Basically, retail management is encouraging sales providing maximum client satisfaction helping the clients to understand the organization in a better way. The strategy of retail not only includes the manufacturing procedure but also refers to the in-depth research of the retail process, distribution of the finished goods and providing maximum client satisfaction. Retail management helps in making the purchase in a better way with complete client satisfaction. For example, Domino’s Pizza which is one of the renowned chain merchants of pizza delivery all across India provides a free pizza to its clients in case it makes any mistake in offering a proper service to its clients within the short span of time. Hence, creating a relationship of trust with its clients and satisfying them.
Any shop which sells the commodity to the society is considered as a retail store and the retail management is the process of administering a retail store. There are numerous retail stores all across the world which supplies various goods and services to its clients. Such stores include Wal Mart, Home Depot Inc., Pantaloon retail, Tata groups, Subhiksha, Reliance and AV Birla groups among others. Retail management comprises of regulating the store, the staff and the supply in the shop. Retail management includes all kinds of activities which are essential in convincing the buyers in creating a purchase providing maximum client satisfaction.
Retail marketing management industries have played an important role in the growth and development of the economy of many countries. India’s economy is expected to grow at 30percent in the upcoming five years. Retail management contributes around 10percent of the country’s GDP and 8percent of employment. India is emerging as a country having the fastest career opportunities in the retail sector. The immense growth in this sector has a huge demand of qualified professionals in the field. As retail management includes a large mass of activities originating from marketing to branding thus it has become one of the most demanding careers of present time.
Retail management helps in ensuring that the customers find their appropriate product providing them the complete satisfaction. It is a process of providing the best product and services to the clients and making them feel happy without any complaints. It is one of the largest sectors in the world’s economy. Retail shops help in conducting easy shopping making it a pleasurable moment in one’s life. Retailing management is an art of convincing people to purchase their products and making it their first preferable choice. It is a process of managing the store, staff and also the customers at the same time.