Retail management refers to successfully running and managing the internal functions of a retail store. It comes from extensive planning and having an understanding of the target demographic. Retail management teaches about inventory management and supply management, where it conveys various techniques to optimize the entire retailing operations. It is important to understand the needs of any staff employed as these individuals will be at the forefront of the business and represent your brand on a daily basis. If done successfully managing a retail store is a combined process of gaining the most suitable funding, communication, marketing, branding, and ensuring you have the most suitable employees to reflect your vision.
Retail management helps in saving time and ensures customer availability to locate effective management. They must keep a record of the entire buying and selling of products such as tracking cash flow and daily sales reports. It helps in maintaining the product’s image and ensures the availability of goods. The functions of a retailer in retail management are –
- Acting as agent
Retail management always acts as an agent between consumers and sellers by anticipating the requirements of the buyer at reasonable prices. They make sure to convince consumers to buy products as per their desire.
- Marketing functions
Retail management itself is a marketing function that performs advertising, sales promotion, and public relations for the purpose of selling products. It helps in increasing awareness about the goods of reputed companies.
- Connecting link
Retail management helps in establishing a connecting link between buyers and sellers. It can be done by ultimate customer satisfaction through sales promotions.
- Providing information to wholesalers and customers
Retailers act as a middleman between manufacturers/wholesalers and customers. It is easy to provide information directly to the final consumer. It increases demand among consumers through direct contact.
- The function of breaking bulk
Retail management is done on large units that are converted into smaller units. It can be such as bottles, packets, and individual canes for customer requirement purposes. It creates place utility in breaking bulk to the good point of the consumption process.
- Stocking of goods
Stocking of goods in retail management is done by buying various goods units from wholesalers and manufacturers. It provides a wide variety of choices when it comes to preference for customer satisfaction.
Retail management is referred to as the fastest-growing career in the industry with tremendous growth in the economy. The eligibility criteria for opting for retail management is candidates must have qualified with a 10+2 or equivalent graduation degree in any stream with an aggregate of 50% marks from a recognized institute or university. Leading the list of reputed colleges, MIT-SDE is one such college providing PGCM in Retail Management and PGDM in Retail management. The offered courses are equivalent to Distance MBA. These courses will help candidates in gaining various strategies. There are various jobs positions available after qualifying retail management courses like Operation manager, Human Resources Manager, General Manager, District Manager, Assistant Store Manager, and many more.