How to Become a Retail Buyer

About Retail Buyer

A Retail Buyer is one of the many interesting job profiles in the industry. The focus of a retail buyer is mainly on managing sales and margin. They develop product lines based on analytical information prevailing on market trends. It is the duty of a retail buyer to look after inventory management, contract negotiation, forecasting, sales planning and close coordination with the operations and product teams.

Retail Buyer obtains new merchandise and assesses the profitability of its existing line. They make sure that the available products remain competitive in the market. It is vital for a retail buyer to have a clear comprehension of the requirements of the consumers. Also, he/she must have the ability to make the merchandise commercially viable and increase profit. A retail buyer works closely with sales representatives and constantly keeps an eye on the market trends. With the growth of industries and companies in the market, competition is increasing at a rapid pace. A professional and skilful retail buyer is in huge demand as he/she is responsible for bringing revenues to the platter.  

Eligibility to become Retail Buyer

In order to become a retail buyer and triumph in the retail industry, it is necessary to possess the basic requirements. Captured below are a list of eligibility criteria that a retail buyer must meet in order to be successful.

• The candidate must have completed class 12th from a recognized board of education with any stream.

• A retail buyer must have a minimum of an undergraduate degree in marketing, retail, fashion or other similar disciplines.

• It is essential that a retail buyer has some of the basic skills along with the knowledge of retail such as analytical skills, eye for detail, observational skills, communication skills, leadership, planning skills and negotiation skills.

Types of Job Roles Retail Buyer

Check out the job roles and alternatives you can explore if you are seeking a career as a retail buyer.

Trainee Buyer: A trainee buyer needs to ensure that all materials have been purchased to specification, on time and at the best price available in the market.

Senior Buyer: They identify various sources of services and commodities, awards contracts, evaluates bids, maintain networking with vendors, develops standards for new products and look after comprehensive descriptions of current prices and products.

Assistant Buyer: An assistant buyer works closely with managers and vendors. They keep an eye on the market trends. An assistant buyer also selects the right product mix, monitors inventory, manages purchase orders and provides administrative support.

Buying Director: They streamline fashion and organisational buying strategies across all areas of the product.

Retail Salesperson: They are responsible for selling products directly to the customers. A retail salesperson explains the benefits of a product and help the customer find what they are looking for in a store.

Retail Buyer: The duty of a retail buyer is to develop, source, and present product chains according to the customer and store base.

Sales Engineer: A sales engineer utilise the technical skills and knowledge to help the sales representatives persuade prospective customers to opt for their products.

Purchasing Manager: A purchasing manager is responsible for approving the acquisition of goods and services at reasonable prices. They also negotiate contracts and prices.

Employment Opportunities for Retail Buyer

Mentioned below are the recruitment areas and employment opportunities a retail buyer might come across while shaping up his/her career.

• Fashion Industry

• Departmental Stores

• Retail Outlets

• Education Sector

• Healthcare Product Manufacturers

• Sports Equipment Manufacturers

• Export Houses

• Financial Institutions for Marketing

Top Recruiting Companies for Retail Buyer

Check out the top-notch recruiting companies that are constantly looking out for professional and skilful retail buyers.

• Pantaloon Retail

• Piramal Group

• Reliance Group

• Bharti Walmart

• ITC Retail

• K Raheja Group

• Lifestyle International

• Landmark Group

• Aditya Birla Group

• Tata Group

• Spencers

Pay Scale/Salary of Retail Buyer

Mentioned below are the salaries that an individual might extract in the starting, mid and senior-level of their respective job profiles.

Note: The figures mentioned above are not fixed. They are subject to change.

Books & Study Material to Become Retail Buyer

To be a retail buyer, a candidate must obtain a management degree by cracking prestigious entrance exams of the nation. He/she must go through the entire course curriculum prescribed by their college/university. Find out the books you can refer in order to be a retail buyer and succeed in the industry.

• Retail Buying: From Basics to Fashion by Richard Clodfelter

• Mathematics for Retail Buying: Studio Instant Access by Bette K Tepper and Marla Greene

• Merchandise Buying and Management by John Donellan

• Retail Buying Techniques by Fiona Elliott and Janet Rider

• The Art of Retail Buying: An Insider's Guide to the Best Practices from the Industry by Marie-Louise Jacobsen

Pros of becoming a Retail Buyer

• With the right skills and decisions, a retail buyer can earn good money in very less time.

• A retail buyer gets plenty of promotions and career advancement opportunities.

• They have the potential of bringing and influencing trends in the market which provides them with a lot of power.

Cons of becoming a Retail Buyer

• Retail buyers find it difficult to manage their personal and professional life as they have to work overtime.

• Retail buyers get many career growth opportunities but they require a lot of experience to achieve them.

• They are involved in crucial and moneymaking decisions of the company and even a minute error in judgement can lead to a huge loss.