Retail management is one of the most challenging and fulfilling career paths. There is an immense scope of career growth and the pay is also good. According to Salary.com, the median salary for managers in this sector ranges from $48.091 to $65,734 depending on the factors such as qualifications, experience, and location.
Though the retail industry is dynamic, the needs of management remain the same. Organizations are always looking for managers with sound leadership, decision-making and problem-solving skills to sell their goods and services in the most profitable manner. A diploma in retail management will help you to develop the necessary skills to pursue a career in the field.
4 Important Guidelines to Know Before You Register for Diploma in Retail Management
Personality Traits
Successful managers have some traits in common. Compare your personality traits and ensure you possess at least a few of them before registering for a PGDM in Retail Management.
- Ability to handle stress
- Good communication skills
- Leadership skills
- Conflict-resolution
- Negotiation skills
- Quick decision-making
- Ability to work in teams
- Ability to motivate team members
- Strong focus on customer service
- Positive attitude
It does not mean that you should not enter the field if you do not possess the above qualities. However, you may have to work hard to develop these skills to be a successful manager.
- Multiple Career Paths
A masters certification opens up a plethora of employment opportunities. Once you acquire the necessary knowledge and skills in the field, you can specialize in a variety of areas such as merchandising, marketing, customer services, supply chain management, visual merchandising, sales, operations and so on. There are a variety of jobs in the field that include store managers, managers for retail operations, supply chain managers, team leaders and so on.
- Area of Operations
A job in retail does not mean only sales. It also includes a range of day-to-day operations of stores. The scope of operation includes
- Managing the store
- Hiring, training and managing the staff
- Overseeing the employee schedule
- Inventory management
- Co-ordinating with suppliers and vendors
- Devising promotional strategies
- Maintaining the store premises
- Setting up goals and targets for the staff and measuring their performance
- Handling customer queries and ensuring proper customer service
- Monitoring sales figures
- Qualifications
You do not need a specific degree to find a job in the industry. However, if you wish to land top jobs in the field, a post-graduate diploma in retail management will surely help you to advance in your career.
A career in the retail industry is one of the most promising and challenging options. The scope of specializations and job roles is very high and it is easy to enter into the field. However, pursuing a Masters will help you to grab high-paying jobs in the sector.