In the age of communication, entertainment and information, shopping has become one of the prominent spare-time activities for many. As time is slipping, the concept of shopping is witnessing major changes. Extreme urbanisation and swanky shopping arcades are leading to the development of the Indian retail sector.
As an industrial sector, retail has been responsible for the growth of many economies. Retail is a critical part of the global industry and includes selling services as well as products. Many times, the field is explained as delivering goods within a defined time at the most competitive rates.
Each top management college has understood the importance of retail management course and, thus, has introduced it as a specialisation. Even the Best AIU Approved Institute offers the specialisation of retail management. While opting retail as a career, the aspirants are spoilt for choice. Continue reading to know different career paths that can be selected by retail management students.
Merchandising, sales and marketing
The sectors of sales, marketing and merchandising include:-
- Category management
- Marketing co-ordination
- Inventory analysis
- Planning and allocation
- Business development
- Loss prevention
- Sales management
This area has witnessed significant advances in recent times. The working of this sector may vary as per technologies and functioning procedures adopted by retailers. This sector’s working primarily depends upon data collection. Massive amount of data collection has been possible with technological advancements. The major issue in this field is lack of proper ways to analyse data. Students who have experience and interests in data interpretation/statistics can pursue this specific career path.
Supply chain management and logistics
In this field, incumbents source products/services from suppliers and other distribution centres. Once the goods are procured, then these officials have to make deliveries. The complexity of supply chain management as well as logistics depends upon the size of retailer. Aspirants planning to make a career in this field should be able to:-
- Plan supply route
- Finding affordable methods to transport goods
The corporate positions at an outlet are shared by many different business personnel belonging to IT, Human Resource, Marketing, Finance, Sales, etc. The corporate personnel in an outlet perform more traditional works of the sector. For instance, the role of an HR in outlets may include:-
- Managing workforce
- Managing grievance redress system
- Overseeing recruitment
In operations mgmt, aspirants can take up many roles such as store manager, district operations manager, etc. The role of an operations manager includes:-
- Managing inventories
- Recruiting employees
- Implementing promotional strategies
This field of retail mgmt is the core where a lot of money can be made. The skill set required for this sector varies as per the nature of the outlet.
Third-party support sales (designers, manufacturers and consultants)
Many different opportunities within the retail sector do not necessarily require working with retailers. Such capacities include working with:-
- Retail consultancy companies
- Branding agencies
- Store designers
- Fashion labels
Apart from these fields, some of the Top 10 Management Institutes offer aspirants a dedicated entrepreneurship program in retailing.
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