Today’s economy is marked by rapid digitisation, allowing customers to access various products and services and expanding e-commerce websites. Starting a retail business requires expertise in merchandising, retail selling, IT, retail purchasing, franchising, and other areas. Thus, such economic and retail expansions have led to rapid demand for retail managers. According to the National Skill Development Corporation, around 1.7 crore additional workers would be required to manage various positions in India’s burgeoning retail business by 2023, indicating the market demand rise. The daily tasks of a retail manager include:
- Creating a daily sales report.
- Making sure all items are in stock when the day begins.
- Organising the layout of the store.
- Keeping records.
Retail management aims to ensure that customers are satisfied with the products and services they invest in; the shopping experience is made more straightforward, and clients are assured that they will find what they are looking for. However, what do you need to have a successful career in retail management? The answer is an MBA in Retail Management.
Here are a few job prospects you can look at in retail management.
Job Roles and Career Prospects
Following are the various opportunities a candidate with an MBA in retail management has:
They are in charge of the day-to-day operations of a retail firm or a retail location. Interacting with customers, inspecting stock, managing the personnel, and other duties may be assigned here. According to Payscale, retail managers are paid anywhere between Rs 3 lakhs and Rs 5 lakhs per year, depending on their skill set and experience.
A Brand Manager controls the brand’s image and ensures that it leaves a lasting impact on customers’ minds. They supervise advertising strategies to strengthen the brand’s image and bring it to a broader audience. The average monthly compensation for brand managers is roughly Rs 50,000.
Marketing executives are individuals in charge of organising campaigns and promotional events to increase the popularity of a product. They must decide which advertising is ideal for the company or, more precisely, the brand. Their starting salary is usually around INR 5 lakhs per year.
Large retail establishments are typically organised into several departments or divisions. And each part requires a supervisor in charge of the sales of the items in that section, dealing with customers, and many other responsibilities.
A Store Manager is in charge of the whole retail store. They supervise department managers in cost of sales and product management for the entire shop.
Customer Experience Specialist
An MBA in Retail Management can be essential for a customer experience specialist. They are in charge of assessing the online-shopping experiences of customers and are involved in devising strategies to enhance them.
Social Media Marketing Analyst
With the rapid digitisation of business enterprises, social media marketing has evolved as one of the most vital strategies to promote one’s business. As a social media marketing manager, you can devise various posts, advertisements, and catchy phrases and curate specific content for your company’s target group.
Search Engine Optimisation Manager
Get to curate well-articulated content for your company and promote it amongst your target group. Search Engine Optimisation Managers play a crucial role in understanding the nature of their e-commerce business, followed by curating specific keywords to enhance their company’s search rankings on the internet.
Prestigious institutes, such as NMIMS Global, offer a two-year MBA Degree program (ODL mode) to integrate general management ideas with retail management principles. The curriculum primarily focuses on implementing new management techniques in the sector, such as supply chain, sales promotion, customer service, item creation, and marketing communications, and understanding the changing shopping patterns in metropolitan areas.
The industry-endorsed MBA program transforms students into global business leaders and is ranked among the best.