The retail boom, accelerated by multi-national retail outlets in India, has opened a new vista for professionals, ensuring good prospects in the retail sector. Dr Nidhi Maheshwari tells you how the Government and other private players are helping candidates find a foothold in this field
The Indian retail industry is one of the vibrant and fastest growing economic sectors contributing to 14 -15 percent of the GDP. Including the organised and unorganised sector at the economic level, this Indian retail market is determined as one of the top five retail markets of the world. Factors like disposable income enhancement, working population escalation, rapid urbanisation, customer aspiration, new generation of entrepreneurs and liberal FDI policy are acting as riders to the retail sector. The current advancement in the field of information, communication and technology has altered the concept of shopping. According to the FICCI report, the sector will grow at 7 per cent over the next 10 years, reaching a size of US$ 850 billion by 2020.
This unprecedented growth of the sector along with penetration within a short period of time has emerged as retail revolution creating impact even in the rural sector and affecting the buying pattern of semi urban and rural consumer. The retail sector is an evolving industry which is ready to transform the economy with global standards.
Further, taking the size, shape, product line, prices for services etc. as base retail business can be categorised in number of ways. Few among them are malls, chain stores, groceries, lifestyle, household appliances etc. The sector is closely associated with departmental stores and shopping mall retailing. The main focus of marketing of this era is on store retailing rather than the non-store one. Store retailing means offering multi brand products in various categories to serve different segments of the society under one roof rather than selling the products as direct selling. Store retailing involves number of processes like inventory management, merchandise shipment, managing store profitability, store advertising, store administration, customer satisfaction, communication etc. The availability of variety of processes from marketing to branding this sector has generated multitude of job opportunities which one can take up depending on interest and aptitude.
Rising demand
To pace up with globalisation, the industry needs to re-look its competence to deliver satisfactory consumer services, proficiency to work in regulatory framework as well access to capital requirements. Being a manpower intensive industry, there is a demand for management professional at various levels and from different streams like operation, supply chain management, finance, marketing, e-retailing, inventory, human resource management, event management, business communication etc.
Besides career growth potential this booming sector provides good salary packages to fulfill the aspirations of youngsters. Few job profiles: store manager, retail operation manager, retail buyers and merchandisers,visual merchandisers, manager back-end operations, logistics and warehouse managers, retail communication manager, manager private label brand, retail marketing executives, customer sales associate etc.
Desired qualification
Dedicated and talented professionals with degree/diploma certificates are always preferred in this customer driven industry. Besides professional qualifications, communication skills and an analytical mindset is a must. The candidate must be good problem solvers and should be efficient in handling customers. Their patience, communication style, orderly appearances are virtues to their career growth.
Further, to handle the management talent crunch and to inculcate appropriate required retailing skills, academia has come up with number of degree and diploma courses.
where to get a degree from
Several online portals, Government institutes and private business schools are offering certificate/diploma program in retailing. The skill development initiative of the Government of India is also providing free of cost courses and placements. Business schools are providing post graduate diploma in retail management and MBA in retail management.
Institutes and universities are also providing certificate and degree courses in fashion merchandising, marketing and retail management. These courses help to understand the concepts of retailing, marketing strategies, customer relation, retail communication, operations, supply chain management, merchandising, electronic retail etc.
Varied exposure in the retail job prepares the employees for challenging and demanding jobs which is beneficial for career growth in diversified sectors and for personal lives.
salary package
For a fresher in retail management: Rs2-3 lakh. For a senior it could be Rs6-7 lakh pa.
Prospectus for Career growth
Management level jobs may not be supervisory, but carries a high level of responsibility and expertise. Many companies provide specific training and on-the-job experience with their management training programmes.While working as an apprentice, management trainees gain the skills and experience in merchandising, store management, buying, etc.
The writer is assistant professor, Asia Pacific Institute of Management