Investing In Retail Managers' Growth Through Education
To sync with the latest trends and developments in the industry, retail managers can pursue courses in Retail Management, E-Commerce, Leadership and Management, Data Analysis and Technology, Customer Service, Business Management and Marketing
In recent years, the retail industry has witnessed massive changes due to E-Commerce, omnichannel retail, technology-enabled shopping, the rise of subscription models, automation of operations and enhanced focus on sustainability. Traditionally, retail managers have been required to perform tasks like keeping track of the inventory and products, maintaining the availability of popular items, analyzing sales, placing re-orders, and reducing warehouse costs.
However, with the industry becoming more fast-paced and competitive, the complexity of these operations has increased tenfold. More than just a formal education and training may be required for retail managers, who now need to equip themselves with cutting-edge specialised skills and leadership abilities. It is also essential for them to have in-depth knowledge of retail operations and technology and an understanding of customer service best practices.
To sync with the latest trends and developments in the industry, retail managers can join many professional organisations like the Retailers Association of India (RAI), which offer members access to industry news, research and networking opportunities. Moreover, in education, retail managers can pursue courses in Retail Management, E-Commerce, Leadership and Management, Data Analysis and Technology, Customer Service, Business Management and Marketing.
All in all, to become more effective leaders and drive better results for their businesses, retail managers can educate themselves in the following:
Omnichannel Retail Courses
In contrast to the traditional or single-channel retail model, which focusses on one exclusive channel sale based on the single-distribution system, Omnichannel retail has been a game-changer in the industry. The strategic approach of Omnichannel retail helps retail managers in delivering a consistent, coordinated and cohesive experience across all possible brand channels and customer touchpoints.
Through an Omnichannel course, retail managers would cover the various channels through which a retail business interacts with its customers, including brick-and-mortar stores, e-commerce websites, mobile apps and social media. The course would teach managers how to manage and coordinate these channels effectively to provide a seamless and consistent customer experience.
Under the course, retail managers would become skilled in understanding the customer journey across different channels, managing inventory and fulfillment across channels, developing an omnichannel strategy, coordinating marketing and promotions across channels, and measuring and analysing omnichannel performance. They would also be able to utilise data and technology and manage and train teams to execute an omnichannel strategy.
Current trends and developments in Retail
There are several courses that retail managers can pursue to gain insights into the latest retail trends and developments. Some popular options include:
Retail Management: It is offered by many universities and business schools and covers the fundamentals of retail management and the latest trends in the industry.
Digital Retail: It is offered by online learning platforms and focuses on the use of technology in retail operations and the impact of e-commerce on the industry.
Retail Marketing: It is offered by many universities and business schools, covering marketing strategies and tactics retailers use to attract and retain customers.
Innovations in Retailing: It is offered by some universities and business schools and covers the latest trends and innovations in the retail industry, such as virtual reality, data analytics and automation.
Retail Industry Analysis: Some universities and business schools offer economic and financial analysis of the retail sector and how to identify and evaluate new opportunities.
These courses will help retail managers keep up with current and upcoming trends and developments, including Online Shopping, Automated Technology, Same-Day Delivery, Social Commerce, Community Investments from retailers and Omnichannel Tools.
Personalisation, Customisation and Emerging Technologies
Under today’s retail environment scenario, traditional approaches such as strategic pricing, promotions and unique selections no longer show the same results. However, despite increased price transparency and competition from online players, modern retail managers can achieve success by providing unique personalised experiences to customers.
Retailers can offer the best-personalised experiences tailored to the customers’ needs by making the consumers a part of the dialogue and leveraging data to create one-to-one personalisation. Another way is to provide products, offers and other customised deals uniquely relevant to each customer. Personalisation increases the retailer’s success rate by helping reduce marketing and sales costs, engaging customers and driving up their loyalty. Some courses that can support retail managers include Personalisation in E-Commerce, Retail Personalisation, Product Customisation, Retail Experience Design and Customer Segmentation and Personalisation.
Retail managers can reap the benefits of many breakthrough technologies to help them transform their businesses. It is a proven fact that businesses – small, medium or large – that produce or use newer and innovative solutions tend to succeed and earn profits. Some emerging technologies that retail managers can learn about to attain success include Indoor Positioning Systems (IPS), Augmented Reality (AR), Smart Store Automation with Artificial Intelligence (AI), AI-Driven Demand Forecasting, Voice Commerce and Robots and Automation in Retail.
Retail managers can learn about these technologies through educational courses like Retail Innovation & Emerging Technologies, Retail 4.0: Emerging Technologies and Business Models, Emerging Technologies in Retail, Retail and E-Commerce Innovation and Retail Innovation.
Sustainability and Social Responsibility
Retail managers of today need to be aware that to succeed in the current market scenario, providing essential information to customers about products is non-negotiable. The views of modern consumers – Gen Z and millennials – are critical as most of them research the products they are going to purchase. Many consumers want to see whether companies selling their products contribute to social and environmental issues.
Reports have shown that modern consumers often purchase products from a company supporting an issue they care about. This is where the business self-regulation of Corporate Social Responsibility (CSR) comes in handy. Evolved from an employee retention strategy, CSR aims to guide the company’s operations to help society and the environment. It includes corporate activism, environmental sustainability, charitable donations and improved labor conditions.
Some courses that can help retail managers include Sustainability and Social Responsibility in Retail, Sustainability and Social Responsibility in the Fashion Industry, Retail Sustainability, Retail Sustainability and Corporate Social Responsibility and Sustainability in Retail.
These courses typically cover sustainable supply chain management, sustainable product design, ethical sourcing, fair labor practices and how they relate to the retail industry. They may also discuss the importance of corporate social responsibility and how retailers can use sustainable practices to improve their reputation and attract customers.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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