have started specialized courses in store management and retail management amongst others.
Candidates have the option to take up either a degree course or a diploma course in retail management. Degree course include MBA, while the post graduate diploma in retail management is also an equivalent course.
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These courses train students on various aspects of retailing such as marketing strategies, accounting, ethics and laws, customer relation, merchandising, retail communication and retail buying. Students pursuing these courses also get information on subordinate fields such as supply chain management and merchandising, which go hand in hand with retailing.
There are a number of good institutes in the country that offer these courses. While some of these institutions are solely dedicated to this cause, there are others that offer it as a specialization along with other courses.
The Retail Association of India, RAI, is an independent body, comprising all the major retailers as its members. RAI, in association with the Indira Gandhi National Open University, IGNOU, offers a certificate and diploma program in retailing.
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Saurabh Tyagi is an expert author who has been writing for various online blogs and publishing sites over the last two years. His areas of interest includes education and career. The above article provides useful information about Career in retail sector.Retail management career has become a lucrative option these days. The retail sector in the UK is one of the largest business sectors having a net value of £394 Billion in 2019. About 2.9 million people are working in the retail sector, and the number is growing daily. So, have you ever thought that you could be a part of this huge industry?
However, it’s wise to know the ins and outs of a sector before pursuing a career in it. You shouldn’t make your decision without having much insight into that sector. The same thing applies to a career in retail management. As you’re reading this article, I assume you want to pursue a career in this field, and you’re looking for knowing the details of it. Here, I’ll walk you through the ten things to know about a retail management career. So, without further ado, let’s dive right in.
As a retail manager, you’ll be directly interacting with the customers of your business. So, you must have the right personality to become successful in retail management. Here, the right personality means having the traits of successful people in this field. So focus on them and identify what things helped them become successful.
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You have to be a result-oriented person as this will drive you towards doing certain things to boost your career in this field. Also, you need to be a natural leader who can lead others under his command and motivate them to boost their productivity. Also, you should be cheerful, patient, and a good listener to understand the desires and pain points of your customers as well as your colleagues.
You might be thinking that retail management is just about sales and revenue. In a simple sense, it’s right. But retail management isn’t only about just sales. It’s more than that, and sales are only a core part of it.
As a retail manager, your tasks will be anything that makes your business running smoothly. It can be the sourcing of products, inventory management, merchandising, managing the supply chain, managing the employees under you, etc. Also, you’ll have to oversee customer relationship management and ensure best practices to make your customers satisfied with your business. So, it’s clear that you won’t be detailing the sales of your business, rather everything that makes a retail store work.
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You must have some specific skills to get into the retail management sector and become successful in this field. The first and foremost skill you’ll require is communication skill. As the retail sector directly deals with customers, so you must have good communication skills to communicate with the customers effectively. Also, you need negotiating and influencing skills to convert the people visiting your store into your customers and retain them.
Unlike many other jobs, retail management needs a considerable level of experience to succeed in this field. You need to have experience in different aspects of retail to become a successful retail manager. You need practical experience of customer handling, sales, negotiating, marketing and many more, which is worth more than having just a college degree. So, employ yourself in gaining experience before getting into the retail management career. The best way to obtain experience is to join an entry-level job and take time to learn every aspect of the retail sector practically.
Retail management is like an umbrella and a lot of options to specialise fall under this. Once you join the retail sector, you’ll find different aspects of it which include buying, merchandising, branding, pricing, customer support and many more. As you move up your career, you’ll be building expertise in these fields, which would give you big thrust in your career path. So, being a retail manager makes you a multitasker to succeed in the business world. However, you have to give you efforts to specialise in these fields to make this happen.
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Retail management is nothing but a number’s game. The sales and profit you can generate for the company will measure your performance and success in the retail sector. Your duty as a retail manager is to enhance business performance and maximise productivity by driving more sales and generating revenue. All your duties will reflect on the overall profitability of your business, and you will be judged by how you are doing in this regard.
Though there are many other aspects to measure your performance, at the end of the day, the number of sales and the amount of profit is main for a business. Others will be worthless if the business can’t make a profit. So, you must be focused on sales and profit to succeed in this field.
In the retail management career, moving up means shifting to larger stores in larger markets with more management responsibilities. The sad part is, you might not find the promoted position within the same area due to the nature of the retail sector. So, you may have to move from your city to another city. It could be annoying for you if you need to leave your friends and family to go to your new workplace. However, if you find fun in exploring new places, it will be enjoyable for you.
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The retail sector directly deals with the public, and everything takes place in a retail store where you’ll be working as a retail manager. The saying goes that the retailer’s duty starts when the public’s duty ends. It means other people generally work from 9 to 5 and shop in the evening and night after their office hours. So, the main duty of retailers starts after office hours. That’s why, as a retail manager, you could rarely expect to work from
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