Retail Management includes the formulation of apposite strategies to bring customers into the store and to make buying as well as selling of products a seamless process. All the procedures which facilitate the clients or customers for an easy shopping experience of different products from retail stores come under the category of Retail Management.
BBA in Retail Management is an undergraduate Retail Management professional degree. It covers the study of different parts of a retail operation including buying, marketing, merchandising, operations, inventory control, personnel and finance, and many more.
Visit the Website for getting into more details about the retail management program and apply now for admission. Good Retail Management attracts the customers, satisfies them, leads to repeat business as happy customers will always recommend the store to their friends and relatives. This mouth publicity will work for the store tremendously. Retail management is not for everyone. But for the right person, it can be a great career path with lots of opportunities to achieve success.
Here are some benefits of having a BBA degree in Retail Management.
Advantages of Good Retail Management
- Customer satisfaction
One of the major advantages of retail management is customer satisfaction. Effective planning and management can avoid the situation where the customers need to wait. Even in case of huge footfall in the store, as during the festival times, it is the task of the retail manager to ensure that the customer executives assist the customers and attend everyone properly. Managing the orders is the key to success.
- Hassle-free shopping
Proper retail management helps the customers to find all the products easily in the store. All the products are arranged properly by categorizing them according to their price, quantity, brand, etc, so the customers can easily find the desired products without any hassle. The retailers need not fetch the product for their customers. It is helpful for both, the customer feels satisfied after a good shopping experience, it also helps in saving the retailer’s time.
- Prevents unnecessary chaos and shoplifting activities
Proper Retail Management prevents a lot of unnecessary crowds in the shop. The customers come, pick up their favorite products, pay the bills and leave with satisfaction. That is effective retail management. This will also keep a check on the shoplifters.
- Proper accounting
When the retailer maintains a database where everything from all that was brought into the shop for sale to all that was sold is mentioned, it makes the daily inventory and accounting simple and accurate.
- Well-organized store and inventory management
With proper retail management, various shelves are well labeled with the product details, placed on them. This allows the buyers to locate the products all by themselves. Furthermore, it ensures that the shop is well stocked.
6- Experience Drives Growth
One of the most important factors in getting a job in retail is experience. So, prepare to start in an entry-level job and take the time to learn every aspect of retail while working for your desired career growth.
7- It’s Not A 9 to 5 Job
Stores are meant to serve the public, a public that often works from nine to five and thus has to shop in the evenings or weekends. Therefore, retail managers are often required to work non-traditional hours to maximize their effectiveness.
8- Retail Management is More Than Just Sales
Retail managers oversee everything that makes a store work, from behind-the-scenes functions like buying, inventory, and merchandising to the sales floor such as sales and customer service. Some common tasks included in a retail management career are:
- Hiring, managing and motivating a team to increase sales
- Overseeing vendors and the buying process
- Managing inventory
- Creating and maintaining store displays
- Developing and executing sales and promotions
- Analyzing market trends and researching competitors
- Monitoring sales figures and forecasting future sales volumes, and meeting sales quotas
- Dealing with questions, complaints, and comments from customers
- Monitoring budgets, controlling expenses, and maximizing profits
9- There Are Many Specialties in Retail Management
- As you grow up in your career, you may have the opportunity to specialize in an area that interests you, including:
- Buying
- Pricing
- Merchandising
- Marketing
- Personnel
- Customer service
- Training
- Operations