As you may know, India has already replaced China to become the most promising markets for retail expansion, which is primarily owing to India’s rapid economic growth, increasing urban population, booming consumption rates, and growing middle-class population. India’s retail market is further expected to grow from USD 641 billion in 2016 to USD 1.6 trillion in 2026.
As such, the retail sector rises as one of the most vibrant and fast-changing industry in the world and has particularly contributed to India’s economic growth to a very large extent. In the last few years, India has seen a tremendous increase in shopping centers, multi-story malls, and huge shopping complexes in every up-coming city. This rapid growth in the industry has created a large demand for trained professionals in the field, which accounts for almost 2 million job opportunities worldwide. The retail industry offers abundant employment opportunities not only in the store/outlets but also in other segments such as sales, marketing and branding, concept and design, buying and merchandizing, operation and administration, among others.
Today, India has become the global hub for organized retailers. A number of foreign brands and multinationals have entered the Indian retail industry creating a large demand for qualified and skilled workforce. The retail industry requires a mix of soft and hard skills. As the professionals in this industry work so closely with customers, it is important that they are equipped equally well with the soft skills like good interpersonal skills, etiquettes, and communication skills, as well as the hard skills like accounts, supply chain management, and inventory management. In the organized retail sector, smooth functioning and innovative thinking are the key aspects that are considered to be imperative for growth. Acquiring formal education in Retail Management can prove to be really helpful for the aspiring students to meet these unique requirements of the retail industry.
Retail management deals with three major areas – physical stores, online retailing and Omni-channel (multiple channels) retailing and a number of sub-areas like store management, market analysis, consumer engagement, e-business, consumer behavior, etc.
Some of the key job areas in the field of retail management are:
- Sales: Most retail management graduates start from the profile of sales. A skilled and qualified sales professional is required to have good knowledge of the products, the shop, and its customers. Sales associate, sales manager and department manager are some of the posts in this section.
- Retail Manager: A retail manager is responsible for planning and coordination of the operations of the outlet. The layout of merchandise of the store, problem solving, human resource management, marketing, sales, advertising and campaigning, marketing research, monitoring the orders and stock and analyzing the supply in the store typically constitute the job description of a Retail Manager.
- Retail Buyers and Merchandisers: A person at this position is responsible for selecting and buying merchandise for the store. Understanding the needs and demands of the customers and the buying partners and keeping updated with the latest market trends are some of the duties of the professionals who work on the profile of a Retail Buyer and Merchandiser.
- Visual Merchandisers: A visual merchandiser is responsible for the visual aesthetics of the store. They are basically the people who give a face to the brand.
Some other positions that retail management graduates can apply for are Supply chain distributors, logistics and warehouse managers, and marketing executives. Advertisement agencies and supply chains concerned with the retail industry also have a whole lot of opportunities to offer to Retail Management graduates.
We, at the J.K. Lakshmipat University, believe in the development of professionals from the formative years of their careers, and thus offer industry-driven education programs in Retail Management for the aspiring students. To strengthen the foundation of the undergraduate students interested in making a career in retail management, we offer a robust BBA program in Retail Management which is equipped with a modern, international standard curriculum integrated with practical exposure of the industry. Emphasis is laid on learning along with understanding through projects, viva, case studies, and annual industrial visits. The program has a2-month compulsory internship period which serves as a great opportunity for the students to get their hands on the field and learn on the job. Due to the University’s long standing and close partnerships and collaborations with corporate, students of our Retail Management program are provided with an opportunity to intern as well as get placed in the top organizations in the Industry.
For graduate students, we offer an MBA Program in Retail Management, which involves in-depth training of its students on all the aspects of managing a retail outlet. We expose our students to all the set processes and functions followed in the global retail industry enabling them to get prepared to kick-start their careers as soon as they step out into the corporate world. Internship constitutes an important part of the program that serves to make the students ready for the real job. Our close relationships with well-known organizations in the retail industry put us on a very strong position to not only keep its retail management program curriculum up-to-date with the industry requirements but to also ensure great placements for its students. Our highly qualified faculty further add up to our strength by providing the students the valuable insights from the industry. Moreover, we also regularly keep inviting industry experts to share their unique experience and management skills with the students that help them understand the actual working of the industry and make them career ready.
Article Source : – http://jklu.edu.in/blog/career-and-scope-in-retail-management/