Synonyms: Category Buyer, Commodity Buyer, Inventory Buyer, Merchandise Buyer, Product Buyer, Retail Procurement Specialist
A retail buyer selects and purchases products for a store, ensuring the merchandise aligns with consumer demand and market trends. They negotiate with suppliers to get the best prices and terms for the store.
$71,950 annually or $34.59 per hour.
Retail buyers frequently travel to trade events and supplier meetings and often work extended hours, particularly during product launches. They typically maintain a full-time in-office schedule.
The future for retail buyers appears uncertain, as projected growth is expected to decline by 2% or lower from 2022 to 2032, suggesting that new job opportunities may become less frequent and more competitive.
A bachelor’s degree in business-related fields is commonly preferred but not always mandatory for entering the retail buying field (see “How to Become a Retail Buyer” below).
If that sounds like you, definitely watch our interview with Kathryn Seguin to learn more about being a retail buyer below!
Retail buyers work full-time during regular business hours. They may adjust their schedules for occasional travel to trade events and supplier meetings and work longer hours during busy periods like product launches.
Typically work in an office setting, with occasional travel required for trade events and supplier meetings.
Analyzing sales data, meeting with suppliers to negotiate prices, selecting new products, and monitoring inventory levels.
Continual learning in the realm of business, sales, marketing, and consumer psychology to understand user behaviors and consumer trends.
Communication, negotiation, and analytics. They are also good decision-makers, making informed decisions based on data and market insights.
Microsoft Office Suite, specialized internal databases and systems, and communication platforms like Outlook for email, along with collaboration platforms.
Retail buyers are naturally good at negotiation, analytical thinking, and relationship building. These skills enable them to make informed decisions and navigate market conditions effectively.
Mastering persuasion through negotiation and sales, understanding consumer behavior, analyzing data thoroughly, and excelling in structured environments that involve working with numbers and systems.
Enterprising, conventional, and realistic. They are persuasive and goal-oriented, with strong organizational skills and a practical approach to tasks, emphasizing a grounded, hands-on approach.
Integrity, independence, achievement, taking responsibility for their decisions and seeing their efforts succeed.
*Terms used to describe interests and personality are based on the Holland Framework.
A bachelor’s degree is preferred, but some employers may consider candidates with relevant experience or specialized knowledge in retail industries. Certifications can also be beneficial for career advancement.
Pursuing majors in business administration, marketing, supply chain management, economics, and merchandising can be helpful.
Source: Slide Player
Develop an intense curiosity for the industry and showcase excellent communication and negotiation skills, providing evidence of your ability to make data-driven decisions. Highlight relevant experience, certifications, and a proven track record of success in similar roles to set yourself apart.
Gain experience in a retail operation, such as working in a store, to understand the business operations. Additionally, stay updated on market trends and shop competitors, and analyze different shopping experiences. Then, develop a clear point of view and present it confidently in interviews.
Kathryn highly recommends “Made in America,” a book by Sam Walton, the founder of Walmart, which provides valuable insights into retail and merchandising strategies. She also advises staying current with economic and market trends.
“It’s not a race. You’re gonna work for a long time. So I think the realization that you don’t have to sprint through promotions has been something that I’ve had to remind myself of and just be grounded in… Everyone’s career is paced differently and timed differently. So I think that the quote I always say is just ‘comparison is the thief of joy.'”
Data on job profiles is based on information supplied by the Occupational Outlook Handbook from the Bureau of Labor Statistics, My Next Move from the National Center for O*NET Development, and the O*NET Program, sponsored by U.S. Department of Labor, Employment, and Training Administration. Accessed 3 July 2024.
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