Retail merchandising may be described as the process of selecting and presenting goods to consumers at retail outlets. Merchandising has become an integral part of the sales process. Many retail organizations hire merchandisers who manage various working relationships between retailers and suppliers; making sure goods are sold to meet the sales goals of an organization. From determining pricing strategies to arranging goods for display, retail merchandisers perform a variety of tasks.
Retail merchandising revolves around the basic concept of marketing. It is important for retail organizations to effectively communicate the benefits of product. Not only does this increase sale output, but also enhances customer loyalty. Due to increased competition, the role of retail merchandisers has become critical. Many job opportunities are available in this sector. Individuals who plan to become a part of retail management and merchandising should have a degree in this field. There are a number of accredited colleges offering retail and merchandising degrees.
Retail and Merchandising Degrees
Degrees in retail and merchandising are offered at all levels of post-secondary education. Students may choose to pursue an associate, bachelor, or master's degree, but their level of education will help determine which degree to pursue. Although the curriculum is likely to vary from program to program, the overall aim of these degrees is to provide students with in-depth knowledge and skills. Students enrolled in a degree program for retail and merchandising will learn how to apply various merchandising principles in different business settings. Students will develop a strong theoretical base and will cover a wide range of topics such as the following:
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Distribution principles
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Business law
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Customer service
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Selling techniques
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Accounting and finance
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Pricing strategies
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Business communication
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Marketing and promotions
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Principles of management
The exact curriculum will vary from college to college. Each component of the degree will emphasize a certain aspect of the field. The degree program will teach students about the importance of effective marketing and aesthetics. Students will learn how various product display techniques affect consumers psychologically, and how to increase sales using these methods. Alongside the basic concepts of retail and merchandising, the program will also highlight key managerial principles and supervision techniques.
Some schools may require students to complete internships to get practical knowledge. These are designed to help students acquire professional exposure and experience in a retail business setting. Students will develop a set of skills that will help them launch a career in retail and merchandising. Schools are now offering online degree programs in retail and merchandising. These are designed for individuals who cannot attend campus based classes and wish to study at flexible times. Online learning is not only affordable, but is more accessible as compared to campus-based degree programs.
Career Opportunities
Merchandisers and retailers may seek employment in a wide range of work settings. According to the US Bureau of Labor Statistics, over 21% of retail sales workers were employed by clothing and accessories stores in 2012. The growth rate for this profession is fast and is expected to increase in the coming few years. The annual median wage was $21,410 in 2012. It is important to remember that the salary figure will depend upon the employer organization, job position, and education.