Retail management is a field where a person or a team has to put all the efforts and apply different techniques to increase the number of customers in a store. Selling products or merchandise to customers according to their demand in a retail store and managing it all is retail management.
Retail Management definition
It is a process in which we provide customer satisfaction by understanding customer’s demand and increase the sales growth of products and services offered by a company. It is the proper retail management definition.
If you are still not satisfied with this retail management definition, then we have a more straightforward customized retail management definition to memorize.
What is retail management: Retail management is a service in which the store ensures to save the time of customers by providing what they need in minimum time, giving them complete satisfaction.
This diagram will help you to understand retail management better.
Scope in Retail Management
There is a lot of Scope in retail management. It is a very attractive field, and the demand for trained professionals is increasing in this field day by day. Below are some of the facts about what is retail management and Scope in retail management.
- The retail sector is one of the fastest-growing commercial areas in India.
- India is the fifth largest retail destination all around the globe.
- The development of the retail industry in India has been very aggressive.
- There are more than 2 million jobs available in India in this sector which proves their is a lot of scope in retail management.
A career in Retail Management
There is a wide variety in this field. You can look for a job in client communication, supervision, sales of products and services, administrative services, merchandise shipment, and many more. You can search for different types of jobs in retail management once you understand what is retail management and retail management meaning.
Retail Decisions
Many factors affect retail management in one way or another. You have to keep some things in mind when you are doing retail management. We have mentioned them below.
- Store Image
- Target markets
- Credit
- Promotion
- Store location
- Store personal
Jobs in Retail Management
There are different types of jobs in this field, which gives retail management meaning. You can choose any one of these options to start your career and further understand retail management meaning to get an upgrade with time and your interest.
- Store Design & Planning
- Accounting and finance
- Store operations/sales
- Human resources
- MIS
- Brand management
- Supply chain
- Merchandising
Eligibility criteria for Retail Management course
- Should have passed 10+2.
- For master’s in retail management, a degree in the relevant discipline is needed.
University and colleges offering Retail Management course
There are many colleges and universities offering retail management courses in India as well as Abroad to make a career. Some of the top universities in India and abroad are listed below.
Universities in India
- Amity University
- Institute of Public Enterprise
- L.N Welingkar Institute of Management
- Birla institute
Universities in Abroad
- Purdue University in West Lafayette, Indiana
- Eastern Kentucky University in Richmond, Kentucky
- Florida International University in Miami, Florida
- University of Minnesota in Minneapolis, Minnesota
Companies hiring retail management professionals
Many companies in India are hiring retail management professionals, which proves there is a lot of Scope in retail management. We have listed a few down below who offer jobs in this field.
- Tata groups
- Reliance groups
- K. Raheja Corp. (Shoppers Stop)
- Sikka group
- Patanjali Ayurved
- Lifestyle Group
- Many more
It explains what is retail management with retail management definition and retail management meaning.