In this episode, Ms. Nidhi Mishra talks about field retail management. Retail basically is a process of selling goods and services to customers through multiple channels of distribution. Retail stores may be small or big. But they most operate in the same lines as purchasing to sale.
Retail management includes planning, strategizing and coordinating the operations of retail outlets. Be it small franchise like fast-food chains or sections of the supermarket.
Retail management includes all steps that are required to fulfill customers buying needs.
Department stores, supermarkets, and grocery stores are the most common retail stores. Others include:
Warehouse retailers: They keep stock of a large variety and quantities of product and sell it at a lower price.
Specialty retailers: they = sell products of a particular brand or products of the specific category.
Discount retailers: they sell a wide variety of products at a lower price than the wholesale prices.
Internet retailers or mobile retailers: Nowadays customers have the option of shopping by using the internet or smartphones and the products are delivered at their homes.
You can enter the field after class 12th be it from arts, science, and commerce. But do note that few institutes offer diploma and graduation course. Most of the universities or institutes offer post graduation course in retail management. To seek admission for a post-graduation course you need to clear relevant entrance exam, group discussion, and personal interview. Some institutes may also ask for 2-3 years of work experience.
A course in retail management helps you to learn the concepts of retailing, which would help for future undertakings as well as practical experience. So, along with the education requirement certain skills sets like good analytical, numerical and IT skills, communication and knack for convincing people leadership skills, problem-solving skills, interpersonal skills, organizing skills and patience are important. You also need to be updated with the changes happening in the retail industry and be familiar with advertising and merchandising techniques. Job prospect is not only available in retail outlets, supermarkets but also in sectors like the food chain, sales, and marketing, airlines, hospitably sector, and supply chain sector. With online shopping have great demand. Retail management has become one of the fastest growing industries leading to growing career options. The emergence of technological advancement has a far-reaching impact behind the changing pattern of retail industry and making a new retail industry.