If you are the type that loves working in a retail environment, then it’s okay to want to become a retail buyer. This is a good career path that can help you make enough money and set you up for life. It doesn’t require much training or skills, and the job opportunity is quite handful out there. If this sounds interesting to you, you should continue reading this post because it will greatly benefit you.
In this post, we have highlighted how to become a buyer for retail. We mentioned what a retail buyer does and how you can become one. You will also see what the education and skills requirements look like. As well as how much you will likely make as a retail buyer. So, let’s get straight into business!
Who Is a Retail Buyer?
Retail buyers are key players in the world of departmental stores. For a big store to remain in business, consistently pleasing their customers, they need retail buyers in such stores. Retail buyers are responsible for planning, selecting, and purchasing products that are sold in retail stores.
They research and understand what type of products customers want and help stores to get them. That way, such a store will be able to please its customers, hence gaining a competitive edge in the market. Retail buyers also make research about new products they think can attract customers and negotiate deals with the manufacturers.
What Are the Responsibilities of a Retail Buyer?
Before you think of how to become a buyer for retail, you should first understand what you will be doing as a retail buyer. Retail buyers are usually in these major stores performing various responsibilities. Some of their main duties, however, are:
- Researching and scouting for new products to purchase
- Keeping inventory to make sure in-demand products are always available in the store
- Analyze market trends to identify potential products and what risk associated with them
- They monitor store budget and negotiate with manufacturers
- Create business plans and promotional programs
How Much Does a Retail Buyer Make?
Well, there is no specific amount you can earn as a retail buyer. But the average amount a retail buyer in the U.S makes is between $18k and $53k per year. For an entry-level retail buyer, you are likely going to be earning an average of $33,000 annually.
However, the highest paying states in the U.S for retail buyers are New Jersey paying $66k per annum. That is followed by Ohio paying around $65k and New York paying around $64k.
What Skills Are Required to Become a Retail Buyer?
Retail buyer needs a variety of skills to do well in their job. Apart from the soft skills needed for the job, there are also some hard skills a prospective retail buyer should have. Some of such skills include:
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Customer knowledge
To be successful as a retail buyer, you must understand your customers. This includes understanding their shopping behaviors and consumption habits. When you know your customers and understand what they want, it will be easy for you to choose the right product for the store.
Also, having a good understanding of your target market will help you make more strategic decisions that will greatly benefit both the store and the customers.
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Product knowledge
You will need to have a strong knowledge of the products your store or company is selling. This will help you decide if it’s advisable for your store to keep selling such products. You will also need to have a good understanding of the latest products in the market. This will help you know if it’s okay for your store and its customers.
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Analytical skills
As a retail buyer, you will be doing lots of analytical work. You will need to use your analytical skills to analyze the market and industry trends to benefit your store. Good analytic skills will help you know which product is in vogue and if they are going to help attract new customers to your store.
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Communication skills
You will be meeting lots of manufacturers and vendors for your store. Therefore, you will need strong communication skills to be able to present the interest of your store at every point of interaction. Without this skill, there is no way you can do well as a retail buyer.
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Negotiation skills
Retail buyers go out there to negotiate deals for their stores. You will be meeting a variety of manufacturers and merchandise teams. You will need to know how to negotiate your way with them and help your store enjoy the most benefit from every partnership.
How to Become a Retail Buyer for Big Stores
Whether for major or medium stores, there are some requirements you need to become a buyer for retail. For instance, you will need certain educational qualifications before you can be employed as a retail buyer. At the same time, some companies won’t employ you unless you are certified as a retail buyer. To have a better view of these requirements, let’s see how you can become a retail buyer.
#1: Research retail buyer career to have a better understanding of what they do
This is the first thing to do. Before you go ahead to pursue a career in retail buying, you need to understand what a retail buyer does. We already mentioned some of their responsibilities in the earlier section of this post. You can scroll up to see them.
In addition, you need to know possible places a retail buyer can work. These professionals are mostly employed by big stores and companies that have distribution chains and a duty to satisfy their customers.
#2: Earn a high school diploma
This is the minimum education requirement to become a retail buyer. While some companies would require that you have a bachelor’s degree in a related field, if you have a high school diploma, you are qualified to work in stores as a retail buyer.
Some high schools offer courses in relevant areas that will prepare you for the expectations in retail buying. Some of such courses include merchandising, advertising, marketing, and business administration.
#3: Earn a bachelor’s degree
While this is not compulsory, some major stores will not employ you as a retail buyer unless you have a bachelor’s degree. So having this will open you up to more opportunities in the industry.
#4: Find a job and gain experience
Once you have your degrees, you will need to start working your way to the top in your career. You can begin by working as a retail salesperson in a small store or during your high school days. This will help you have an experience of the retail environment and what to expect when you as a retail buyer. At the same time, that will give you the chance to improve your skills.
#5: Keep up-to-date on market and industry trends
Even as a retail buyer for a big store, one way to keep climbing up the ladder in the career is to be updated about what’s happening in the market and also in the industry. Keep your knowledge fresh and relevant by picking up some courses and classes. All these will come together to help you have a competitive advantage in the field.
Final Note
Retail buying is a lucrative career anyone can pursue. It doesn’t demand too many requirements, and you can earn between $18k and $53 annually as a retail buyer. In this post, we have worked you through both the soft and hard skills you need to become a retail buyer for big stores. We hope the information here helps you make the right decision about your career path.
