MBA in Retail Management- Build a successful career in Retail.

The retail industry is growing at a high pace in India and that too with innovative business models. With a number of emerging Indian brands, the penetration of international brands in the Indian market, and many such factors is the reason behind the boom in the retail industry. JDBIMS offers MBA Retail Management, which is a comprehensive course that teaches all aspects of retail management.

Introduction: Functions of Retail Management

The first thing that we notice before entering a store is the window display. The window effects our decision to enter the store a great deal. And who is responsible to make it look attractive? It’s the Visual merchandiser. The look and feel of the store as well as the window of the store is the Visual merchandiser’s job.

Buying the right merchandise, in correct quantity and quality is the merchandiser’s job. A visual merchandiser is different from merchandiser. A merchandiser buys stock and deals with distributers, manufacturers and designers. Retail supply chain management are related to product procurement and controlling product quality, inventory levels, timing, and expenses. Logistics are also involved in moving the product from source to destination, handling and storing them.

Other functions include applying retail communication mix for promoting and selling the products, human resource and training, finance and administration, information technology and customer contact service.

About MBA in Retail Management
MBA in Retail Management at JDBIMS SNDT Mumbai is a 2 year full time course. This course is ideal for a student who seeks a career in the retail sector, for professionals who aspire to grow in the industry. The function of retail industry such as supply chain management, merchandising, store management, visual merchandising, are a number of opportunities to build one’s career in the retail sector. This course will help you understand retail industry and help you chose the job profile that suits you the best

Highlights of MBA Retail Management at JDBIMS

Sectoral Specialization
Internship (Summer and Winter)
Concurrent Fieldwork undertaken on two days a week
Emphasis on research project. Every student undertakes a yearlong research
Business Ethics an integral part of the course
Sound theoretical insights about managing modern retail business.

Broad Objectives
A student who completes this retail management course would be industry ready to contribute and manage the various functions in a retail environment. The programme is designed to enable the learner to gain hands-on experience and practical exposure as well sound theoretical insights about managing modern retail business.

Using POS Systems For Retail Stores

For customers, it is very important that they have a good time at the retail store they are shopping at. Retail pos systems are a great way of making life easier for both your customers and your sales team. A good pos retail system is the best way to stay a step ahead of the competition. These POS retail systems will help your business grow by bringing in track inventory in real time, and this is one of the biggest reasons why retail pos systems have taken over conventional cash registers.

The excellent features and functionality provided by retail systems like grocery store pos systems make the running of a store easier in several ways. CRS Solutions is your one step solution to finding the right kind of retail pos system that will help boost your sales and make your business grow in popularity.

Choosing good retail POS systems?

At the core of every pos system used in a store, is a range of avant grade hardware that includes LCD screens, rear displays, raised keyboard, cash drawer, receipt printer, credit card reader, bar code scanner and retail pos software. Even a simple grocery store pos system is a mix of hardware and software. When you choose a retail pos software, you need to choose good software vendors like CRS Solutions that can provide you with customized solutions for your retail needs. CRS Solutions offers you great choices of pre-configured and customized software solutions so that you can add applications and hardware as your business grows. Popular components in such retail pos systems are thermal printers that can provide fast printing service. Single printer models work best with receipt-only applications, and there are two-printer models that can not only print receipts but also records your journals electronically in the register’s memory. This journal can then be archived electronically for printing at a later date or stored on SD cards for future use. This feature also allows for quick auditing functions that can make your work much easier at a later date.

Streamlining operations with your new POS retail system

From grocery store pos systems to retail systems for large malls, the right kind of pos systems for retail will enable you to control your business much better and increase the efficiency levels of your business. In business, increasing efficiency almost always translates to better profits and this allows you to streamline operations including inventory and vendor management.

Holiday Jerks, Clerks, Retail Pros and the 35% Difference

There will be three types of specialty store employees working this Black Friday weekend. The first type is the jerk. The second type of specialty store employee is the clerk who facilitates the customer’s transaction. The third type is the retail pro who will deliver an amazing customer experience to each and every customer this weekend. Here are three other major differences between the holiday jerk, clerk and retail pro.

There will be three types of specialty store employees working this Black Friday weekend.

The first type is the jerk. They hate working retail, so of course they’ll be extra miserable this weekend. I know you’re not a jerk because jerks don’t take the time to read this article.

The second type of specialty store employee is the clerk who facilitates the customer’s transaction. They’ll make sure customers find what they need or want, and will get them rung up and out the door. Clerks are nice people, but they miss a lot of opportunities.

The third type is the retail pro who will deliver an amazing customer experience to each and every customer this weekend. It will be fun and rewarding for both the customer and for the pro. Retail pros create many additional opportunities.

The biggest difference between the clerk and the retail pro is a 35% or more swing in sales. That’s right; it can be that much of a difference. I know, because I see it with my consulting clients.

Here are three other major differences between the holiday jerk, clerk and retail pro:

1. First impressions

A jerk will ignore customers, hoping they go away. Most will.

A clerk will say, “How may I help you?” to virtually every customer who walks in the door.

A retail pro will warmly welcome each customer into the store. The pro knows that asking a question that leads to the answer, “Just looking” is an impediment to delivering a great experience and making a sale.

2. Helping the customer

A jerk will point the customer to what they’re looking for.

A clerk will find out what the customer is looking for and take him/her to it.

A retail pro will always focus on the customer’s shopping list, not the single item he/she is looking for. Retail pros sell more by focusing on who, not what. They will also give the customer an opportunity to buy something for her/himself.

3. Adding-on

A jerk never bothers to add-on. That takes too much time and effort.

A clerk might suggest one additional item after asking, “Will that be it?”

A retail pro, like the jerk, doesn’t bother to add-on, either. That’s because the retail pro SELLs ON. The retail pro never asks, “Will that be it” because she knows that question stops the sale. The retail pro keeps showing products and delivering a fabulous experience until the customer says that will be it.

4. Final results

Stores staffed with jerks will have a pretty tough weekend. Of course it won’t be the jerk’s fault. It never is.

Stores with clerks will work extremely hard to get close to last year’s numbers, and maybe even exceed it.

Stores with retail pros will more than likely blow past last year’s sales and this year’s goal. They’ll prove that people still enjoy shopping in stores where the staff cares and the experience is different.

So let me ask, will you be a retail pro this weekend? Follow the above suggestions and you’ll see the results. Who knows, maybe 35% or more!

3 Points To Be Noted While Buying House ERP On Cloud For Retail Businesses

Since the time information technology has been harnessed by people, businesses and enterprises have seen a boom time. Various business establishments are trying to harness these resources for their benefit, so that there is better management of time, money and personnel. The most recent beneficial move in terms of information technology has been in the matter of cloud computing.
Small and medium scale enterprises are getting together to get their space in this cloud and conduct their business. Retail management solution on cloud has become a common thing with systems like ERP or Enterprise Resource Planning, CRM or Content Resource Management, POS or Point of Sale, etc. These are systems that are required to be available for carrying out an effective and efficient retail business. If retail software on cloud is available, then there can be easy integration of the supply, returns, customer services, product sale and financial management.
Although cloud retail software or home buying software will instil a new way to conduct the business, the retail solution on cloud requires the enterprise owners to take care of few aspects when buying house software on cloud or retail ERP on cloud. It is known that the cloud provides a space for the designated businesses. But then, there are things that the business owners should be alert and knowledgeable about.
* Retail management solution on cloud will require backup and security when their data is present in the could computing system. For this, those buying house ERP on cloud should check for power and network outage backup, 24×7 customer care services, and time bound assistance. Data backup, virus scans, online security checks, firewalls, etc are supposed to be in place when the retail solution on cloud is provided.
* Checking the usability of the ERP on cloud is another point that should be noted by those who are buying house ERP on cloud. Software that is to be utilised in retail or buying house should be user friendly. Also, there should be easy accessibility of the applications in the cloud, which the workers in the business or enterprise can find out quickly in case of applying for the business. If the enterprise resource planning is done properly, then the logistic issues will become easier and retail enterprises can lower their distribution costs and charges. The software for retail should be therefore sought out properly and with sufficient promise of performance.
* Retail solution on cloud should also include sufficient scalability options. The core of retail business is based on quick service and immediate availability. For such businesses which are aiming to expand, with the right retail management solution on cloud, one can quickly order for items to be refilled and check on the status of the products that are being sold. Tier-4 data centre is to be provided through the cloud retail software, so that sufficient data can be stored and if required, it can be scalable.
Plenty of features are necessary for a retail business to grow and all of these will be possible through the right retail software on cloud. ERP on cloud, POS on cloud and various other retail solutions on cloud can be used to bring prosperity to the business, for both small scale and large enterprises.

The Best Retail Jobs in the Spotlight

Even though jobs in the retail sector may seem easy to get because of the large number of vacancies, they usually go out to people who are able to stand out. Regardless of whether you are looking for your first ever job, are already working in the retail sector and wish to take advantage of other opportunities, or want to shift from another industry, there are certain tip that will make the search for retail jobs easier for you. Since the interview is the most important component of any job application procedure, it should be focused on.

Your resume is the first impression any potential employer will have of you. The thing that stands out in resumes is quantities. For instance, instead of saying that your performance improved the sales of a previous company you worked with, you should quantify by exactly how much these sales increased. If you have previously worked in the retail sector, you need to specifically mention the type of companies you have worked for as well as the exact responsibilities you held in the job. The name of the company and your job title will not do you much good in the resume. Past retail experience should always be highlighted in your resume when applying for retail jobs.

Before applying for a particular company in the retail sector, you must carry out a thorough research about the company and the kind of products it sells. This information is usually available online or can be gathered by visiting a retail outlet of the company. Before the interview, you should carry out some additional research on the company as this will help you deal with certain specific questions. If you have not worked in retail before and are shifting from another industry, your knowledge of the company’s products is bound to be even more impressive and give you an edge over other candidates.

Flexibility and commitment are two things that are sure to be a win in retail jobs. Make sure you mention these in your resume or cover letter, and emphasize on it again in your interview. Most retail stores are open 24 hours a day and hence you need to mention if you can be flexible in your working hours. Moreover, you should also state that you will be able to work some extra hours during high demand seasons. These two aspects are particularly important for those who are getting their first ever job or are moving from another industry. Make sure you highlight the skills you have previously acquired from professional experiences or volunteer work.

How to Get Into Retail Jobs beyond the Shop Floor

When people think of retail jobs, the first thing that normally comes to their mind is organizing book shelves and acting as a sales representative in guiding customers through the sections in the shop. However, you must realize that these are not the only opportunities that prevail in retail. In fact, there are several other types of jobs that can be undertaken. Although those mentioned above are the most commonly available jobs in retail, they are not the only ones. One of the many misconceptions associated with the retail sector is that they have very limited prospects for growth and progress. However, real life examples have shown that this is entirely false. People who have started off with entry level retail jobs have risen to the position of sales assistants and even sales managers.

The advantage of starting with entry level retail jobs and then making your way up the hierarchy is that you get to learn a great deal in each role that you undertake in the retail business. You also gain a lot of valuable experience which will eventually be of great help when you are hired in the position of managers. Many people also perceive the retail sector to be an inappropriate option for graduates and those with professional qualifications. Conversely, statistics have shown that a good percentage of graduates have chosen management positions in the retail sector in recent years.

Contrary to popular belief, retail jobs do not only involve helping out customers on the shop floor and all the direct activities related to selling. In fact, there are several other jobs associated with the support system that exists in every organization, such as the IT and HR departments. Taking the example of IT, we have seen how its importance has grown acutely over the past few years. Not business is complete without a well-managed IT department that keeps a record of the transactions, stock management and allows them to achieve everything in the minimum possible time. The existence of IT has made the retail sector much less burdensome for those working in it. IT is also used for security purposes, customer service and even for recording purchases.

Other than IT, the HR department is also very promising for those interested in retail jobs. This department often requires a large number of staff to meet the growing demand for its products. If they fail to meet the necessary requirement for staff, the demand for the products will fall considerably and the image of the company will suffer. This department provides the necessary administration and human resources that ensure the smooth functioning of the organization.

Rules in Retail Jobs

In the highly competitive job market of today, survival of the fittest is the rule that is followed. This rule is particularly true when it comes to the retail sector. Moreover, you might also have to resort to being selfish and taking advantage of the opportunities available to others in your fight for survival. However crude this may seem, you will have to follow this system in order to be successful in the retail market. Because of the fact that there is such stringent competition in the retail market, people are finding it harder and harder to keep retail jobs for long periods of time. The negative impact that the competition has had on the retail market has led to many people struggling to keep a hold on their jobs.

If we take a look at the past, we will see that there was a time when there used to be a harmonious relationship between the different workers in a retail chain, such as the owners, suppliers and the employees. This relationship has dissolved today to become one of competitiveness and the drive to outshine each other in making the highest possible profits. Most businesses have lost the sense of benefitting all their stakeholders equally, and this has resulted in the massive downfall of several retail businesses. If there were a positive relationship between suppliers and owner, they would be completely fair and honest in their practices and conduct towards each other. Since both would be working towards a common interest, there would be an overall higher flow of profits in the retail business, leading to a higher level of satisfaction amongst the employees.

When it comes to retail jobs, the factor of trust is essential amongst the various parties. There is no doubt about the fact that it does take some time for trust to develop between different parties. What they should look to achieve, essentially, is a common goal so that they can work in harmony towards achieving it. If everyone is doing their jobs fairly, there will definitely be an overall increase in productivity. Suppliers will be satisfied with the business and willing to offer favorable terms, while the employees will be motivated knowing that their hard work will be rewarded.

Although many people feel that cheating on others and working for your own personal goal is the only way to be successful in retail jobs, there is a bigger picture to it. If they try working together instead, they will realize that it much less burdensome and much more profitable than the former option. What each and every member of the retail business must realize is that a collective growth results in personal growth and achievement of personal aims and objectives. Once this connection is made clear, the retail business will definitely flourish.

Retail Display Fixtures: Important Elements For Store Merchandising

It is advisable that as a retail store owner, you are able to promote your store merchandise effectively to your customers. Retail display merchandisers are one of your key factors that you should consider because they are the store fixtures that hold your merchandise together. Whether these are clothing displays, sunglass displays, slatwall displays, hat displays or other point of purchase displays, they hold your products and arrange them accordingly.

There are numerous items in shopping centers who are competing for attention from customers. Retailers must find creative methods to make their products stand out from the others in order to boost brand sales. You can use POP retail displays to market your items.

There are three main categories of retail store fixtures:

1.Floor Stands are retail displays, which can be placed anywhere on the retail floor and host a variety of product categories. It is the most often deployed display type, because it can withstand a huge amount of product weight for a very long time.

2.Counter retail displays are put on tables and counters where space is really limited. They often entice impulsive shoppers to buy items while waiting to check out.

3.Retail signs have a high impact on product branding and are often combined with retail displays to emphasize a products feature. Some of very simple but highly effective merchandising solutions can be little more than an eye-catching well-placed retail sign.

Now, how do you set up your ideal retail store fixtures? Here are a few tips:

1.Analyze and study your product’s features. First of all consider the weight, shape, size and color of the product you would like to promote using your retail fixtures. Check what is special about this product and how can you make the most to accentuate its features

2.Consider the seasonal theme of your shop. Think about which materials and elements will fit best your store design. You always want to emphasize and highlight your displayed product, but don’t want to risk to destroy the overall presentation and look of your store and end up picking the wrong materials and colors for your retail display.

3.Understand your customer demographic. Who is going to be most likely interested in the product your are planning to showcase?

4.Pick a type of point of purchase retail display. It depends on where in the store space you are planning to place your retail fixtures, there are countless choices on how you can design your fixture.

5.Address the message of your brand. You can think of a special feature or a brand slogan you want to address to customers and utilize graphics, banner and signs to make your product attactive.

6.Get some craft and design inspiration. Browse and search through the web and find some retail displays that is nearest to your needs.

7.Search for a good and trustworthy source for your retail store display. Study their industry specific expertise and review some of their projects with other manufactures.

When you are able to set up your store with customized retail displays, you can see that your products will stand out on their own which will entice your clients to look at your products and in the end, buy them.

The Retail Side Of Electricity

The retail side of electricity involves the final sale of power from an electricity provider to an end-use consumer. Sale of electricity ranges from the service for a large manufacturing facility to that for small businesses and residential households.

Some states allow for retail competition between electricity providers. Regardless of whether the state is regulated or deregulated for electric service, supply is obtained either through the open, competitive wholesale market or from utility-owned rate-based generation. In some cases retail electric energy is purchased from a combination of these means.

In states where retail competition for electricity and other energy sources exists, customers have the choice between their current electricity supplier and other competitive suppliers. Competitive retail suppliers offer a variety of service plans and can provide service to certain geographic areas.

The competitive retail market allows providers to market to customers based on price and service. These retail providers may offer payment plans that consider price fluctuations, options for alternative energy resources and innovative energy efficiency projects.

Retail electricity markets are regulated at the state level by state regulatory commissions. These commissions regulate distribution utilities’ costs and rate of return for use and maintenance of the distribution system.

States that do not allow for retail electricity competition the commissions regulate the expenditures of the monopoly utilities by allowing a rate of return on most costs. In these cases utilities may construct, own and operate power plants at the ratepayer’s expense.

Although market structures vary from state to state, there are some common functions that an electricity retailer is required to perform, either individually or by way of a contract, in order to compete effectively. These include billing, credit control, customer service and management through an efficient call center, distribution, reconciliation agreement, “pool” or “spot market” purchase agreements, and hedge contracts.

This restructuring of the retail electricity industry is transforming the historically monopolistic industry and changing the way electricity is priced, traded, and marketed in the United States. Over the past forty years retail customers have seen prices unadjusted for the effects of inflation High construction costs and increased fuel prices contributed to rising prices for retail electricity in the 1970s and 1980s but improved operating efficiencies and reduced construction costs caused retail electricity prices to stabilize in the 1990s. Currently the United States is enjoying the lowest electricity prices since the late 1960s.

Retail prices for electricity vary considerably based on geography. In general states in New England and the Northeast have the highest average retail electricity prices while Northwest states tend to have the lowest. These variations in prices are caused by a number of factors including access to low-cost fuels for generating power, state taxes, and the mix of power plants in the states

The future of retail electricity is unpredictable. Factors such as capacity, weather, fuel prices, electricity demand, and electricity generation, transmission and distribution costs will impact retail prices into the future. The effect of competition at the retail level is also unknown.

Boost Profits In Retail Through Retail POS Solution

In this article we’re going to talk about three special benefits of retail point of sale solution, or retail POS solution, including retail POS software as well as the retail POS system, above the common cash register hardware. These added benefits will be: Immediate feedback about sales and costs, Shrinkage decline and Discount incentives. Ebay advises to install such retail POS system when your total annual gross sales go beyond $ 500,000. However, I am going to offer a totally different recommendation: Examine all these following elements and then do the math. If you feel that your installed retail POS solution can much more than cover itself quickly, it is best to purchase a retail POS system.

Instantaneous trends forecast

With many modern day retail POS systems you’ll have instant access to product sales and cost records out of your shops through the business hours. You can actually gather relevant developments by categories of items getting paid for at any time of day. Now you can notice general trends when they occur. This could result in a very effective boost for your bottom line business earnings. By using a retail POS, the information you have is going to be where you need it for your calculations and for trend spotting, immediately.

Theft minimization

Because theft is among the serious expenditures in most retail companies, the modern retail POS solutions have been aimed toward reducing shrinkage. Suppose that you have a individual who you actually suspect of stealing your money from your cash register. Using a good retail POS system, it will be easy to correlate that individual or individuals time-table with the minute-to-minute sales data. Combined with mounted security camera info, a modern retail POS system will be a significant shrinkage deterrent.

Employ sales bonuses

Discounts incentives can be implemented using a modern retail POS system. Both setting up the coupon promotions and redeeming consumer coupons is easy. This will help supercharge sales. When it comes to staff overall performance, their gross sales numbers can be monitored via a retail POS system, and a commission structure and payouts may be published daily. This information definitely will help increase sales by means of clear as well as timely incentives.