Career in Retail Management
The growth of the retail industry can be highlighted by the involvement of the big players in telecommunications, oil, textile, auto and other industries to tap the booming market and add more scoops of profit into their pocket. As they say, “Make hay while the sun shines!”, if you are interested in retailing, then you can land a dream job easily with a degree from a proper retail management institution. The requirement for retail management mainly depends on the various types of roles that one can perform in the industry. The broader spectrum of topics in retail management includes; but not limited to inventory management, supply chain management, operations management, public relations, and sales and marketing.
Out of the various retail career options, the main categories would be ‘merchandizing’, which involves, purchasing goods that are offered for sale and selling the same, which in turn involves bringing the goods to the consumers. Merchandizing might involve more accounting and understanding the basics of supply chain, while the latter category might require a strong communication and a zeal for selling products. In a world of growing competition, the retail management is no different; when there is growth, obviously there is a room for higher competition. One can take up a job depending on their interest and aptitude; since retail industry is an array of activities starting from marketing to branding. This makes a ‘retailing opportunity’ a hot cake in the market. Another aspect of retailing is the growth of software jobs in retail management, which involves customization of customer relation management software; ecommerce and point of sale terminal customization. People specialized in retailing domain are required by the growing retail software market; also career opportunities in retailing is not just limited to India, there are opportunities for retailing outside of India too. People skilled in inventory management, store management, sales executive, and retail advertisers have a good scope, abroad.
The growth of retailing in India is marked by the entry of Reliance, ITC, RPG Group and companies expanding their array of offering such as Pantaloons, Barista, Cafe Coffee Day, Food World, and Nilgiris. The retail industry in India is also in the process of transformation of setting up the standards and thereby becoming more matured. However initially, the retail industry in India was mostly unorganized with consumers increasing their appetite for changes in tastes and preferences; the industry is getting more popular these days and getting organized as well. With growing market demand, the industry is expected to grow at a pace of 25-30% annually. The Indian retail industry is expected to grow to more than INR. 1 lakh crore by the year 2010.This data puts India in the top spot in the world of retailing; it is estimated that we are the number fifth on the list. Even the retailing stalwart, ‘Wal-Mart’ is deciding on its interest of stepping into India; this would further mean more opportunities and career growth in the industry. One can say without a doubt that career in retail management is a sure bet for growth and success!