2 answers
Diego
Student
Hollister, California
3
Questions
Asked
1110 views
What does a typical day look like for a Wholesale & Retail Buyer?
Thank you for your answers
Login to comment
2 answers
Ann Newman
Sales
12
Answers
Phoenix, Arizona
Updated
Ann’s Answer
A retail buyer spends a good deal of time analyzing numbers, looking for trends in sales, and looking for ways to turn inventory faster. Think of them as money managers—the more they can use the investment of money to buy inventory that sells quickly at a profit, the better off the business is. They determine what products to buy, either by attending trade shows or working with specific manufacturers. There can be some travel involved, and most retail organizations do not have extensive budgets to support luxury travel. That travel might not be glamorous so don’t chose this career because of that. (I thought that out of college and learned that the buyers in my company had to room together in NYC). Buyers communicate with store management to explain how the product should be displayed. They create a lifecycle for each product on when sizes or colors etc. get “broken” (too few to really have a good grouping) and timing for markdowns to move the remaining products. They coordinate sales offers. A buyer needs good organizational and planning skills. And people skills because you need the store employees to execute on your directions for your plans to succeed. Retail is fast-paced which can be exciting because there’s always something new to work on, but there’s also pressure because sales revenue is directly related to how well a buyer executes their job. Keep in mind that many retailers have consolidated buying positions to one central corporate location, so you might need to move in order to find a position. Experience working in retail will help you with positioning for opportunities and for making certain you enjoy that type of working environment.
Your advice was so helpful!
Diego
Paulo Leite
Technical Sales
4
Answers
San José, Costa Rica
Updated
Paulo’s Answer
The day-to-day activities of a Wholesale & Retail Buyer can vary depending on the industry they work in and the specific products they are responsible for sourcing. However, here is a general outline of what a typical day might look like for a Wholesale & Retail Buyer: Reviewing Sales Data and Inventory Levels: The day usually starts with analyzing sales data and inventory levels to determine which products are selling well and which ones need to be restocked or replaced. This helps the buyer to identify trends and make informed purchasing decisions. Researching Products and Suppliers: Wholesale & Retail Buyers spend a significant portion of their day researching products and potential suppliers. This involves analyzing pricing, quality, and delivery options, as well as negotiating terms and contracts. Communicating with Suppliers: Once potential suppliers have been identified, the buyer will communicate with them to negotiate pricing and delivery terms, request samples, and place orders. Managing Purchasing Orders: The buyer will also manage purchasing orders, ensuring that they are placed in a timely manner, and that suppliers are meeting their delivery obligations. Coordinating with Other Departments: Wholesale & Retail Buyers work closely with other departments, such as sales, marketing, and operations, to ensure that products are available when and where they are needed. Attending Trade Shows and Industry Events: Buyers may also attend trade shows and other industry events to stay up-to-date with the latest trends and to establish relationships with suppliers and other industry professionals. Analyzing and Reporting on Performance: At the end of the day, Wholesale & Retail Buyers analyze their performance and report on key metrics such as sales, inventory levels, and profitability. This helps them to refine their strategies and make informed decisions moving forward. Overall, a typical day for a Wholesale & Retail Buyer is fast-paced and varied, requiring strong analytical skills, attention to detail, and effective communication and negotiation abilities.
Thank you for the advice, Paulo.
Diego