The Indian retail industry has emerged as one of the most popular and fast-paced industry due to the entry of several new companies. Total consumption expenditure is presumed to reach nearly $3,600 billion by 2020 which was $1,824 billion in 2017. Its contribute over 10% of the country’s Gross Domestic Product (GDP) and around 8% of the employment. India is the world’s fifth-largest retail industry in the world.
India’s retail market is expected to increase by 60 % to reach the US $ 1.1 trillion by 2020, on the back of factors like rising incomes and lifestyle changes in the middle class and increased digital connectivity. Online retail sales are forecasted to grow at the rate of 31 % year-on-year basis to reach the US $ 32.70 billion in 2018.
India is expected to become the world’s fastest growing e-commerce market, driven by robust investment in the sector and the rapid increase in the number of internet users in India. Various agencies have high expectations about the growth of the Indian e-commerce industry.
Luxury market of India is expected to grow to the US$30 billion by the end of 2018 from the US $23.7 billion in 2017 Because of the growing exposure of international brands among young India population and their increasing purchasing power every year of the middle and upper class in tier 2 and 3 cities, as per Assocham data.
What is Retail Management?
Retail Management is the process which helps the customers to procure the desired product from the retail stores for their personal consumption. It includes all the steps that require to bring the customers into the store and fulfill their buying needs. Retail management saves time and ensures the customers easily locate their desired product and return home satisfied. It gives an overview of the concept of visual products and lays emphasis on customer relationship management, brand management, and sales management.
What is the Career Scope in Retail Sector?
Retail management has become one of the fastest growing career industry with tremendous growth in the economy. Retail Market of India is one of the most attractive and emerging market in the world. In the past years, Requirement of skilled professionals in this filed has been increased drastically and there are many Retail Management courses have been introduced.
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Courses available in India
- Certificate course in Retail Management – 6 months
- Diploma in Retail Management – 1 year
- Bachelor of Science in Retail Management – 3 year
- Integrated degree in Retail Management –5 year
- B.Sc. in Fashion Merchandising and Retail Management
- M.Sc. in Fashion Merchandising and Retail Management
What are the job roles?
Retail Manager, Store Manager, Visual merchandise Product Analyst, Supply Chain Distributor, Marketing Executive’ Warehouse Manager’ Brand Manager’ Customer Care Executives, Image Promoter, and Merchandise Manager Department Manager etc.
1. Sales Related jobs: Direct Sales is the hardcore part of retail industry, you just have to sell everything to your customer, other than sales there are some other responsibilities too which is a part of operation like sales associate, cashier billing and receiving payments from your customer by cash, cards or e-wallets (like paytm, phonepe, mobikwik etc).
2. Store Manager: A store manager is responsible for the overall performance of the store from sales to customer satisfaction, managing day to day operations, stock management and several other tasks. The store manager should be polite and should have good communications skills so that customers will keep visiting the store, and repeat customer will take any business to the next level.
3. Visual merchandise: visual merchandise is art to boost the sale means displaying the merchandise in such a way that appeals to the customer’s eyes. because Sight is the second most powerful of the five senses of the body, next to the sense of smell. So when you can’t get your potential customers to smell your products (due to some limitation), then you should seriously take into consideration stimulating the eyes instead.
4. Regional Sales Manager: To simplify operations areas are divided into regions and a regional sales manager comes under the jurisdiction of national sales manager. A regional sales manager needs communication skills and interpersonal skills. Regional managers are responsible for all retail stores comes under their jurisdiction. They visit stores to observe the performance of stores and employees and help them to solve problems. Regional managers report store performance to company headquarters.
5. Finance and Accounting: finance department plays important role in the operation of the retail store. A financial manager is responsible for keeping the records of accounts of income, expenses, maintaining financial records, cash flow control, bank statements etc. The financial manager must be efficient and effective enough to handle the risk of debts.
6. Human resources: Human resource is one of the most important aspects of the retail industry and this applies to other industries as well. The HR function includes recruitment, selection, training and development programmes, compensation and benefits etc. proper knowledge is required on the part of the HR manager to understand qualification and qualities to hire efficient staff. The HR function is in dealing with staff grievances and any disciplinary matters.
7. Logistic: logistics is a key aspect of retail chain industry. The logistics process consists of material handling, warehousing, information, transportation, packaging, and inventory. Retail Marketing is an interesting industry, comprising a vast variety of sectors and home to some of the world’s biggest companies such as Walmart. Candidates with retail management can start a career in supervisory, client communication, merchandise shipment, sales, management, and administrative services. The logistics department is responsible for ensuring that the entire process of logistics is maintained and developed in accordance with the goals of the business at an economical cost.
8. Marketing: Marketing department includes functions like advertising, sales promotion, and public relation. People with specialized knowledge in digital marketing and creativity etc are required in marketing. Advertising managers lead a firm’s advertising and promotional campaign. Marketing managers work with advertising and promotion managers to promote there products and services.
Salary Expectation: An average salary for a fresher in the retail management industry is between Rs 2 lakh to 4 lakh (depending on the company)
Companies who hire these professionals:
- Reliance retail.
- Future Group.
- Aditya Birla Retail.
- Titan Company.
- Shoppers Stop.
- The Raymond Group.
- Avenue Supermarts Ltd.
Who can study this course?
Candidates who have passed class 12th are eligible to pursue Retail Management courses in UG level. Candidates who have passed bachelor’s degree in relevant discipline are eligible to pursue masters in Retail Management and research from various Indian and foreign universities.
What would it Cost Me?
A course in retail management would cost you somewhere between 1 lakh to 3 lakh annually depending on the college or institute you choose as per need. If you are pursuing the course from a Tier-1 B-school such as the IIMs, then you would cost you around 10 lakh annually. On the other hand, if you are pursuing the course from an international university that offers you chances to travel abroad, then definitely the fee would be higher.