Retail Management refers to a process of availing variety of products or the services to the customers at one place where say soap will have all the brands on a same place, similarly every product has different options and brands at a same place.
Retail Management is a customer focused process. There are so many retail outlets for different segments like – Reliance Retail, Bharti Walmart Retail, Mc. Donald, etc. These companies sell various items or the products at one place and customer may enter the store and buy all kinds of his requirements met at a same place. The space of the retail outlet is very big and offer wide variety and kinds of products such as electronics, house hold consumables, cosmetics, Clothing etc.
Organized retail accounts for just two percent in India. It is seen and observed in the world that rising income levels, nuclear families, busy time schedules and changing lifestyles of the people have given a great boost to the retail sector and in fact retail due to popular demand has expanded its operations at a larger scale, hired a lot of professionals, operational sales people, strategic thinkers etc, so that it could act as a boon for the people in these times when time is less and requirements are more.
Retail Sector is not at all organized so the following are much concerns in order to manage the retail industry: -
a. High Attrition Rate – Every company in retail has a different possibilities and offers so if a person is working as a sales man in one retail store and getting Rupees Five Thousand in hand then the other retail store in order to gain manpower attract him with Rupees Five Thousand Five Hundred in hand and hence that sales man leaves. So attrition rate is very high in the retail sector.
b. Low & Competitive Salaries – The salary bracket for various Retail companies are very competitive and the kind of manpower they look for in the low salaries and train them then those people join some other retail companies for more salaries and hence the retail companies spend a lot of money in the training and development which is not always utilized.
Retail sector offer lot of products which are from the varied segments and hence the management of retail sector requires a lot of challenges and hence in order to meet up these challenges a strong and dedicated work force is required in order to fulfill all the customer & client requirements. The retail company that is able to manage the right product mix target the right customers at the right location would be able to able to succeed in terms of getting the success, maximum revenues and the profitability.
These retail companies have given a lot of advantages to the world in terms of getting all the requirements at a single location or under single umbrella, time saving for the working professionals, sometimes the people forget certain consumables from their list of items but when they enter into retail store they even get remind of the items or the products they have to buy.
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