AddressKey Responsibilities:
1. Product Selection and Sourcing:
• Identify and source products that align with the company’s retail strategy and customer preferences.
• Evaluate suppliers and negotiate contracts to secure the best prices and terms.
• Maintain a strong network of suppliers and develop new sourcing opportunities.
2. Inventory Management:
• Monitor inventory levels and sales trends to forecast demand and adjust purchasing strategies accordingly.
• Ensure that the right amount of stock is available to meet customer demand without overstocking.
• Collaborate with inventory management teams to optimize stock levels and turnover rates.
3. Market Analysis:
• Conduct market research to stay updated on industry trends, competitive products, and customer preferences.
• Analyse sales data to identify product performance and make recommendations for new product lines or discontinuations.
4. Negotiation and Contract Management:
• Negotiate prices, terms, and conditions with suppliers to achieve the best possible deals.
• Manage supplier relationships and resolve any issues related to product quality, delivery, or pricing.
• Ensure that all contracts comply with company policies and legal requirements.
5. Collaboration and Communication:
• Work closely with the merchandising, marketing, and sales teams to develop product assortments and promotional strategies.
• Communicate with store managers and staff to gather feedback on product performance and customer preferences.
• Provide training and support to retail staff on new product lines and features.
6. Budget Management:
• Develop and manage the purchasing budget to ensure cost-effectiveness and profitability.
• Track spending against budget and adjust as necessary to meet financial goals.
Requirements:
• 3 years of experience in retail buying, merchandising, or procurement.
• Strong negotiation and contract management skills.
• Excellent analytical and decision-making abilities.
• Proficient in inventory management and purchasing software.
• Strong communication and interpersonal skills.
• Ability to work in a fast-paced environment and manage multiple priorities.
• Knowledge of market trends and customer preferences in the retail industry.
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This position description is intended to provide a general overview of the role and its requirements. It is not an exhaustive list of duties and responsibilities. The company reserves the right to amend or modify this job description as needed.
