Top 10 reasons you should do an MBA in Retail Management
- The retail sector in MBA is a flourishing and booming career field. In the last few years, because of the huge growth and development in the retail sector. Many companies have set their foot in the Indian market. Hence, to make India the retail capital to many companies, retail managers and different retail operational workers are required. Hence due to a boom, the churn out retail management graduates and job openings are in high demand.
- The Indian market is filled with different domestic, multinational companies, and conglomerates are at the forefront of hiring people with skills and knowledge in Retail Management. People with retail skills like inventory management, market analysis, store management, and customer relationship management, etc., are assets that these companies are looking to add value and profit to. Hence the demand for such skill-sets and people is on the surge.
- MBA in Retail Management can open up the door of your career prospects. An eligible MBA in Retail Management degree holder can find themselves to get jobs in different fields under retail. Such as a retail manager whose task is to look over the running of retail businesses and business outlets, or a marketing executive who plays a key role in advertising and campaigning the product, or a store manager who is responsible for the working and functioning of the retail store as a whole.
- One of the main reasons people want to pursue an MBA in Retail Management is its attractive packages and salaries. An MBA Retail Management candidate can earn anything between 3-6 lakhs annually. The salary system is progressive, i.e., as you climb the corporate ladder, your salary also increases. Along with salaries, there are many perks and advantages given to the employees through companies as well.
Helps in Developing Character and Knowledge
- MBA in Retail Management will not only professionally but personally build your character. It will help you apply the theory and knowledge and put it to practical use, understanding the paradigms of business in resolving issues in an orderly manner. Moreover, it builds and strengthens your business and management leadership core.The course is designed to get you to learn and personally develop to work individually and contribute to the business community.
Enhances Communication Skills
- Good communication skills and active listening play a major role in the retail industry. MBA Retail management graduates will constantly find themselves engaged with consumers, buyers, etc. The communication around retail usually answers customers' doubts, takes orders, explains the merits of a product, forms communications with other stores, takes in complaints, etc. The interaction between different mediums will help in developing communication skills.
Helps you understand Teamwork
- Being in a retail team is not an alone game changer. It will require you to work with different people like a supervisor, stock manager, or stock replenisher. The wide and taxing tasks can be completed much faster and efficiently with the cooperation and efforts by keeping their strength and potential in mind. Hence, working in a team will help you understand your responsibilities, communicate, and pitch in the team.
Mould you into a Multi-tasker
- Retail involves a lot of operations, like customer complaints, restocking, completing transactions, etc. Multitasking in retail can help you align your work to your business needs. As the retail company's work pressure is high, and a load of responsibilities is more, retailers can prioritize their tasks since working in retail makes you a multi-tasker.
Pathway to punctilious
- Working in the retail sector will make you pay close attention to everything, whether it involves operations like keeping items stocked, organizing the inventory, or giving back refunds, in this industry. Having a knack for attracting a consumer to your product's sale also involves being critical; hence it brings you to pay attention to minute details.
- One of the core values of being a good worker in a retail company is by being empathetic. As retail looks for bringing betterment out of people's lives by making products, it is very important to figure out the consumer's needs and wants. By being empathetic, you put yourself in your consumer's shoes and understand what they truly desire or want.
Getting an MBA degree is a good indicator of you being well-informed and knowledgeable about a certain field (in this case, retail Management). An MBA applicant will always stand out from the other applicants because of his skills and knowledge. Getting an MBA specialization in Retail Management is a good way to kickstart your career in retail. India's retail management scope is high, with attractive salaries and packages starting from 3-6 lakhs annually. An MBA degree holder can get employed in companies like Flipkart, Amazon, Pantaloon, Shoppers Stop, or Reliance group. Marketing and retailing is a constant affair at the store and corporate level. Getting yourself an MBA retail specialization can help you land up jobs like a product manager, sales manager, store manager, or merchandiser.
In conclusion, as this job has its advantages and perks, it is vital to get a degree from a highly esteemed university. This will open your prospects to better employment and get you a better workplace environment.