Retail is the process of selling goods and services from the business to the user. It is a step in a larger process called the ‘Supply Chain’ which is handled by Supply Chain Managers and includes all the stages of the production of a product or service. Retailer Managers are the people who purchase products from manufacturers or wholesalers in bulk and at cheap rates and then sell those products to the consumer at a profit.
Retail Management is a booming profession due to the massive influx of international retail outlets in the country. The oldest form of a Retail Manager is a shop keeper. The retail industry has gone through various changes with the advent of supermarkets and online retail stores. Retail Managers are hired in a variety of shops and stores as well as supermarkets. The future of the career is very good as the retail business is booming. The career provides immense opportunities of growth and success.
What do Retail Managers do?
The main role of Retail Managers is to maximize profits and sales while minimizing costs. They are responsible for everything that goes on within a store. It is their responsibility to achieve sales targets and keep customers satisfied.
An important job of a Retail Manager is to hire and train staff. Retail Managers go through job applications, conduct interviews and perform background checks on the candidates. Once selected, they train employees and assign tasks to them. They provide them with targets that they have to achieve. In a lot of organizations, this job is performed by specialized HR Professionals.
Handling the financial aspect of a business is also one of the primary jobs of a Retail Manager. Retail Managers have to make sure that they keep the expenses of the store within the allocated budget and achieve sales targets on time.
Retail Managers are also responsible for managing products and inventory. According to their requirements, they make lists of the products they want, order them, receive them and store them. This is an important job and choosing the right products in right amounts can be the difference between profit and loss.
Attending to customers is also one of the primary jobs of a Retail Manager. The interaction between customers and employees in a retail store is extremely important. Most of the times, it is this interaction that persuades a customer to purchase a particular product. Retail Managers build and monitor processes to persuade customers, address their grievances and establish a bond with them. They make sure that other employees are treating the customers with respect and care.
Retail Managers have to constantly come up with ideas that will boost sales. They have to think of promotion offers, discounts etc. that will attract customers. With good use of such promotional ideas, Retail Managers can not only manage to achieve sales targets but also exceed them.
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How to become a Retail Manager?
Becoming a Retail Manager does not necessarily require an educational qualification. But most stores give preference to candidates who are well – educated in the field of management. If you want to get into Retail Management it is advisable that you choose the Commerce stream after your 10th and focus on subjects like Business Studies, Accounts and Economics.
Once you complete your schooling, you should pursue a Bachelor’s degree in the field of Management or Retail Management. After graduation, you can choose to take up a job or study further. Studying further will get you better salaries and can be helpful if your aim is to rise to the top rungs of an organization.
You can also become a Retail Manager by pursuing short term diploma or certificate courses in Retail Management. These courses provide you with the job skills that you will require in order to excel in Retail Management.
Experience is an essential quality that employers desire in Retail Managers. You can gain experience by taking up internships or working in small stores during your school or college. This will provide you with experience in working in a retail chain and dealing with customers.
Networking can do wonders for your career if your aim is to get into Retail Management. Make contacts; establish bonds and relationships with important people. Networking will help you open closed doors and get preference over other candidates during the selection process.
Another way to become a Retail Manager is to directly apply in stores and retail chains. Be on the lookout for job opportunities and vacancies through the internet and newspapers. If there are no vacancies, you can go and apply directly to the store and submit your resume. They might like you and hire you immediately or contact you whenever there is a vacancy.
Institutions:
Reputed institutes like MICA, Ahemdabad provide great certificate courses in Retail Management. Birla Insitute of Management Technology also provides a Post Graduate Diploma in Retail Management. You can also pursue general courses in Management. The IIMs and the other colleges offering MBAs should be your target for a master’s level qualifications if you seek leadership roles in the retail industry.
What are the skills required to become a Retail Manager?
Retail Management is a multi – faceted job. Retail Managers need to have the ability to make quick and wise decisions. They should also be able to solve problems on the spot and resolve disputes. One of the most important skills required in a Retail Manager is the ability to motivate and lead. Good Retail Managers make other employees feel a part of the organization and motivate them to perform better and lead by example. They need good communication skills and excellent social skills. They need to have a solid foundation in basic math and accounting and should be able to keep a track of the total incomes and expenditures of the store. Retail Managers should be able to maintain budgets and follow company policies. They should be considerate and sensitive towards the needs of the customers. Retail Managers also need to be result oriented. Most importantly, Retail Managers need to have the genuine desire to motivate employees and satisfy customers while benefitting the company.
Is this the right career for me?
Retail Managers lead hectic lives and work for long hours. The job has a tendency to get monotonous if you’re not interested in the field of management. Retail Managers have to constantly attend to unhappy customers which can be tiring. The salaries are modest initially but increase as you keep on climbing the ladder of success.
So if you like managing and leading people, and if you’re willing to work hard to achieve your sales targets and satisfy customers then this just might the perfect career for you.
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