The retail sector in India is growing by leaps and bounds with a total market size of US$600 billion. It is one of the most interesting industries that has witnessed tremendous transformation in the last two decades. The retail sector of India has registered a CAGR of 7.45 per cent since 2000 and is further expected to grow by UD $1.3 trillion by 2020.
Source: Crisil Research Estimates - 2014
In India, the retail sector is structured in two categories; one is unorganized sector which accounts for 92 per cent of the Indian retail market. It comprises of conventional Kirana shops, general stores etc. and there are approximately more that 15 million mom and pop stores in every nook and corner of the country. Alongside, the organized retail accounts for 8 per cent share in the nation. It should also be noted that India is among the top 10 destinations in the world in terms of the size of its Retail Industry.
Source: Crisil Research Estimates - 2014
The contribution of retail sector is 10 per cent in the country’s Gross Domestic Product (GDP) and around 8 per cent in providing employment to the interested and eligible candidates. These facts make it evident that there is a huge growth potential for this sector to bloom in a full-fledged manner.
What is MBA in Retail Management?
Before understanding the meaning of the course specialization, you must first understand the meaning of retailing. It is a distribution channel function, where one organization buys products from the supplying firms or manufactures products themselves, and then sells these directly to consumers. In this process the retailers offer many benefits to suppliers and customers as resellers. Similarly, suppliers get an opportunity to reach their target market, build product demand through retail promotions, and provide consumer feedback to the product marketer.
With this objective in focus, MBA in Retail Management program would aid you in gaining an in-depth understanding of the retail industry related concepts. These concepts would acquaint you with the practical and theoretical knowledge that you would put to practice in the job. With the dotcom boom in the market, this specialization would imbibe skills pertaining to business research, market research, and pricing and strategizing perspective.
Eligibility for pursuing career in Retail Management
For getting an admission into master’s degree program of Retail Management, a student is required to pass the bachelor’s degree in retail management or subjects related to retail. The duration for this program is of 2 years.
Some MBA colleges require a student to have successful degree in any of the graduation courses before registering to Retail Management course.
• Personal Skill Requirement
If you have any doubts regarding whether you should pursue your career in Retail Management or not then ask these questions from yourself. These questions would let you introspect and analyse, if you are a perfect fit for this field or not?
• Do you possess dynamic attitude and personality?
• Do you believe in personal commitment and passion?
• Do you have an aptitude for figures, merchandising and inventory management?
• Are you willing to gain knowledge for bulk purchasing?
• Do you find strong customer orientation relevant for your business?
• Do you possess willingness to serve others?
• Are analytical skills your strength?
• Are you a team player?
Scope of MBA in Retail Management
MBA in Retail Management would enable the aspirants to enter the industry of their choice depending upon their interest. This course would not restrict the choice of industry that you can enter into after completing your degree because the skills that you acquire are dynamic in nature and offer you wide opportunities to shine. You can associate yourself with these sectors after pursuing this course:
• Insurance Companies
• Advertising Agencies
• Shopping Malls
• Book Shops
• Provision Stores
• Logistic Firms and many more.
Reasons to pursue MBA in Retail Management
Although the Indian retail sector is highly fragmented and the unorganized, but there are multiple reason as to why you must choose this course for your bright career.
There are diverse factors such as:
These factors would surely open window of opportunities for national and international players in next 5 to 10 years. An evidence of the same can be confirmed from the statistics given below which highlights the personal disposable income of the top six emerging economies of the world.
Source: Euromonitor Estimates
• Further there are other factors such as the digital boom in the online retail space.
• There is an increased proliferation of smartphones, from 140 million users in 2014 to expected 700 million users in 2020.
• Innovative payment channels helps in delivering the final products as per the ease and convenience of the customer such as Cash on Delivery (COD) options and mobile wallets.
• Lower cost of connectivity and expansion in the bandwidth of the internet usage among the small cities.
All these factors would drive your growth in retail industry at a sky-rocketing pace.
MBA in Retail Management Syllabus
In your two-years full-time MBA programme you would get equipped with required skill and knowledge that the retail industry is looking for. In addition, the programme would introduce you with the basic of retailing and management concepts and will provide insights into the fundamentals of marketing and selling. Simultaneously, you would get an opportunity to hone a managerial perspective through interactive practical exposure comprising of:
In addition, you would get to study some informative subjects such as:
• Indian Retail Scenario
• Consumer Behaviour
• Supply Chain Management (with retail perspective)
• Inventory & Logistics Management
• Sales & Distribution Management
• Visual Merchandising
• Retail Concepts & Environment
• Merchandising Management
• Marketing Management
• Retail Strategy & Negotiation etc.
Career Options after MBA in Retail Management
After pursuing a prestigious degree in Retail Management, you can strategically enter into one of the given below positions to mark the beginning of your career. The position that you will be offered after successful completion of your course entirely depends on the level of experience and skills that you possess. These job titles are:
• Management Trainees: At this position you would learn technical skills that are in alignment with the company's philosophies. You would be appointed under a manager who would guide you in multiple fields such as merchandising, advertising, inventory, bookkeeping etc.
• Marketing Executive: You would be responsible for developing marketing campaigns to promote a product, service or idea on which the business of your firm relies upon.
• Sales Executive: At this position you would be responsible for handling work activities that depends on the market and the setting among the business to business or business to customer clients.
• Buyer Trainee: In this position you would be responsible for selecting new products and reviewing the old, getting feedback from customers, managing junior staff, managing financial administration
• Customer Care Executives: This role would demand from you to answer calls professionally to provide information about products and services, take/ cancel orders, or obtain details of complaints; keep records of customer interactions and transactions, recording details of inquiries, complaints, and comments, as well as actions taken, process orders, forms and applications etc.
• Image Promoter: An image promoter is indeed an emerging role that has gained widespread recognition. Here you would create a positive image and lead consumers to use it. In addition you would also identify interest and understand customer needs and requirements.
• Merchandising Assistant: Your role would require you to analyse past sales figures/trends to anticipate future product needs, devise a contract for the suppliers including quality control, accuracy and flexibility. This is done throughout the season etc.
• Visual Merchandisers: This title would give you a lucrative chance to develop, deliver and communicate visual concepts and strategies to promote retail brands, products and services in-store, in catalogues or online.
When you climb the ladder of success in this industry you would gain access to the below mentioned positions as well:
Pay Packages Offered after MBA in Retail Management
This specialization is quite rewarding and would indeed offer you attractive payback on your investment in MBA degree.
Salary packages offered as per position
|Position||Salary offered (maximum range)|
|Retail Store Manager||Rs 687,647 p.a.|
|Business Manager||Rs 1,440,000 p.a.|
|Area Sales Manager||Rs 480,000 p.a.|
|Business Development Manager||Rs 630,000 p.a.|
Salary packages offered as per Experience
|1-4 years||Rs 390,000 p.a.|
|5-9 years||Rs 554,000 p.a.|
|10-19 years||Rs 1,172,506 p.a.|
Top Colleges for pursing MBA in Retail Management
• Narsee Monjee Institute of Management Studies, Mumbai
• Welingkar Institute of Management, Mumbai
• Birla Institute of Management Techonology, Greater Noida
• Indian Institute of Commerce and Trade, Lucknow
• Indian Retail School, New Delhi
• Accman Institute of Management, Greater Noida
• Asian School of Business Management (ASBM), Bhubaneswar
• DAV Institute of Management, Faridabad
Top Recruiters for Retail Management Course
• Reliance Group
• ITC Retail
• Trent Ltd
• Provogue India Ltd
• Pantaloon Retail India Ltd
• Shoppers Stop
• Aditya Birla Group
• Tata Groups (Titan)
• Lifestyle International
• Ebony Retail Holdings and many more companies
Top International Retail sector Recruiters
• Wal-Mart Stores, Inc.
• Carrefour S.A.
• Tesco PLC
• The Kroger Co.
• Nordstrom Rack
• The Home Depot, Inc.
DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.