Retail management is one of the most flourishing industries in the country today. It is defined as the process of successfully bringing the customer to the store and fulfilling his/her needs. With the globalization hitting the market, there has been a phenomenal change in the way retail now works in the country. Retail management focuses on the study of retail businesses. It also focuses on the managerial skills and qualities to make aspirants future-ready for the ever-changing retail market.
Earlier, retail management was limited to grocery shops, singular garment outlets and now to huge malls, supermarkets, and marts. As India makes a transition towards becoming a global hub of organised retailers, the sector is poised to generate millions of jobs in the near future. “Our belief is that modern retail could become 21 per cent by 2020 as per the RAI – BCG report Retail 2020: Retrospect, Reinvent, Rewrite.” With Online retail thriving parallel with shopping malls, a career in E-Commerce can prove to be very fruitful in the long run. “Within a decade, India’s consumption GDP will be $2.5 trillion, of which, 10 per cent will be online, and e-commerce will play a definitive role in addressing this $250 billion consumption gap,” says Prof. Rajeshwari Deb, HoD, Digital & E-commerce Marketing, UPES.
Not only has this made shopping effortless, but has also created new employment opportunities such as brand manager, product manager etc.
What are the skills required for pursuing PGDM in Retail Management?
- The ability to provide customers with a great experience is one of the foremost qualities that are looked for by a recruiter.
- Good communication skills and effective time management are equally important in the retail industry.
- If one can empathize with the customer and understand his/her needs after careful assessment, he/she can emerge as a good retail manager.
- Apart from these, one shall also be able to motivate the team to work closely and support each other in times of need.
The various job opportunities which one can look forward to after pursuing PGDM in Retail Management are as follows:
Retail professionals can apply for both government and private jobs. There are a large number of jobs available in MNCs. One can apply for jobs roles like:
- Product Manager
- Marketing Executive
- Sales Manager
- Sales Executive
- Retail Manager / Store Manager etc
Many leading retail chains require the services of candidates who have PGDM in Retail Management. Top recruiting companies of hire postgraduates for tasks such as retailing and marketing at the store level or at managerial positions in their corporate offices. Given below are some of the top recruiters of candidates after PGDM in Retail Management.
- Reliance Group
- Shopper’s Stop
- Piramals etc.
The average salary for professionals who pursue PGDM in Retail Management usually lies between Rs.4 lakhs – Rs.7 lakhs per annum. It is important to note that the salary packages may vary as per industry trends and the type of organization one is working for or the college one has completed studies from.
So if one pertains the above stated skills and is interest to be at such managerial positions, he/she must pursue PGDM in Retail Management. The industry is waiting for you, go and grab the opportunity.