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India’s retail industry is quickly growing because of the entry of new players with each passing day. We have a large population with a growing middle class and an emerging luxury spending cohort which makes foreign retailers have excellent prospects for business expansion in the Indian market.
The global economy depends heavily on the retail sector because it acts as a link for goods and services from producers to customers. To ensure a seamless operation, maximum sales performance, and customer pleasure, retail organizations should ensure effective retail management.
Practices for retail management have changed over time in response to the industry’s changing needs. In these times, retail managers are essential to the success of companies in this field because they take care of everything from staff training and industry trends to inventory management and sales strategy guidance.
In this blog, we will discover more about the present world of retail management and how it can be used to boost your salary with an online MBA degree. If you are planning to pursue a career in this field then keep reading to know more.
What is Retail Management?
Retail management is the general practice of helping customers get the items they want from retail establishments for themselves. It usually includes the procedures required to draw customers into the store and fulfil their purchase needs. If retail management is taken care of well then time can be saved and customers can effectively locate what they want which leaves them less satisfied.
What is an Online MBA in Retail Management?
Chitkara University’s online MBA in retail management program is designed to give students exposure to real-life situations and problems that they generally face in retail businesses. The subjects taught take a CFO’s perspective on decisions made by retailers on an everyday basis including pricing, merchandise curation, promotions, and inventory management.
With the rise of eCommerce, the competitive environment has changed significantly which has forced retailers to change their offline, online, and multichannel offerings to stay competitive. The classes and curriculum are focused on the range of retail operating models and the challenges that retailers face to get their work completed.
Career Scope of Online MBA in Retail Management
An online MBA program in retail management can open a wide range of opportunities for students in the retail sector. It equips them with the knowledge to understand and maximise the industry better while also offering the skills to develop effective strategies for retail businesses.
The online MBA in retail management helps students understand customer behaviour, brand management, supply chain management, and other aspects of retail. With this program, graduates can access various placement opportunities across the retail sector. These roles include positions such as Retail Manager, Business Development Manager, Brand Manager, Retail Executive, Merchandiser, etc. With the completion of an online MBA program in retail management, graduates can take their careers in these sectors to new heights.
Salary After an Online MBA in Retail Management:
An online MBA in retail management can be an exceptional way to increase your salary and climb the career ladder. With an online MBA in retail management, you can expect to earn a salary of INR 6 Lakhs to 20 Lakhs annually. This salary is because of an increased demand for skilled professionals in the retail industry and the rising salaries that can accompany it. The program also helps in gaining specialised knowledge and skills that are highly valued by employers in the industry.
Why Pursue an Online MBA in Retail Management at Chitkara University?
Pursuing an online MBA in retail management can help in charting a course for strategic leadership and innovative advancements in the retail sector by equipping graduates to change the dynamics of the international global retail industry and customer experience.
1.Dynamic Retail Management Focus: The curriculum of the online MBA in retail management is customised to the evolving needs. Graduates can understand modern areas including merchandising, retail analytics, customer relations, and strategic decision-making.
2.Engaging Learning Tools: Chitkara University Online uses state-of-the-art technology for interactive learning including virtual simulations, real-world case studies, and retail situations which together offer an immersive educational experience.
3.Industry-Backed Curriculum: Graduates can be encouraged to collaborate with retail experts which further ensures hands-on engagement by dealing with real-world projects. Students can effectively bridge theory with practical experience for a deeper understanding of retail practices.
4.Career Support: Students can prepare for retail success with comprehensive career services. Starting from resume writing workshops to making the most out of networking opportunities, Chitkara University helps in rewarding retail roles.
Career Paths After Online MBA in Retail Management
Gaining a specialising in retail management offers customised education on consumer behaviour, market trends, and operations. It can also enhance career prospects by offering leadership roles in retail management and entrepreneurial opportunities. The program offers focused expertise and helps graduates excel in managing retail businesses, driving growth, and navigating the dynamic retail landscape.
Since businesses depend on decision-making increasingly, students pursuing retail management degrees have an opportunity to find a role at many organizations that can impact a business. Some of the key career paths that you can look forward to include the ones mentioned below.
- Retail Consultant
- Retail Financial Analyst
- Retail Operations Manager
- Retail Marketing Manager
- Retail Project Manager
- Supply Chain Manager in Retail
- Retail Store Manager
- Retail Executive Leadership
- Retail Product Manager
- Retail Entrepreneur/Startup Founder
Summing It Up
Due to the increasing demand for retail management professionals, an online MBA degree in retail management can offer students an understanding of various aspects of the industry. It can allow them to develop their skills while also gaining knowledge on how to manage different kinds of retail stores.
The program also covers topics including marketing, operations, customer service, and financial planning which are all important for any business. With the knowledge and skills acquired from the online MBA program in retail management, students can take on managerial roles in almost any retail setting.
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