Dynamics of a Retailing Career

Retailing is a dynamic, vital, and important segment in the economy. Retailing is defined as the timely delivery of goods and services to consumers at the right price and place. Whether a firm sells to consumers in a store, through the mail, over the phone, through television, door-to-door, through vending machines, or over the Internet…it is retailing. The most common types of retail establishments are as follows:

Department Store: It is a departmentalized retail institution offering a large variety of hard and soft goods, including home furnishings, household linens and dry goods, and apparel and accessories for men, women, and children.

Discounters/Mass Merchandiser: A self-service store displaying and selling all kinds of merchandise at lower prices than other retailers. Their key to success is price and convenience. Mass merchandisers buy in large quantities and sell at lower prices than competitors.

Specialty Store: A retail store concentrating on a limited range of merchandise such as jewelry, books, men’s or women’s apparel, or accessories.

Warehouse Clubs/Superstore: A self-service retailer with cash-and-carry checkout operations. These retailers attempt to minimize all their costs and consumer amenities. The main draw is national brands at low prices. Membership may be required.

Wholesale Club: A self-service retailer which offers nationally advertised brand name goods at wholesale prices to businesses and group members only. These stores have a warehouse environment with little or no frills.

Factory Outlet: There are two types of outlet retailers which are those that use a factory-type location to sell clearance merchandise received from other retailers or manufacturers, and vendors who use a factory outlet store location to sell their own goods (excess stock, seconds, and returns, etc.) at sharply discounted prices.
Catalog: A retailer that displays and sells merchandise through paper magazines sent to customers at their homes.

Youngsters considering a career in retailing can be easily succesful despite not having an Ivy League degree or a super savvy IQ . An ordinary academic record backed up by sheer grit and determination can help them get their career off to a flying start . Retailing is producing jobs at a pace faster than most other segments of industry . Emerging economies , especially in South East Asia is opening up immense job opportunities and it is up to the youngsters to make use of situations which is up for grabs .

I recommend retailing because it offers a variety of career paths. One has the best opportunity for getting experience in managing people and having profit-and-loss responsibilities in retailing much faster than in other fields. Additionally, it is unique in that it gives talented and dedicated people the opportunity to reach key management positions in 5 to 10 years. It can be an exciting, challenging and financially rewarding career. There is a genuine demand from industry for graduates in business and management. The future seems very bright.

A few easy quick win tips can be of help :

1. Stamina to work long hours without fatigue – The profession entails working for at least 12 hours a day and one needs to learn to work smart with occasional short bursts of 10 minutes rest after 2 hours of working to recharge batteries . ( Remember the Winston Churchill style of working during World War II ! )

2. Product Knowledge – In depth product knowledge gathered by discussions with experts , reading specialised books , and attentively listening to counselling of customers by senior colleagues will help . Constantly putting oneself in the customer’s shoes and asking lead questions during the induction period will help to attain reasonable product knowledge .

3. Concentration and Quantitative Aptitude – Since you are interfacing directly with customers , it is important that keen concentration is required while putting your concepts across . Handling of cash and stock requires basic aptitude in quantitative skills and it is important that both are tallied to the last decimal point at the end of the day .

4. Dress Tidily – You represent your product . Smart dressing preferably in white , or wearing dresses with your company logo would help your customer relate to you . A cowboyish approcah to dressing may affect your credibility .

5. Courtesy in dealing with customers – The ability to interact in the local language coupled with attentiveness while earing out the customer’s needs . On many a occasion you may feel that the customer is illogical or ignorant , but it is up to you to empathise with the customer , explain to him/her your company’s offerings and stance and make the customer feel like a winner while protecting the interest of your company .

6. Creativity in meeting sales volumes – While assessing the depth of the hole in the customer’s pocket , you may need to create needs for the customer in various sections of your departmental store . Keep abreast of the various festivals in your area , and prompt the customer to buy gifts for friends / relatives / children during the current festive season .

7. Networking – The ability to network with important associates / institutes in your area may open up vistas of opportunity . It is also possible for local grocery shops / smaller departmental stores in your area to stock your products . During spare / lean working hours you may interact wth these people to check out large scale business opportunities which may energe .

Internships or part-time jobs with retailers are good ways to gain experience, as well as an understanding of the dynamics of the retail business, according to Cora Davis (Wal-Mart), Sharon Saunders (JC Penney), and Billye Alexander (Sears).

Sharon Saunders of JCPenney further stresses the importance of leadership skills (active leadership roles in campus organizations), good communication skills, and good performance in business courses. She also states that a passion for retailing, a positive attitude and work ethic, and the ability to relocate are also qualities that enhance the probability of success.

Is retailing the occupation for you? According to Cora Davis, “The number one tip for success [in retailing] is to be personally highly motivated and have a passion for the dynamics of the industry. Do you enjoy working with people? Do you get excited about the ability to select items and enjoy the satisfaction of watching them arrive, sell and impact a business plan?”

The Future of Retailing

The retail industry can be characterized as a sector riddled with change, and one experiencing a battle for market power and dominance. Billye Alexander of Sears states, “Mergers and downsizing are a fact of life in our industry, as it is in any other dependent on economic factors which impact consumer spending.” Cora Davis of Wal-Mart Stores, Inc., agrees and states, “Retailing is not immune to the downsizing and merger economic trends that are occurring in all industries today.” While Internet retailing is projected to grow, it is not expected that the Internet will ever replace the store. Consumers will always like to touch, feel, smell, see and/or hear the merchandise. Until stores can “beam” merchandise directly to homes, the Internet will never replace the store. The retail winners in the future will be those retailers who offer access to consumers by stores, telephone, catalog, and the Internet, i.e., multi-channel retailers.

The above tenets for success in a retailing career is simple and does not require a person with super human skills and brilliance . Perhaps the most important is that one must have plenty of enthusiasm and a tenacious "passion" for the business to be a success in retailing today.