What does a Retail Buyer do?
A Retail Buyer allows retailers to meet customer demand with products that appeal to their target market. When they excel at performing Retail Buyer job duties, they allow retail stores to purchase highly desirable goods at the lowest possible prices and sell them for a profit. Skilled Retail Buyers help retailers avoid the costs associated with storing and selling off excess inventory. By choosing products that shoppers can benefit from, they increase customer satisfaction and encourage customer loyalty. Their guidance also aids sales managers and marketing and merchandising professionals, allowing for a unified approach to promoting, presenting and selling goods that contribute to the overall success of stores.
Retail Buyer skills and qualifications
To meet and exceed performance expectations in Retail Buyer careers, candidates must possess key skills. Some qualifications that may help you identify quality candidates include:
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Thorough knowledge of the store’s niche and ideal customer profiles
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Networking skills to find new suppliers and continue to build relationships
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Decision-making skills to select items and purchase the right quantities
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Written and oral communication skills to compile reports and collaborate with other departments
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Negotiation skills to secure favorable pricing
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Mathematic skills to calculate profits and investor needs
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Computer skills to use spreadsheet, word processing and inventory management software
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Analytical skills to interpret sales and inventory data and assess product performance
Retail Buyer experience requirements
How much experience a Retail Buyer needs to succeed varies. Large chain stores usually employ many Retail Buyers with varying levels of responsibility. Little to no experience may be necessary to succeed in entry-level positions, such as Assistant Retail Buyer. Generally, it takes several years of work experience to reach higher levels. Smaller stores may only have one Retail Buyer on staff. In this case, employers typically look for individuals with 5 or more years of experience buying for a store in a similar niche.
Retail Buyer education and training requirements
Most employers prefer Retail Buyers to have bachelor’s degrees in business, finance, supply management or a related field. Some community colleges offer associate degrees specifically in retail buying. Completion of one of these programs may be adequate for entry-level positions. Large retailers may prefer candidates with Master of Business Administration (MBA) degrees for top-level Retail Buyer positions.
Retail Buyer salary expectations
According to Indeed Salaries, the average salary for a Retail Buyer is $76,106 per year. Actual salaries in Retail Buyer careers vary based on company size, geographic location, level of responsibility, experience and education.
Job description samples for similar positions
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Retail Buyer job description FAQs
How does a Retail Buyer differ from a Purchaser?
Retail Buyers acquire merchandise for retail stores to sell to customers. Purchasers acquire goods and services for companies to use. For example, they may purchase raw materials used for manufacturing or office supplies and software for employees to utilize. Both jobs involve locating vendors and negotiating prices, but the goods they focus on serve different purposes.
Who does a Retail Buyer report to?
At large retailers, a Retail Buyer may report to a Senior or Lead Retail Buyer. A Purchasing Manager will usually serve as the supervisor for multiple Senior Lead Buyers, but in some cases, they may be a Retail Buyer’s immediate supervisor. Usually, a Production Department Manager or Director or Vice President of Production supervises purchasing along with other departments such as quality assurance and logistics. At smaller retailers, a Retail Buyer may directly report to the head of the production department.
What qualities make a good Retail Buyer?
Retail buying is fast-paced. As a result, candidates who are conscientious about meeting deadlines and able to work in high-pressure situations may be a good fit. People who enjoy traveling and interacting with others may enjoy working in Retail Buyer careers. Having a passion for the types of products the retailer carries is also beneficial.
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