What is Retail Management?

RajatDas

July 13, 2022

282

Introduction

Retail management is a discipline of management that deals with the distribution, storage, and selling of products to customers. Retail managers take charge of the retail operations in markets and take care of customer service, employee organization, product sourcing, and supply chain. Retail managers are also in charge of the promotion, marketing, and sales of products.

Retail managers have a pulse of the market and anticipate demand to manage stock fulfillment throughout the year. Retail management covers many other disciplines such as international business, marketing, supply chain management, and logistics.

Retail management is a professional degree that covers leading retail marketing strategies, ethics, and lessons in communication and decision-making skills. Some of the job profiles for a retail management graduate are merchandise planners, division merchandising managers, store directors, logistics managers, distribution managers, etc. The job qualification starts with a degree from an MBA college in Raipur and the roles also span to management and operations of hotels and other housekeeping services.

Day to Day operations of a Retail Manager Are:

Keeping a record of all the products coming into the store.
Managing a sales ledger with relevant dates and action items.
Arrangement and assortment of products as per the display of the store.
Planning the layout and presentation of the items.
Keeping a stock of inventory and acting upon deficit/excess of particular items.
Categories fast-moving goods as per gender, utility, price, and longevity.
Assigning labels and codes to products to facilitate tracking.
Serving customers with proper information about their product enquiries.
Introducing customers to new products/launches.

Focus Areas of a Retail Manager

Retail managers have two areas of focus. The first area is customers, and the second one is wholesalers. Here’s how the two responsibilities work out:

To Customers

While overseeing the inventory and ensuring the availability of goods are some of the common duties of a retail manager, the job also includes maintaining a variety of products from various brands to serve the maximum number of people. Customers highly benefit from having a skilled retail manager at a store. Retail managers provide generic and custom services to customers and guide them through new launches. Retailers maintain a stock of in-demand products and cater to the requirements of all kinds of customers. They also oversee after-sales services and home delivery.

To Wholesalers

Retailers serve wholesalers by being a host of powerful feedback and consumer insights. Retailers are trusted by wholesalers to bring in the raw pulse of the market and deliver products accordingly. As the only person standing between an unsold and sold product, retailers have some of the perfect measures of the buying preference of customers. Retailers improve the performance of products by offering product solutions to manufacturers.

Job Duties of a Retail Manager

Assembly: A retail manager buys and assembles goods and identifies the major selling items that can maximise the profit of the store. This means gauging the interests of the customers and anticipating demand for products.
Storage: Storing the warehouse goods and ensuring uninterrupted availability of goods at the store is one of the cardinal duties of a retail manager.
Sales: Retailers connect the public with products and prompt sales. Every store must have an excellently trained sales staff who can execute sales and convert window shoppers into customers.
Customer service: Retailers maximize customer service by guiding customers throughout the sales process and attending to their requests.
Payment: Retailers secure payments from customers and communicate the viable methods of payments so that transactions can be made without any hassle.
Risk management: Retailers need to have robust risk management and should be able to gauge the risks involved in opening multi-product stores. A lot can go wrong in a business. Retail managers must have tabs on natural calamities, product quality, perishability, and expiry of FMCG. All of this requires having a strong plan for risk management.
Communication: Retail managers establish meaningful relationships with customers through consistent service and feedback. Being around consumers day and night, retailers gather special insights about market reserach and relay the information to manufacturers to improve the product.
Marketing: Retailers introduce new products and emerging brands to customers who are looking for a change and aid in new launches. Often product upgrades do not get any publicity, and regular customers can’t get to the products, which is where retail managers step in.
Product promotion: Retail managers advertise the product and present persuasive pitches to attract customers.

Top Skills Required To Make It As A Retail Manager

Selling

While there are a lot of skills that make a good retail manager, first and foremost is sales. Retail managers should be able to make sales and generate profit for the store. Sales is an incredible skill that cultivates within ourselves with each new experience. Retail managers must actively participate in pursuing customers and converting sales.
Management

Gives away in the title, yes! Effective managers with MBA in Retail Management evaluate and decide the parameters of success and motivate the team behind to excel in the same. Managing stores is incredibly important and needs the effort of the entire team, with a heavy-handed manager leading the way.
Leadership

Listening to the staff, solving disputes, encouraging the employees and enhancing employee-customer engagement are all parts of the leadership offered by a retail manager. When things get out of hand, leaders must step-in to be the sole voice in the room and lead by example.
Motivation

Motivating employees goes hand-in-hand with being a great team leader. Jobs in this industry can be hard and demeaning. It bodes well with the management of the store to keep a motivating ambience around the office and uplift people as they carry out their daily jobs. The success of retail managers depends upon their performance with their team.

In conclusion,

If you possess one or more of the skills mentioned above, you can start your career in retail management today with a degree from Kalinga University. Retail management is an exciting industry and is definitely worth your attention. The field is brimming with opportunities with the advent of mass chains and consumerism