At first glance, the term “retail buyer” may be mistaken to be the customer in a market setup. But in fact, being a buyer is a profession and there are people who were given the gift of being able to determine what the real customers want. If you are still puzzled about what exactly a retail buyer does, this article will help you understand better. Who knows, you might end up seeing your potential to be a buyer yourself.
Basically, a retail buyer is a business professional who purchases products intended to be sold in a retail store. Aside from this, he is responsible of analyzing the buying trend that customers follow, studying the market and determining the latest products. For instance, a fashion buyer in the clothing industry is responsible of spotting the latest fashion trends that will pique the attention of a store’s target market.
There are different aspects that determine a retail buyer’s job. Basically, the buyer must negotiate with the wholesalers and suppliers and make sure that the contract they will be dealing with is the most competitive one. For example, if the buyer finds an electronic device or gadget and knows that it fits the establishment’s market demographics, he or she must negotiate with the supplier until the device can be purchased at the lowest price possible. Ultimately, the retail buyer also brainstorms with the store’s financial operator and decide how much the product will be sold to customers.
The buyer is also given the task of managing the store’s stock inventory. If a product is selling well, the buyer needs to see to it that the product will stay in the inventory until customers are patronizing it. Basically, if the product is still on trend, customers will purchase it from another store if they do not find it in the buyer’s establishment. Thus, it is necessary for a retail buyer to manage the inventory well.
What can be considered as the most critical part of the job is forecasting the market trend. To do this responsibility well, the buyer must sit down with market analysts to determine how much budget people will spare for their shopping spree during a particular quarter of the year. This analysis will help the buyer settle if the price point for the products will be lower or higher. Essentially, the retail buyer must know the type and kind of products that customers will purchase.