(Retail Buyer Career Information, Job Description and Duties. They then distribute cereal to grocery stores that sell goods to the end-user. And you’re moving products in bulk, which cuts down on your overhead. Retail Buyers have to justify their choices and ultimately have to make sure that whatever they choose to stock will sell well. That’s why it’s crucial to only work with credible buyers when you’re operating as a wholesaler. Connect with Study.com College Advisor that can help you compare costs and options. For instance, they have a book called "Gift and Houseware Buyers". If you don’t do this research, it could lead to lost funds and lost inventory. 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 ), Study.com / Retail Buyer Career Information, Job Description and Duties. What is wholesale? © copyright 2003-2020 Study.com. "Retail Buyer Career Information, Job Description and Duties." If you’re selling products and do so only with the intent of distributing “final products,” then you can consider yourself a retailer. To summarize the key differences, retailers sell goods directly to the end-user, typically in small quantities. They’re given a budget to work with, and the task to pick products based on … The listings below may include sponsored content but are popular choices among our users. Speaking with one of our college advisors, you will get personalized advice and explore your The BLS says that retail buyers frequently work more than a standard 40-hour workweek, and those working for large companies spend time traveling, sometimes outside of the country. Some overseas travel may be involved, and the job often calls for working more than 40 hours in a week. Wholesalers are those who sell products to businesses or other outlets who are not the end-user. 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. Fashion retail buyers decide which products stores should sell. Retail buyers spend a lot of time in the store, but buyer responsibilities also include visiting showrooms, scouting new products, and negotiating prices with suppliers. Similarly, if you’re buying goods for your own use, the transaction will be a retail-based one. In large department stores, buyers may specialise in certain types of merchandise (textiles, fashion, hardware or toys, for example). Retail buyers analyze trends to determine which merchandise companies will purchase for re-sale. Buyers, also known as purchasing agents, work in many different fields. There is much less competition when it comes to wholesalers. 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. They sell guides based on category. 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. 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… This could involve running credit checks. Must complete an application online and submit transcripts for their highest degree earned. According to the BLS, postgraduate credentials are increasingly common. Unfortunately, if you’re a small business owner just getting started, weighing the wholesale vs. retail decision can be overwhelming. 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. The more you buy from a wholesaler, the less per-product you’ll end up having to pay. 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. Retrieved from https://study.com/retail_buyer_career.html. It's free! You will have to spend time vetting potential clients to ensure their legitimacy. In general, when selling retail, you sell the product for a higher price per unit than a wholesaler. The first search returns are used as a “candidate” list. Get a quick view of the requirements as well as details about degree programs, job duties and the job growth outlook to find out if this is the career for you. They may be responsible for overseeing the company's receiving department and keeping tabs on inventory, expenditures and deliveries. Find Schools. Buying and Merchandising Roles . Retailers also deal with customers on a regular basis. This includes the ability to accept credit card purchases. A: As a retail buyer, your job is to purchase merchandise for stores to resell to consumers. And should you consider becoming a retailer or would you be happier as a wholesaler? So imagine you’re a manufacturer, and you need raw materials — let’s say lumber. You can sell online and ship products to the consumer directly. 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). If you’re uncomfortable with that situation, then retail may not be the best model for your business. The most famous and arguably most exciting area of retail buying is in the world of fashion. Retail buyers purchase goods for re-sale to the public. If you have a … This article currently has 40 ratings with an average of 4.2 stars, https://quickbooks.intuit.com/r/selling/retail-vs-wholesale-business-models-whats-best-business/. Buyers usually work closely with designers and their designated sales representatives and attend trade fairs, wholesale showrooms and fashion shows to observe trends. Wholesalers sell a large number of products at a time. KPIs — aka “key performance indicators” are the most important metrics in your business. If you’re just starting your small business, you may want to begin as a retailer. Retail buyers are the people responsible for choosing products sold in a retail store. She is responsible for studying consumer buying trends, analyzing the market, and determining the newest styles and products. The definition of retail doesn’t so much concern the type of distribution channel as it does the parties involved. What is retail? someone who makes purchasing decisions for a clothing retailer What does a retail buyer do? Retail buyers purchase goods to be sold in retail stores. These are numbers that you must regularly monitor so you can determine if your business is on the right track. Wholesale and retail buyers purchase goods for resale to consumers. Another component of retail management is a point of sale (POS) system. Additionally, several organizations offer certification, such as the Certified Purchasing Manager credential offered by the Institute for Supply Management. 460 Retail Buyer jobs available on Indeed.com. 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A guide for small business owners. B2B stands for “business to business.” B2C stands for “business to consumer.”. Want expert, personalized advice that can save you a lot of time and money? Which retail sectors employ buyers? 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. But this is not considered a standard order, and it would probably take some time to fill. As a retailer, you have control over your product: when it’s sold, where it’s sold, and how much it’s sold for (which directly affects your profit). A retail buyer selects products to be sold in retail outlets. Study.com, 12 Sep 2019 published. https://quickbooks.intuit.com/cas/dam/IMAGE/A1SgMd3Zg/da97bdcfd01f25e4bc1eaacf7f429b2e.jpg, What is retail? Retail buyers in business or marketing departments purchase consumer goods for resale. Since wholesalers sell products in bulk amounts, they purchase the product at a discount and then use their own formulas to mark up the retail price. degree options and guide you through every step of the college selection and enrollment process. They source new and review existing goods to ensure their products remain competitive. Another example of this is Apple. They receive a product from another business, a wholesaler, and sell it to consumers. Decision making, planning and leadership are key aspects of a retail buyer's job. 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 … 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. He graduated from the University of Maryland with a degree in Finance and currently resides in Boston, MA. But according to Food Industry, there are nearly 40,000 grocery stores in the United States. Learn how to become a retail buyer for a store. In this scenario, Apple operates as a manufacturer, wholesaler, and retailer. You may work for a department store or retail chain. Salary estimates are based on 16,013 salaries submitted anonymously to Glassdoor by Retail Buyer employees. MBA Dual Concentration: HR & Project Mgmt. Negotiating and forming relationships with wholesalers and manufacturers is an important aspect of a retail buyer's job. Learn about the education and preparation needed to become a retail buyer. 10 Dec 2020 accessed. For instance, if you’re shopping for a product, you would likely shop around to determine where you can get the best price. For free! Sources: *U.S. Bureau of Labor Statistics (BLS). 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. The Salesman's Guide—part of Retail Sales Connect—is another great resource for getting access to buyer contact information. The query is done by list criteria, for instance: Women’s Contemporary Apparel buyers. Review the salary... Find out how to become a retail buyer in fashion. 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