In the present scenario, the retail sector is on a boom. In such a scenario, the management of retail operations is essential to create a fulfilling customer experience. It is proper retail management that creates a foundation for a prospering retail business.
In general retail management refers to the processes involved from attracting the customers to fulfilling their buying needs. Through retail management, businesses can facilitate customers to buy the right products at the right cost with ease. There are various factors from the internal environment which affect retail management:
Size of the operations of retailing
The size of the retail operation can affect retail management to a large extent. Some businesses have a single store and e-commerce website while some businesses have different stores and websites to handle the operations globally. Businesses with different stores and websites would require a high level of retail management. They would need manifold merchandising approaches.
The size of the retail operations also affects the number of people involved in management. If the retail operation is executed at a small level, the owner can manage almost every operation by himself. However, if the retail operation is at a big level with multiple stores, brands and departments, then the people involved in inventory purchasing are likely to increase.
Separation of duties
Separation of duty is imperative for effective retail management. In an organisation, every individual has expertise in a single area. So, a person should be responsible for his area of expertise and must not be burdened with different duties at the same time. If the firm is large or medium-sized, different individuals must be hired for different duties. In retail merchandising, buying, planning and selling are considered to be the crucial duties which must be performed with immense dedication and hard-work as it affects the overall merchandising platform.
Channel of shopping
There are different channels of shopping which are being used by consumers to search or buy the products. These include brick-and-mortar stores, e-commerce websites, televisions ads and even catalogues. Retail merchandising and management are affected by these channels adopted by the businesses. For an effective availability of options to the potential customers, merchants must have a well organised marketing strategy. The businesses should adopt to exploit different channels and retail management would be required to handle every channel.
So, these were some of the factors that affect retail management and merchandising. Every retail manager must be aware of these factors and he/she must execute appropriate strategies to ensure effective retail management. Since the role of a retail manager is imperative for the retail sector, they are paid well by the organisations. In such a scenario, candidates can seize opportunities by possessing knowledge and acumen in the field.
At MIT School of Distance Education (MIT-SDE), we offer distance MBA equivalent PGDM and PGDBA courses in Retail Management that moulds the aspiring retail managers. Our courses are a good mix of theoretical and practical knowledge. Our industry-specific and job-centric course trains the future retail managers in such a manner that they immediately get absorbed in the industry after course completion. So, enroll for our course right away!