Buyers who have experience in buying in retail companies earn six-figure salaries. A recent study found that retail buyers with at least six years of experience in retail buying earn six-figure salaries. These buyers also receive bonuses on top of their normal salaries. The high salary levels show that the market is very competitive.
Research has found that various companies carry a recruitment of buyers within the organization. A large percentage of the buyers’ teams in these organizations came from within the companies.
Retail buyers normally purchase goods to be resold to other sales outlets. Goods can be sourced by retail buyers from the local market, from neighboring states or from overseas countries. Retail buyers normally get information from store managers and sales representatives about the levels of stock and information on the types of stocks that are moving fast. They do market segmentation, which means they select various markets and set different prices goods.
Retail buyers also process inventory reports and store sales to determine the changes in customer needs and tastes. The information age has made retail buyer jobs a lot easier. They can monitor the stock levels of various companies online and take appropriate action. They carry out anticipatory research to find out how customer demands, tastes, and preferences might change in the future. Retail buyer jobs entail doing legal research to find out how changes in laws may affect their organizations.
Retail buyer jobs involve communicating with store managers to determine stock levels and to replenish stocks in case they go below the threshold stockholding levels. Retail buyer jobs also involve planning and budgeting for marketing campaigns. They benchmark the products with the best standards in the world. To do this successfully they normally attend trade fairs and shows, both locally and abroad.
Experience coupled with some professional certificates can enable one to move up the employment ladder in retail buyer jobs. Senior-level management responsibilities require a lot of experience and strong educational background in a relevant field.
In big organizations dealing in a variety of goods, the retail buyer jobs may require one to specialize within one of the departments. To be successful in retail buyer jobs you need to be good at negotiation and organization. Ability to easily work with numbers and communication skills can easily lead you to a six-figure salary.
Retail buyer jobs require one to have various technological gadgets to make ones work easier. Calculators, desktop computers, and a point of sales terminal are highly critical for retail buyer jobs. A computer is normally connected to the point of sale terminal to make it easier for the retail buyer to monitor the stock levels of various outlets. Software has also been developed in order to make the management of stock levels and general administration of retail buyer jobs easier. Some of the software includes supply chain software, point of sale software, procurement software, word processing software, and project management software. The software increases the efficiency of the retail buyers, enabling one to maintain his or her six-figure salary.
A sales and marketing degree will increase efficiency in retail buyer jobs. Sales and marketing normally teach such principles as how to promote products and services and how to organize and conduct successful sales campaigns. Designing and implementing marketing strategies and sales control systems are also essential to retail buyer jobs.