The retail industry in India is growing at a steady rate. As per speculations of industry experts, the Indian retail market will soar to the $1.37 trillion mark by the year 2026. (https://www.investindia.gov.in/sector/retail-e-commerce) However, this will be guided by the combined efforts of all retailers in the country.
In order to take retail management to a different level, all retail organizations should implement retail operations management. By its literal meaning, retail operations management is a component of management that is concerned with the planning, implementation, monitoring, and controlling of all operations within a retail store. In this post, we’ll understand more about retail operations management and its significance.
What is Retail Operations Management
Retail operations management refers to the task of managing retailing & logistics and finding out ways to control costs in order to transfer items from the hands of the producers to the customers. The individual concerned with retail operations management is a retail operations manager.
Role of Retail Operations Manager
A retail operations manager is responsible to take care of all retail activities within an organization. He plays a vital role in the day-to-day operations of the retail chain. A retail operations manager aims at increasing profits at a low operational cost.
- A retail operations manager ensures efficient workflow and operations within a retail unit
- He takes care of staffing activities within his retail store
- He provides proper training to the employees. He improves their job performance and enhances their skills.
- With the help of inventory analysis conducted by the retail operations manager, he determines the optimal stock levels.
- He defines the product’s quantity to be supplied to the stores.
- He monitors the operations of the customer service unit of retail.
- The retail Operations Manager reviews the sales record to meet the set financial objectives.
Scope of Retail Managers
As stated above, the Indian retail market is growing rapidly. Each retail enterprise needs a retail operations manager who can ensure that day-to-day activities are conducted efficiently and the project is kept on track. Hence, there are innumerable opportunities in the industry for adept professionals. Furthermore, companies are ready to pay decent remuneration to such individuals. If you are fascinated by the industry and wish to shape your future in it, then this is the right time for you. You should acquire the necessary skills to become eligible to capture varied opportunities in the sphere.
Pursuing a retail manager’s job demands some definite skills and abilities in order to fulfill the set tasks. These skills and abilities are as follows.
- Education and training
To become a retail operations manager, one must have a bachelor’s or a master’s degree in retail management or operations management. Apart from a degree, individuals must also have experience in the retail industry to capture better opportunities. If you are unable to attend regular classes due to certain reasons, you can pursue a distance learning management course offered by MIT School of Distance Education (MIT-SDE). The institute offers 1-year PGCM, 1.5-year PGDM, and 2-year PGDBA courses in Retail Management and Operations Management. You can choose a suitable course and upgrade your skills as well as employability.
- Accounting skills
Individuals with decent accounting skills are more likely to gain the job as retail operations managers. This is because such individuals are good at reviewing and evaluating sales records and financial statements.
- Communication skills
In retail operations management, there is a great need for communication with the staff and store managers. Sometimes, the manager has to maintain a personal relationship with the customers. Thus, he must have a great grip on his communication skills.
- Organizational skills
A Retail Operations Manager has to thoroughly maintain coordination in sales operations across retail chains. If an individual possesses organizational skills, then he is more likely to perform better in this field.
This was all about Retail Operations Management. You can pursue a suitable course right away to ace this ever-rising sphere.