The national average salary for a Retail Buyer is $57,263 in United States. They may work for large department stores, chain stores or smaller boutiques. Learn about the education and preparation needed to become a retail buyer. Wholesale and retail buyers purchase goods for resale to consumers. Retail buyers are employed by national, regional and online retailers such as department stores, fashion retailers and supermarkets. You may work for a department store or retail chain. In many cases, growing businesses do both. Similarly, if you’re buying goods for your own use, the transaction will be a retail-based one. Decision making, planning and leadership are key aspects of a retail buyer's job. Web. Some retail buyers spend extensive time traveling, especially those working for international corporations. There is much less competition when it comes to wholesalers. Learn how to become a retail buyer for a store. To summarize the key differences, retailers sell goods directly to the end-user, typically in small quantities. They may work in large department stores or smaller specialty shops. Buyers, also known as purchasing agents, work in many different fields. Review the salary... Find out how to become a retail buyer in fashion. In general, when selling retail, you sell the product for a higher price per unit than a wholesaler. Get personalized advice from our college experts. Most companies require that retail buyers have at least a bachelor's degree, and graduate degrees are becoming more common. Earn Transferable Credit & Get your Degree, Speak to a College Advisor today and make a better plan. The listings below may include sponsored content but are popular choices among our users. What is retail? Buyers usually work closely with designers and their designated sales representatives and attend trade fairs, wholesale showrooms and fashion shows to observe trends. A: As a retail buyer, your job is to purchase merchandise for stores to resell to consumers. degree options and guide you through every step of the college selection and enrollment process. But to help point you in the right direction, here are 14 retail metrics and KPIs to track in your business. RETAIL BUYING PROCESS Assortment planning process 4.Forecasting product selection and sales. Your responsibilities center on buying products from manufacturers or wholesalers and training sales staff in product knowledge. 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Find Schools. Curriculum, relevancy of sample programs, and outcomes will vary by school. Must be a high school graduate or have completed GED. Heavy Equipment Operator: How Do I Become a Heavy Equipment Operator? MBA Dual Concentration: HR & Project Mgmt. They source new and review existing goods to ensure their products remain competitive. What distinguishes a retail transaction from a wholesale one is the fact that the sale involves the end buyer. someone who makes purchasing decisions for a clothing retailer Retail Buyer Career Information, Job Description and Duties. Retailers act as a middleman between wholesale companies and consumers. You may only find a handful of wholesalers compared to hundreds, if not thousands, of retailers. Retailers need a suitable POS system that allows them to complete B2C transactions. You’ll need to create easy-to-pay invoices that include: Because you’re not receiving up-front payment, there’s always a chance that the buyer won’t end up paying their invoice. In this scenario, Apple operates as a manufacturer, wholesaler, and retailer. Retail buyers analyze trends to determine which merchandise companies will purchase for re-sale. They’re given a budget to work with, and the task to pick products based on … Many retail buyers pursue certification through professional organizations. Careers in buying are primarily strategic positions. A bachelor's degree is often required and while not mandatory, some retail buyers obtain certification. And should you consider becoming a retailer or would you be happier as a wholesaler? If you’re selling products and do so only with the intent of distributing “final products,” then you can consider yourself a retailer. Additionally, several organizations offer certification, such as the Certified Purchasing Manager credential offered by the Institute for Supply Management. (2019, Sep 12 of publication). it was now necessary to obtain the answers, through research and study, to the where, who, what, when and why of the consumer's buying habits and choices. The most famous and arguably most exciting area of retail buying is in the world of fashion. Read ahead to learn about the training needed to become a retail buyer and some of their common job duties. Wholesaling also comes with fewer expenses, at least when compared to the money spent year-round on in-store marketing and standard retail overhead. The query is done by list criteria, for instance: Women’s Contemporary Apparel buyers. They then sell products in bulk to retailers. Selling your products wholesale could open up new revenue streams and get you in contact with thousands of different consumers. That depends. You can also interact with your customers one-on-one and receive their feedback in real-time. Whether as a retailer or a wholesaler, you can achieve this financial freedom and create a successful enterprise for yourself. You could walk into your local hardware store and purchase lumber — you likely did this when you set up prototypes and initial products. So imagine you’re a manufacturer, and you need raw materials — let’s say lumber. Some common businesses that hire buyers are retail stores, grocery stores, car dealerships, and many others. You may not need a point of sale system as a wholesaler, but you’ll need to deal with invoicing. She is responsible for studying consumer buying trends, analyzing the market, and determining the newest styles and products. Most buyers specialise in one product type, for example, clothes, homeware or food and drink. ), Study.com / Retail Buyer Career Information, Job Description and Duties. Masters degree applicants must have a Bachelors degree; Doctorate degree applicants must have a Masters degree, Afterwards, you'll have the option to speak to an independent Filter by location to see Retail Buyer salaries in your area. Retail buyers are sometimes referred to as merchandise managers, and they play a large role in the distribution of goods to the public, according to the BLS. Today, we’re here to answer questions like, “What is retail?” and “What is wholesale?” After reading this guide, you should have a sound understanding of the two so that you can quickly determine which is the best structure for your business. They also monitor and manage sales and margins. 460 Retail Buyer jobs available on Indeed.com. Retail buyers are the people responsible for choosing products sold in a retail store. As a wholesaler, you can sell large quantities of your product at once. A buyer must be fiscally responsible ensuring they are purchasing goods in line with their seasonal plans (prior to … The job often requires travel and long hours. Salary estimates are based on 16,013 salaries submitted anonymously to Glassdoor by Retail Buyer employees. Enter zip: All other trademarks and copyrights are the property of their respective owners. However, buyers can work in all areas of retail, such as supermarkets, bookstores, music shops or computer stores. The Salesman's Guide—part of Retail Sales Connect—is another great resource for getting access to buyer contact information. Discovering and purchasing new products and checking the quality and popularity of those already on our shelves Whether you’re a business owner who’s buying or selling goods, it’s essential to understand the various components of the supply chain. The definition of retail doesn’t so much concern the type of distribution channel as it does the parties involved. Types of retail stores include, but are not limited to: What distinguishes a retail transaction from a wholesale one is the fact that the sale involves the end buyer. Retail buyers purchase goods for retail stores, … Most Retail Buyers have an area of expertise, such as shoes, women’s fashion or accessories but if working for a smaller company they may be required to purchase a large assortment of different kinds of merchandise. Retail buyers in business or marketing departments purchase consumer goods for resale. Being able to sell your own creations and manage your own business can give you the level of freedom you desire. As a wholesaler, a large portion of your time will be spent on supply chain management and logistics — getting products to a particular location, overseeing the manufacturing process, and maintaining and tracking inventory. Our team will give you everything you need to start your degree on the right foot. Buyers normally work within the head office of a company, so the majority of vacancies arise in London and other major cities. Retailers act as a middleman … If you have a … There are a few other differences between wholesalers and retailers. Chris Scott is a digital marketing consultant and freelance writer. The U.S. Bureau of Labor Statistics (BLS) reports that employers look for retail buyers who have earned degrees in economics and business (www.bls.gov). Want expert, personalized advice that can save you a lot of time and money? This could involve running credit checks. Retail buyers are responsible for developing product assortments by using market trend analysis information. In the retail industry, a buyer is an individual who selects what items are stocked. Examples of these items are chemicals and industrial equipment needed for a manufacturing establishment, and office supplies. What does a retail buyer do? What Does a Retail Buyer Do Buyers and purchasing agents buy products and services for organizations to use or resell. guide you through every step of the college selection and enrollment process. If you choose to operate as a retailer, your success will rest solely on your ability to sell your product and continue to do so as you create new ones. For free! One of the critical decisions you must make involves choosing between wholesale vs. retail. Sources: *U.S. Bureau of Labor Statistics (BLS). Another component of retail management is a point of sale (POS) system. Retail Buyers are responsible for researching, selecting and procuring merchandise and goods for retail companies. Wholesalers sell a large number of products at a time. KPIs — aka “key performance indicators” are the most important metrics in your business. It is a multifaceted position that includes contract negotiations , inventory management, sales planning , forecasting, and close coordination with the merchandising and operations teams. According to the BLS, retail buyers must stay abreast of current and future trends and use the Internet for purchasing and research. As a retailer, you need to worry about advertising costs and focus on getting consumers into your store to buy your products. Some overseas travel may be involved, and the job often calls for working more than 40 hours in a week. Retail involves the sale of goods or services directly to the end-user. Retail sales can involve a variety of products and can occur through numerous distribution channels. You do not have to break the bank to get a degree. While the purchasing industry as a whole will decrease by six percent through 2028, according to the BLS, purchasing managers will see a four percent growth through that period. Like a recipe, follow the instructions below to ensure you sound ready to land an order from a major retailer. The various buying and merchandising positions within retail organizations are the critical “behind the scenes” jobs which allow a store to efficiently manage its stock levels, control its overhead costs, prevent loss, and present its … You likely don’t have the current ability to meet wholesale demands. Wholesalers can also be retailers and manufacturers. Take time to establish your product and build a following. What Is the Difference Between a Buyer & a Planner? As your brand grows and you expand your business and are more prepared to manufacturer large quantities of goods, you can consider using wholesale suppliers to put yourself into brick-and-mortar stores. ranks number 1 out of 50 states nationwide for Retail Buyer salaries. This plan includes: Take classes on your own terms while saving up to 50% on college. A bachelor's degree is often required, and some retail buyers obtain certification. As a retail buyer you'll need to: 1. analyse consumer buying patterns and predict future trends 2. regularly review performance indicators, such as sales and discount levels 3. manage plans for stock levels 4. Unfortunately, if you’re a small business owner just getting started, weighing the wholesale vs. retail decision can be overwhelming. 10 Dec 2020 accessed. They receive parts from various wholesalers and then assemble those parts into products like iPhones. You will have to spend time vetting potential clients to ensure their legitimacy. They receive a product from another business, a wholesaler, and sell it to consumers. Retailers also deal with customers on a regular basis. What is your highest level of education completed? As a Retail Buyer you will research the current market, understand trends (what is popular), keep an eye on what competitors are doing, analyse sales figures, and much more. Speaking with one of our college advisors, you will get personalized advice and explore your Retailers, especially when compared to wholesalers, sell products at much smaller quantities. In fact, we’ve created a detailed guide on how to wholesale to retailers as a retailer. General Mills produces cereals and distributes them to grocery stores. Master of Science in Nursing - MSN/MBA Dual Degree Option, Procurement and Contracts Management Certificate, Master of Business Administration - Management (Spanish), Merchandising Marketing, Sales, and Distribution, Jack Welch Executive Master of Business Administration, BS in Business Studies - Business Adminis, BS in Business Administration - Purchasing, BS in Business Administration - Sales Management, AAS in Business Administration - Customer Service, AAS in Business Administration - Retail Management, MBA Dual Concentration in Business Mgmt & Project Mgmt. But by selling products on their website and in stores, they also act as a direct-to-consumer (DTC) retailer. They may also work with a merchandise buyer, which is a role similar to a retail buyer but with a focus on wholesale inventory. For instance, if you’re shopping for a product, you would likely shop around to determine where you can get the best price. Sure, you could technically purchase 100 printers from a Staples if your business grew to that size. Remember, you don’t have to choose one or the other. Retrieved from https://study.com/retail_buyer_career.html. Wholesalers, on the other hand, sell goods to other store owners and others in the retail industry who then turn around and sell the goods to the end user. a Study.com College Advisor at the end of the process. Typically, retailers sell small quantities of goods. The "where" refers to the trading area from which the retailer attracts its customers. They also monitor sales and inventory within the store and must ensure the quality and value of the products their company sells. "Retail Buyer Career Information, Job Description and Duties." The more you buy from a wholesaler, the less per-product you’ll end up having to pay. We'll explore your degree options and But this is not considered a standard order, and it would probably take some time to fill. Use General Mills as an example again. He graduated from the University of Maryland with a degree in Finance and currently resides in Boston, MA. Answer the following questions to find the best school options for your degree. Busy times, like the back-to-school and holiday seasons, factor into a retail buyer's schedule. Instead, they sell products in bulk at a low price. Apply to Buyer, Assistant Buyer, Associate Buyer and more! In large department stores, buyers may specialise in certain types of merchandise (textiles, fashion, hardware or toys, for example). If you’re uncomfortable with that situation, then retail may not be the best model for your business. If building a consumer brand, building a marketing program, and dealing with consumers sounds like an awful experience, then retailing may not be right for you. Research the education and career qualifications, licensure and experience... An admission advisor from each school can provide more info about: Get Started with Southern New Hampshire University, Get Started with Purdue University Global. If you don’t do this research, it could lead to lost funds and lost inventory. However, you can also buy products directly from an Apple store or off the Apple website. Each retail business is different, so specific measures may be more significant to you than others. Retail buyers are an important part of the retail industry and are responsible for determining which merchandise a company will purchase. Wholesalers typically only deal with limited products as well, where retailers tend to handle many different products at one time. For one, there is much higher competition between retailers, and retailers care significantly about the customer experience. A WCF fashion editor who knows the market, conducts a search in our retail buyer database to get to the heart of a specific list. Retailers participate in B2C transactions. If you’re just starting your small business, you may want to begin as a retailer. Retail buyers work for large and small stores selecting specific products to purchase from wholesalers and manufacturers for re-sale to their customers. Keep up to date with market trends and react to changes in demand and logistics 5. meet suppliers and negotiate terms of contract 6. maintain relationships with existing suppliers and source new suppliers for future products 7. understand the basic rules of vendor management, allocation and price negotiation 8… They then distribute cereal to grocery stores that sell goods to the end-user. WHAT TO SAY TO A BUYER WHEN SELLING TO RETAIL STORES (and what exact words to use) There’s a science to putting together a pitch that is both enticing and confident. © copyright 2003-2020 Study.com. Merchandise Buying and Planning work hand in hand as the buyer must understand the merchandise financial plan and what products will drive sales in that category. Which retail sectors employ buyers? Find the right school and build a personalized Education Plan with help from an independent advisor. The role of a buyer, or purchaser, is to search for services and products to resell to retailers or to the public. A retail buyer purchases products to be sold in retail stores. That’s why it’s crucial to only work with credible buyers when you’re operating as a wholesaler. They receive a product from a manufacturer (or manufacture products themselves) and sell them to other companies. Perhaps you open a couple different factories who each go through hundreds of pieces of lumber per day. (Retail Buyer Career Information, Job Description and Duties. Wholesalers engage in B2B sales. You don’t have to worry about marketing costs if you don’t want to. What is wholesale? A retail buyer selects products to be sold in retail outlets. Take a look at TARGETjobs for retail graduate schemes and jobs. For instance, if you need a printer for your new business and purchase one at your local office supply store, like a Staples or an Office Depot, you’ve participated in a retail-based transaction. 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