Retail buyers purchase merchandise. They plan and select the range, type and quantity of products according to customer demand (e.g. price, quality and availability), trends, store policy, budget. Buyer’s source new and review existing merchandise to ensure products remain competitive. By fully understanding customer needs, they are able to maximise 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. Typical work activities can vary according to the season. This is particularly true for those working in fashion. For example: out of season, the majority of the time will be spent in the workplace (in the office and on the shop floor).
During the buying season, a significant amount of time will be spent away from the workplace in order to assemble a new collection of merchandise, Throughout the year, tasks typically involve: analysing consumer buying patterns and predicting future trends, regularly reviewing performance indicators with sales, managing plans for stock levels, reacting to change in demand and logistics, meeting suppliers and negotiating terms of contract.
Maintaining relationships with existing suppliers and sourcing new suppliers for future products, liaising with other departments within the organisation to ensure projects are completed, attending trade fairs, participating in promotional activities, writing reports and sales forecasts, and analysing sales figures, liaising with shop personnel to ensure product/collection supply meets demand, seeking merchandise feedback from customers, training and mentoring junior staff.
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