PGDM - All you need to know about retail management course

Retail Management teaches students various retail operations principles. Buying, financing, merchandising, inventory control, marketing, personnel, and operations are examples of these principles. The retail management course deals with how retail outlets are maintained and how commodities are delivered to customers from these retail outlets. It consists of attracting customers to the store and then selling products to them based on their needs and desires.

This procedure saves time while also achieving customer satisfaction. Retail management entails not only the management of retail outlets, but also the management of the brand image, the maintenance of customer relationships, sales management, keeping track of orders at the retail outlet, managing the merchandise, directly interacting with customers, and the stocks/inventory are supervised and ordered on a regular basis.

Retail management eligibility criteria (UG & PG)

Students who want to pursue a retail management course must meet certain requirements before being admitted to a specific college.

Some of the colleges ask to offer admission according to the following criteria:

• Students must have completed their 10+2 education or another competitive examination from a recognized board.
• During their 10+2, the main subject should be commerce.
• Students must have obtained 50% aggregate marks in the 10+2 exam, with a 5% relaxation for students from the SC/ST categories.

Retail management's scope in India and abroad

• In today's world, the retail industry is one of those that is rapidly expanding.
• It faces numerous global challenges, but it makes significant contributions to the country's economy.
• In recent years, the retail management sector has seen an increase in the demand for more skilled professionals.
• This career is ideal for students who are interested in merchandise, market and marketing, sales, advertising, campaigning, and market research.
• Students can find work in department stores, advertising agencies, supply chains, supermarkets, and many other places.
• Students can find work in department stores, advertising agencies, supply chains, supermarkets, and many other places.
• They must communicate directly with customers while also coordinating with business departments.
• Retail managers are specialists who handle that aspect.
• They are responsible for problem-solving, supply analysis, accepting and delivering retail orders, human resources, and stock management.

Course topics

Different subjects taught to students give them different perspectives on how retail shops and retailers operate. They would also gain new learning abilities from it.

Some of the topics covered in retail management classes include:

• Overview of retailing
• Retail marketing
• Retail management perspective
• Customer service management
• Buying merchandising
• Store operations
• Human resources
• Principles of marketing economics
• Business communication
• Visual merchandising
• Sales management
• Customer value management
• IT application in retail

Retail management careers

A lot of new blood (fresh batch) is needed for retail management courses to ensure a further rise in this already well-established field. Students in retail management courses are taught the best skills for retailing, but practice makes a man perfect, and the more effort someone puts into it, the more they will shine in this field.

These managers are in charge of overseeing the store's operations; they can increase sales of a specific product by developing visual strategies; they must ensure that the store makes a profit and that all processes are carried out efficiently and effectively.

Graduates can even specialize in retail specialties such as beauty supply shops, electronic retailers, and clothing stores, which leads to a much more customized approach but one that offers many opportunities.

Future trends

In the retail management industry, many new trends have emerged. Some of them are as follows:

Investing in omnichannel retail- Consumers almost always compare prices before making a purchase decision. Nowadays, they may simply look up the prices offline and then compare them online before placing an order.

Provide a personalized experience- Targeting consumers with personalized ads is becoming increasingly common, with websites and services like Facebook and Google knowing what you want when you want it, and sometimes even before you want it. Customers are given suggestions based on their taste, location, and order history by retail outlets. Through simple services, they provide a personalized experience.

Proper customer care- The advancement of technology has changed everything from how things were even a decade ago. With access to the internet, consumers today expect to receive a response to their queries almost instantly, which has become an essential aspect of customer care.

Job profiles for retail management

Sales manager

A Sales manager monitors the sales of a company's product or service by developing sales, revenue, and expense strategies. They also ensure that the company meets the required sales volume.

Advertising manager

An Advertising manager is responsible for overseeing the advertising department's operations. To meet the goals and budgets on time, they must coordinate with the staff, clients, and ad agency.

Operations manager

An Operations Manager serves as an organizational leader. They have the authority to develop the organization's policies, plans, and strategies.

Retail executive

A retail executive is in charge of making major decisions for a store and its chains. They run a variety of businesses such as selling electronics, clothing, and even automobiles. They also manage employees as well as the company's marketing department. They ensure that operational policies and procedures are efficiently developed, implemented, and reviewed.

Top retail management sector recruiters

There are numerous job sectors and recruiters who hire retail management graduates.

Some of the top retail management recruiters are-

• Malls
• Movie Theatres
• Supermarkets
• Westside
• Pantaloons
• Crossword
• Globus
• Piramals
• Reliance
• Big bazaar
• Metro
• Regal
• Bata
• Ebony Retail Holdings

Conclusion- Retail Management teaches students various retail operations principles. Buying, financing, merchandising, inventory control, marketing, personnel, and operations are examples of these principles. The course deals with how retail outlets are maintained and how commodities are delivered to customers from these retail outlets. These courses are available at affordable fees and can help in landing high-income jobs in the retail industry.