Retail Buyer
Retail Buyer Career Overview
Retail buyers work for retail stores selecting merchandise and developing product assortments to grow the business and increase market share. Buyers who work for large retailers usually specialize in one type of merchandise, whereas retail buyers for smaller stores may buy a variety of merchandise. A good retail buyer knows how to choose items appropriately for their store and its clientele. Buyers typically purchase merchandise months in advance, so they must be able to anticipate cutting-edge trends and consumer needs.
Retail buyers are primarily responsible for developing product assortments and managing sales. Buyers' tasks include contract negotiations, inventory management, sales planning, forecasting, and coordination with the merchandising and operations teams. This individual is counted on by the company to put together solid business plans and forge strong vendor relations.
Retail buyers keep aware of available merchandise through catalogs and trade shows in order to choose items that will sell well. Working with advertising departments on sales promotions is also an important part of the retail buyer's job, since they are compensated for increasing sales in their department. A buyer should have the ability to think outside the box to research new opportunities, find promotional options, spot fashion trends, and shop the competition to maintain an advantage.
Retail Buyer Training and Education
Retail buyers need to have knowledge of retail trends and strong analytical skills, so previous experience is a must. Employers prefer to hire retail buyers who have in-depth knowledge of the retail industry, so a marketing-related degree is recommended. Retailers require that a buyer be tech savvy, and have skills in decision making, planning, marketing, communication, and leadership.
Most students who go to go college to become retail buyers do so without any real idea about specialization. Whether working in fashion or electronics, the career education for a retail buyer is essentially the same. However, when new buyers emerge into the job market, they quickly choose a specialization and stick with it.
The best college programs for prospective retail buyers are marketing, business administration, and merchandising. Some larger chains require postgraduate degrees in order to become retail buyers. Most companies have additional training programs and classes for new employees, during which they learn the fundamental goals of the company and familiarize themselves with specific brands and products.
Retail Buyer Career and Salary Outlook
As with any retail career, salary will vary with the size of the operation and number of departments the individual is responsible for buying for. Yearly salaries range from around $45,000 to $90,000, and buyers typically receive a full benefits package. A bachelor's degree will maximize the chance of gaining employment as a buyer in the retail sector, but government positions and large companies may require a master's degree or higher.
Entry-level retail buyers usually enter the workforce as “junior buyers” who eventually work their way up to “senior buyers.” The goals of these buyers include reaching management positions in which they oversee junior buyers. While the senior level retail buyers may earn substantially more than their junior counterparts, they have much more responsibility and bear the brunt of the failures in the market.
Retail buyers' income can fluctuate significantly based on the strength of the economy at a given time. When the economy is good, consumers tend to purchase more, resulting in better business and higher profits for the buyer. As with many other professions, the job security of retail buyers depends largely on the market for their specialization.
