A retail buyer plans, selects and purchases products sold in retail stores. They ensure a retail store or a chain of stores offers products that can attract its customer base and drive a respectable profit. Retail buyers review a store's current selection of products to ensure the store remains competitive in its market.
What is the job description of a retail buyer?
Retail Buyer responsibilities include:
- Identifying customer preferences and forecasting consumer trends
- Evaluating supplier options according to prices, quality etc. and determine the best choices
- Discovering and purchasing new products and checking the quality and popularity of those already on our shelves
What is the average salary of a retail buyer?
The average salary for a Retail Buyer is $55,090. Visit PayScale to research retail buyer salaries by city, experience, skill, employer and more.
How do you become a buyer for a retail store?
- Excellent organizational skills
- Strong communication skills
- Good understanding of mathematics
- Ability to understand potential risks and rewards of various purchases
- Understanding of the market and the value of consumer goods
- Excellent knowledge of the industry
- Ability to perform self-directed work
What does a wholesale retail buyer do?
Wholesale and retail buyers are an integral part of a complex system of distribution and merchandising that caters to the vast array of consumer needs and desires. Wholesale buyers purchase goods directly from manufacturers or from other wholesale firms for resale to retail firms, commercial establishments, institutions, and other organizations.
What it's like being a retail buyer?
A career as a retail buyer can be rewarding, with diverse and interesting day-to-day job requirements. Retail buyers are responsible for finding, negotiating, and purchasing merchandise sold in stores. It is a fast-paced job that requires knowledge of the retail industry as well as the basics of business.
Is being a buyer a good career?
Yes, being a buyer is a good career. A buyer can earn around $80,000 a year, depending on the company and location. In addition, being a buyer can be very exciting and rewarding work. As a buyer, you may get to travel to different countries to look at showrooms and manufacturers.
What does a retail buyer do?
A retail buyer is responsible for planning, selecting and purchasing quantities of goods and merchandise that are sold in retail stores. They source new and review existing goods to ensure their products remain competitive.
Is being a buyer a hard job?
Being a professional buyer is a glamorous, powerful job in many respects. But the glitter and glitz cloud the hard work and keen intellect required to make it in this competitive field. Professional buyers examine goods and work within reasonable budgets to make competitive bids for products to resell.
What does a buyer do on a daily basis?
A Buyer, or Purchasing Agent, is responsible for purchasing materials, supplies or equipment for a business. Their duties include negotiating deals with suppliers, researching possible item selections and taking inventory of current products.
What skills do you need to be a buyer?
To become a Buyer, you will need to have:excellent communication skills.negotiating skills.an aptitude for figures and the ability to manage a budget.an analytical mind.IT skills.an interest in the activities of your own organisation.More items...
How much does a junior buyer earn?
£32,385 per yearJunior Buyer Salaries in London Area The average salary for Junior Buyer is £32,385 per year in the London Area. The average additional cash compensation for a Junior Buyer in the London Area is £1,510, with a range from £489 - £4,662.
Do small stores typically hire buyers?
Small stores typically hire buyers. Hiring workers to work part-time during peak hours is a way to avoid overstaffing. Which of the following is NOT a necessary trait of a good employee?
How can I be a good buyer?
Honesty, trust and mutual respect are key in a strong working relationship, and even if it means missing out on a short-term cost cut, long-term reliability is a much more valuable asset for a business, let alone a buyer. Holding good relationships with salespeople can give buyers access and insight exclusive to them.
Why should I be a buyer?
Why you applied for the job with them, and not with some other company. You can start with the first one, saying that you enjoy doing what purchasing managers typically do, that you have strong analytical and negotiating skills, and believe you can be useful for an employer while working as a buyer.
Whats it like working as a buyer?
As a buyer, you're responsible for managing the cost base of your product ranges to meet target margins for the business. You spend much of your time liasing with suppliers to develop new ranges. You need to be aware of market trends, and be on top of what your competitors are up to at all times!
What is the career progression for a buyer?
With experience and training you could become a senior buyer, buying controller or head of buying. You could also move into product management, marketing or merchandising.
Whats it like working as a buyer?
As a buyer, you're responsible for managing the cost base of your product ranges to meet target margins for the business. You spend much of your time liasing with suppliers to develop new ranges. You need to be aware of market trends, and be on top of what your competitors are up to at all times!
Why should I be a buyer?
Why you applied for the job with them, and not with some other company. You can start with the first one, saying that you enjoy doing what purchasing managers typically do, that you have strong analytical and negotiating skills, and believe you can be useful for an employer while working as a buyer.
How do you become a successful buyer?
The skills needed will differ depending on the industry, but as a general rule a Procurement Buyer / Purchaser should have the following skills:Strong negotiation skills.Excellent communication skills.Relationship building and management skills.In depth understanding and knowledge of the industry.More items...•
What skills do you need to be a retail buyer?
Experience and Qualities Required. Retail buyers need a sense of retail and product trends and strong analytical experience. Buyers should have computer skills and a working knowledge of resource planning and forecasting. Excellent leadership, negotiating, and planning skills also are a must. Previous retail experience often is required.
What are the responsibilities of a retail buyer?
Retail buyers, also known as purchasing agents, select merchandise and develop product assortments to grow their businesses and increase market share. Major stores with multiple locations employ many retail buyers, and each buyer may have a particular department or segment to focus on. For instance, one buyer may focus on sporting ...
What was the median salary for retail buyers in 2015?
Compensation ranges from $30,000 to $95,000, and the median wage for retail buyers in 2015 was $52,620 annual ly or $28.66 per hour. The job outlook for 2014–2024 is estimated at 2 percent growth, according to the U.S. Bureau of Labor Statistics .
What is a buyer's role in a business?
Buyers identify growth opportunities and risks and develop contingency plans. They are expected to build strong vendor relations and put together solid business plans, including strong and detailed promotional programs .
Which industries have the highest concentration of retail buyers?
The grocery, electronics, and building materials industries employ the most retail buyers. The bookstore, paper product, e-commerce, hardware, and apparel industries have the highest concentration of retail buyers. Computer, electric power, telecommunications, industrial machinery, and apparel retail buyers are among the highest paid.
Can a department store have multiple buyers?
For instance, one buyer may focus on sporting goods for a big-box department store while another concentrates on children's toys. In larger companies, every department may have multiple buyers, each with an even more narrow focus. They often will work as a team to coordinate the entire department's merchandise mix .
Do you need retail experience?
Previous retail experience often is required. While retail buyers aren't working directly with customers on the sales floor, such experience is helpful in being able to understand customers' tastes and how quickly they can shift.
What is retail buyer?
A retail buyer is someone who purchases inventory to re-sell to the public. There are many factors buyers must consider for the utmost success: demands of the customer, current trends, budgets, and more. The retail buying process occurs in both full-price and off-price businesses, however both retail buyers have very different jobs.
What do full price buyers need to know?
Full-price buyers need to be aware of the current trends and understand their consumers.
What does a full price buyer do?
Full-price buyers buy what’s available. They can pick specific styles, quantities, and have a selection of items to choose from.
When do full price buyers cut gross margin deals?
Full-price buyers cut gross margin deals with brands at the end of the season.
What is a retail buyer?
Retail buyers purchase goods for retail stores, department chains or corporate offices to sell to consumers. A retail buyer shops, trains sales staff, visits showrooms, carefully inspects products, monitors budgets and travels extensively. A successful retail buyer excels in math, has excellent communications skills, understands the business and is a skilled negotiator. These professionals are employed by most retail sectors and may purchase items such as designer scarves, computers, high definition televisions and chrome bathroom fixtures.
How to become a retail buyer?
Step 2: Earn a High School Diploma . While some companies prefer a bachelor's degree in a field related to retail buying, most require a minimum of a high school diploma. Some high schools offer courses in merchandising, marketing, advertising and business, which can help students prepare for their future career.
How to keep current with the retail industry?
You can also keep current by becoming a member of a trade organization, such as the National Retail Federation or the American Purchasing Society.
What is a successful retail buyer?
A successful retail buyer excels in math, has excellent communications skills, understands the business and is a skilled negotiator. These professionals are employed by most retail sectors and may purchase items such as designer scarves, computers, high definition televisions and chrome bathroom fixtures.
What is the job of a product inventory manager?
They are in charge of maintaining and updating product inventory so that consumers are kept satisfied. Buyers must travel to different showrooms and manufacturers to consider new products for purchase.
Why is it important to analyse sales and profits?
You’re also required to analyse sales and profits, to aid in identifying areas for growth, and conversely for highlighting poor selling areas where stock levels are too high and clearance activity is warranted.”
Do large companies pay well?
“Salaries and benefits vary hugely. Large organisations pay pretty well and usually have good pension schemes and benefits like a car scheme. The smaller businesses pay less, but I enjoy the environment more. They often operate a performance related bonus scheme to top up basic pay.”
What is wholesale buyer?
Wholesale and Retail Buyers buy merchandise or commodities, other than farm products, for resale to consumers at the wholesale or retail level, including both durable and nondurable goods. Analyze past buying trends, sales records, price, and quality of merchandise to determine value and yield. Select, order, and authorize payment for merchandise according to contractual agreements. May conduct meetings with sales personnel and introduce new products. May negotiate contracts. Includes assistant wholesale and retail buyers of nonfarm products.
What factors increase your salary as a wholesaler?
Three other factors that can increase your salary as a Wholesale and Retail Buyer is the degree you hold, the industry you work in, and lastly the company you work for.
Responsibilities
Experience and Qualities Required
- Retail buyers need a sense of retail and product trends and strong analytical experience. Buyers should have computer skills and a working knowledge of resource planning and forecasting. Excellent leadership, negotiating, and planning skills also are a must. Previous retail experience often is required. While retail buyers aren't working directly ...
Education and Training
- A bachelor's degree in retail, fashion, marketing, or another related field is preferred. Additional computer training also may be required. Retail buyers are encouraged to become members of trade organizations such as the National Retail Federation or American Purchasing Society. It also is a good idea to seek continued education periodically to stay on top of the latest trends and m…
Compensation and Job Outlook
- Salaries vary with the size of the operation and the number of departments included in a retail buyer's responsibilities. Compensation ranges from $30,000 to $95,000, and the median wage for retail buyers in 2015 was $52,620 annually or $28.66 per hour. The job outlook for 2014–2024 is estimated at 2 percent growth, according to the U.S. Bureau of Labor Statistics. The grocery, ele…