Retail Marketing Specialisation
Navigating Today's Business World with Tomorrow's Leaders
- Financial Management Specialisation
- Banking & Financial Management Specialisation
- Business Analytics Specialisation
- Digital Marketing Specialisation
- Financial Research & Valuation Modeling Specialisation
- Hospitality Management Specialisation
- Human Resource Management Specialisation
- Information System Specialisation
- International Business Specialisation
- Marketing Management Specialisation
- Operations Management Specialisation
- Retail Marketing Specialisation
- Supply Chain Management Specialisation
- Sports Management Specialisation
Why Retail Marketing AS A SPECIALIZATION in PGDM?
The retail industry is one of the fastest evolving industries in Industry. The Indian retail industry has undergone drastic changes, with the consumers looking at convenience with the multiplicity of choices under one roof. The retail industry has businesses such as departmental stores, shopping malls and brand outlets. Retail outlets are professionally managed and involve on-floor display, sales, inventory, storage and sales promotions.
Indian Retail industry is the 4th most attractive and emerging market globally and is expected to grow with a compounded rate of 30% over the next five years. PGDM in Retail Marketing has become one of the fastest-growing careers in the industry with tremendous growth in the economy. During the past few years, the expansion of the retail industry has demanded a greater number of trained professionals in this field. It offers 2 million job opportunities worldwide. It is an industry with various activities starting from marketing to branding, looking for people at all levels, from school pass outs to management professionals. This makes it one of the most demanding careers of the era.
Top reasons to choose Retail Marketing as a Specialization
- Booming Retail Sector
The retail sector has witnessed tremendous growth in the past couple of years. Multinational companies have set up base in India, giving a boost to the retail sector. To tap this potential and push the sector to new heights, there is a demand for retail management professionals who can overlook the entire retail process. As per estimates, there are over 2 million retail management job opportunities across the world.
- Changing Customer Attitudes
There has been a marked change in customer preferences and the way they shop for their personal use. This paradigm shift is not restricted to metros alone, but also in Tier II cities as well. This has put the onus on retail managers to efficiently deliver the merchandise into the hands of the customer.
- Emergence of big players in the market
H&M, Spencers, Reliance, Aditya Birla, Reliance, Tatas— these conglomerates with diverse business interests are on the lookout for people who have skills ranging from sales to market analysis and inventory management store management along with the customer relationship management. As a retail management professional, you will be endowed with all these skills. Your aim will be to reduce the time that the customer spends to find his choice of product.
Careers / Jobs Roles in Retail Sector
Candidates with a PGDM in Retail Marketing degree can start a career in client communication, supervisory, sales, merchandise shipment, management and administrative services. Retail management offers more than two million job opportunities across.
- Retail Manager– Retail Managers oversee the daily operations of the store. They are the ones to ensure the smooth running of operations to maximize sales and minimize costs—knowledge of diverse business subjects such as sales, marketing etc. The goal is to manage the store in ways that boost revenues and develop the business.
- Store Manager – Developing store strategies to raise customers’ pool, expand store traffic and optimize profitability. Meeting sales goals by training, motivating, mentoring and providing feedback to store staff. Ensuring high levels of customer satisfaction through excellent service.
- Merchandiser –Merchandisers ensure that products appear in the right store or website, at the right time and in the right quantities. This involves working closely with buying teams to forecast trends accurately, plan stock levels and monitor performance.
- Retail Buyer – A retail buyer is responsible for planning, selecting and purchasing quantities of goods and merchandise sold in retail stores. The source and review existing goods to ensure their products remain competitive.
- Supply Chain Managers –are responsible for overseeing and managing the company’s overall supply chain and logistics strategy and operations to maximize process efficiency and productivity. In addition, they play a crucial role in developing and maintaining good relationships with vendors and distributors.
- Marketing Executive –Marketing executives aim to maximise profits by developing sales strategies that match customer requirements and promote products, services, or ideas. Marketing executives develop and oversee marketing campaigns to promote products and services.
- Brand Manager –A Brand Manager is responsible for adapting a brand strategy for a company’s target market. As the ‘brand guardian’, brand managers maintain brand integrity across all company marketing initiatives and communications and manage a portfolio of products.
- Warehouse Manager –Warehouse managers oversee the efficient receipt, storage and dispatch of a range of goods. Responsible for a vital part of the supply chain process, you’ll manage people, processes, and systems to ensure goods are received and dispatched appropriately and that productivity targets are met.
- Merchandising Manager –Being a Merchandising Manager identifies new suppliers and products that reflect consumer preferences and drive sales. Trains and coaches merchandising staff to ensure that the product assortment reflects branding, seasonal, and customer demand.
- Image promoter– Promoter is a marketing professional responsible for demonstrating the features of a product to an audience or client. Promoter shows how the product works, takes questions and persuades consumers or clients to buy the product.
- Department Manager– A Department Manager works to ensure a positive experience for the customer by overseeing all aspects of their experience interacting with the company. They assist with the execution of daily operations through staff training, supervision and team building.
- Analyst – An analyst gathers, interprets, and uses complex data to develop actionable steps to improve processes and optimize results. Day-to-day, they assess company and client needs, receives robust information, and analyzes it, looking for telltale trends or areas for improvement.
Salary Packages for Retail Management Professional
The initial stage in Retail Manager with 1 to 4 years of experience earns an average total (includes tips, bonus, and overtime pay) of Rs. 411,000. A mid-career Retail Manager with 5 to 9 years of experience earns an average total compensation of Rs. 672,492. An experienced Retail Manager with 10 to 19 years of experience earns an average total compensation of Rs. 816,491. In their late-career (20 years and higher), employees earn an average total of Rs. 1,275,000.
Check below post-wise salary:
|Starting Salary Per Annum (in INR)
|Mid-Level Per Annum (in INR)
|Senior Level Salary Per Annum (INR)
Top Recruiters for Retail Management Professionals
Some of the significant employers who recruit PGDM in Retail Management are as follows:
- Tata Group
- Reliance Group
- Lifestyle International
- ITC Retail
- Aditya Birla Group
- Bharti Walmart
- K Raheja Group
- Landmark Group
- Big Bazaar
- Shoppers Stop
Growth of Retail Sector in India | Facts & Figures
India – The Top Retail Destination
The retail market in India has undergone a major transformation and has witnessed tremendous growth in the last 10 years.
- Indian retail market is projected to reach approximately $2 tn by 2032 from 690 $ Bn in 2021
- India currently is the 4th Largest retail market in the world
- Indian retail market recovered from pandemic lows and grew 10% yoy from 630 $ Bn to reach 690 $ Bn in 2021
|Contribution to India’s GDP
|Share in India’s employment
|Growth rate of retail sector over 2021-32
|Share of total retail market
Specialization Module – 3 | Retail Marketing
Buying & Merchandise Management
Customer Attraction and Relationship Management
Store Design and Visual Merchandising
Managing Retail Operations