CTC: As per Market Standards
Work Experience: 2+ Years
A retail buyer is responsible for planning and selecting a range of products to sell in retail outlets. The buyer must consider the following factors when making purchasing decisions:
- Customer demand, including price, quality, and availability;
- Market trends;
- Store policy;
- Financial budgets.
Buyers source new merchandise and review existing items to ensure products remain competitive. By fully understanding customer needs, they are able to maximize profits and provide a commercially viable range of merchandise at competitive prices. Keeping up to date with market trends and reacting to changes in demand are key elements of the role.
Retail buyers have a considerable amount of responsibility and autonomy in what is often a pressured environment.
- Analyzing consumer buying patterns and predicting future trends;
- Regularly reviewing performance indicators, such as sales and discount levels;
- Managing plans for stock levels;
- Reacting to changes in demand and logistics;
- Meeting suppliers and negotiating terms of the contract;
- Maintaining relationships with existing suppliers and sourcing new suppliers for future products;
- Liaising with other departments within the organization to ensure projects are completed;
- Attending trade fairs and overseas, to select and assemble a new collection of products;
- Participating in promotional activities;
- Writing reports and forecasting sales levels;
- Presenting new ranges to Senior Management;
- Liaising with Showroom Managers and Merchandisers to ensure supply meets demand;
- Develop a Mechanism to get feedback from customers.