What is Retail Management?

One of the fastest-growing sectors in India is the Retail Sector, and our country is the fifth largest preferred retail destination globally. India is also known as one of the largest retail market amongst all the markets in the world with reference to the per capita retail store availability. The development of the retail sector in India is happening aggressively, and the retail sector is developing not only in metropolitan cities but also the Tier-II and Tier-III cities of the country. Hence, retail management at present would be a very lucrative line to pursue. People who are already in the retail sector should improve their knowledge of the industry by pursuing the post-graduate courses which will teach them about retail management. Working professional would be more interested in pursuing the distance MBA or PGDBA or PGDM programs from reputed institutes of the country.

What would be the benefit of doing a course on retail management?

As state above the retail sector is growing exponentially, and this would create numerous job opportunity in this sector. Many well-known retail companies have or are planning to open or expand their business in India. With the expected growth in the retail sector, it will simultaneously increase employment in this sector as well. A person who finished their retail management course will have an advantage over other people and would have high chances of being selected to be part of the organized retailers. These candidates with the post-graduate in retail management can command a good salary package, the career growth would be better as compared to others and would find more offers which would help in giving a boost to their career.

Some of the things which would help people by doing the retail management course are described below.

One will learn more about customer satisfaction.

‘Customer is the King’ is what every business says about their clients, especially the retail business. As a customer is the king one has to find ways to keep them satisfied. The PGDBA or PGDM program on retail management would help one understand the importance of keeping the customer happy. Retail management course will teach the student to do adequate planning and also teaches them various strategies through which one can keep the customer satisfied by their services. The success of any retail venture total depends on how happy the customers are, as they are the one who drives the retail business.

Retail management teaches about inventory management and supply management.

Inventory is the sole of the retail businesses; it is the basis of the smooth functioning of any retail business. Retail management teaches students the different techniques that can be adopted for inventory management. The retail sector highly depends on the inventory hence it is crucial that it is appropriately managed to meet the requirements of the consumers, to solve the issue of availability, the profit and also in reducing the cost. Retail management also helps the students to understand the supply management, which is also an integral part of the retail management. It gives the students an understanding of how to optimize the operations in order to maximize speed and efficiency. Speed and efficiency is a very important aspect to keep the customer happy. The MIT School of Distance Education (MITSDE) offers a Post Graduate Certificate in Management – Retail Management and Post Graduate Diploma in Management -Retail Management. These courses are equivalent to the distance MBA courses. The courses are designed considering the growing demand of the sector. The program emphasizes on skill development in strategic management, marketing, supply management, product and brand management, retail operations, merchandising, and personnel management, which are unique to the retail industry.