Retailing is the timely delivery and availability of products to consumers at prices they can afford. In the last few years, the concept of retailing has changed considerably in India with the traditional neighborhood “Kirana” stores being replaced by huge malls and large chain of stores. Nowadays, the Indian consumer gives more emphasis on quality of products even if it comes at a price. The Indian retailing industry is becoming increasingly competitive with big brands both national and international entering the market. The retail industry has a tremendous contribution in boosting the Indian Economy by increasing employment, enhancing exports and giving small scale industries the opportunity to sell their products at competitive prices.
The boom in the retail industry is mainly due to the following reasons;
· Increase in the purchasing power of middle class Indians
· Indians becoming more and more quality conscious
· Change in taste and living styles
· Emergence of big international names in the retail sector
· The entry of FDI in the retail sector
· Rapid growth of IT and engineering sectors
Retailing in the recent era stands as an exciting yet complex business sector in most developing economies. According to recent surveys, the Indian Retail economy is growing but it needs to pick up more speed. Nevertheless, the contribution of the retail sector cannot be underestimated and has extensively helped in enriching the economy of our country. But the Indian retail industry needs to be more organized since retail management offers huge benefits.
Benefits of Modern Retail Management
· Better Quality Products & Services
· Better Lifestyle
· Bridges the gap between consumers and manufacturers
· Up-gradation of the agricultural sector and other small-scale industries
· Promotes Tourism
· Increases Employment
· Boost in Exports
The retail industry is one of the largest industries and studying Retail Management from a reputed management institute offers great career prospects. Pursuing either a full-time or an executive course in retail management can help shape your career and open various opportunities in this field.
Consider joining an institute that offers the latest curriculum since the retail industry is very dynamic and challenging. Many b-schools offer retail studies in their business management programs while some also offer further specialization in marketing management in which retail forms an important module. You should opt for their specialist programs in retail, industry-relevant courses that will train you on the latest trends and information required to succeed in the retail industry.