Retail Management is one of the fastest growing sectors in India and across the globe, the retail industry is a dynamic sector that has rapidly evolved over the years to establish itself as a lucrative career option – one that attracts many ambitious students and working professionals alike. The vibrant industry is much sought after by job seekers who desire a fulfilling career in the days to come by exploiting the e-commerce boom that has taken the world by storm. Embracing cutting-edge tools and technologies that offer deeper insights into consumer behaviour and spend patterns, the service-oriented retail sector of today is a sophisticated and technology-enabled field that is constantly on the lookout to innovate avant-garde processes that are well-adapted to the fast-changing buying needs of the urban consumer with an aim to bring them to the retail stores and transform their shopping experience from a stressful affair into one that is unbelievably seamless and pleasurable.
The Indian Retail Industry
Dubbed as one of the fastest growing retail markets worldwide, the Indian retail market is all set to witness phenomenal growth in the coming years with an estimate of doubling to USD 1 trillion+ by 2020 from USD 600 billion+ in 2015. Once a largely unorganised sector in India in the form of kirana stores, pavement vendors, local corner shops, owner manned small shops etc., the country’s present day retail market is dotted with the presence of several supermarket and hypermarket giants, shopping malls, retail chains and privately owned large retail houses that have mushroomed all over the country and provided the employment to many.
Featuring in the list of the top five retail markets in the world, the Indian retail market today accounts for over 10% of the country’s GDP and around 8% of its employment. With a projection of 16-18% of the total retail market share for India’s organised retail sector in the upcoming years, it goes without saying that multifarious job opportunities exist for those who aspire to establish their career in this emerging space.
Job Prospects Post Specialization in Retail Management
Since Retail Management is a far-reaching field that encompasses diverse sectors like fashion & clothing, home furnishing, food & grocery, banking, automobile, insurance, healthcare, luxury goods, electronics and home appliances to name a few, hence, there are choices galore for ambitious candidates who aim to look beyond a traditional domain and venture into a niche space that allows them to explore career options in their preferred sectors and industries. Moreover, with India’s consumer expenditure projected to rise to USD 3.6 trillion by 2020 along with a prognosis of online retail to be at par with brick-and-mortar stores within the next 5 years with the former’s revenue expected to increase from USD 6 billion in 2015 to USD 70 billion by 2020, the employment prospects look promising in the fashion, apparel, e-commerce and electronics sectors as well as in the FMCG market that is estimated to amplify to USD 103.7 billion in 2020 as opposed to USD 47.3 billion in 2015.
According to a report by Indian Staffing Federation (ISF), FDI has the potential to create around 10 million jobs in the retail sector within a span of 10 years. Of this, approximately 4 million would be direct jobs and the remaining would comprise of the indirect ones. Thus, qualified and skilled retail professionals will be much in demand as the retail industry grows by leaps and bounds and one will have the choice to explore a multitude of job openings in the realm of supervision, administration, sales, client communication & management and merchandise shipment. It won’t be far-fetched to say that a certified retail management professional can look forward to employment opportunities with various e-commerce biggies, top multi-format retailers and Indian multinationals & supermarkets such as Flipkart, Amazon, Walmart India, Aditya Birla Group, Reliance Group, ITC Retail, Tata Groups, Future Retail Ltd., Big Bazaar, Foodworld, Metro Cash & Carry, FabMart, Lifestyle, Shoppers Stop, Spencer’s etc. and exploit a plethora of aspirational roles that exist with these illustrious players in the retail space.
Typically, a career in retail management opens up umpteen employment avenues for you in the garb of industry-specific job roles such as Retail Manager, Store Manager, Brand Manager, Inventory Manager, Sales Manager, Warehouse Manager, Department Manager, Operations Manager, Marketing Executive, Customer Care Executive and Retail Analyst to name a few.
Competitive Edge of a Distance MBA in Retail Management
Needless to say, in order to position yourself as a proficient retail management professional, you must be abreast of the latest industry trends and bottlenecks that are unique to this challenging yet exciting domain. A PGD course in Retail Management from a reputed institute like MITSDE can empower you with eye-opening industry insights in the form of a compelling course curriculum that emphasizes on essential topics like Retail Marketing, Strategic Retail Marketing, Retail Sales & Customer Service and Retail Personnel Management. Moreover, MITSDE offers Distance MBA courses that are UGC-DEB approved, recognised globally and are flexible enough to allow you to hone your skills at your own pace and in tandem with your existing commitments