Retail Planning, Business Analyst

For Retail merchandisers:  since past 7 years many professional courses are available in the education sector to learn retail merchandising professionally. The Key success of retail merchandising lies in major 5 steps. Right product, at the right location, at the right time, in the right quantity and at the right price.  Right people with the right process manage the business in the best way. To pursue such career one should have an analytical mind with efficiency in MS excel application with good practice at maximum MS excel formulas to process as well as understand data to make a practical and accurate decision. 

  

Common Job Responsibilities of Fashion Retail Merchandiser :

·         You will be responsible for ensuring that the right amount of goods are available at each store and are being sold at the right price within a season. 

·         You have to work closely with buyers and other merchandisers to plan product ranges, distributors and analysts. 

·         You need to make future budgets based on the current sales trend as well as last year's sales performance of the same period.

·         Need to work  closely with buyers, retail merchandisers predict up-and-coming sales trends to ensure maximum profitability.

·         Merchandisers need to ensure that products appear in the right store or website, at the right time and in the right quantities. This involves working closely with buying teams to accurately forecast trends, plan stock levels and monitor performance.

·         While the buyer selects the lines, the merchandiser decides how much money should be spent, how many items should be bought, and in what quantities.

·         In smaller companies, one person is responsible for both the responsibilities of buying and merchandising.

·         Merchandisers play a key role within retail, as profits can be affected by how successfully they undertake their work. Merchandisers suggest top management the prices to maximize profits and manage the performance of ranges, planning promotions and markdowns as necessary.

·         They also follow up delivery and distribution of stock and sometimes deal with suppliers for T&A.

·         Planning product ranges and preparing sales and stock plans.

·         Retail Merchandiser is the Analyst who is liaising with buyers, stores, distributors.

·         Work closely with the buyer for the new store layout plan based on the customer profile.

·         Planning budgets and presenting sales forecasts and figures for new ranges.

·         Controlling stock levels based on forecasts for the season.

·         Using specialist computer software like SAP or Genesis to handle sales statistics, produce sales projections and present spreadsheets and graphs.

·         Analyzing every aspect of bestsellers (for example, the bestselling price points, colors or styles) and ensuring that they reach their full potential.

·         Monitoring slow sellers and taking action to reduce prices or set promotions as necessary.

·         Analyzing the previous season's sales and reporting on the current season's lines.

·         Making financial presentations to senior managers

Retail Merchanding job required working at the fast pace in a competitive environment, with high levels of responsibility for potentially very large budgets, where even minor errors can result in vast reductions in profit. This aspect can either be motivating and challenging or a source of stress. Although most of the work is office-based, Some of your time may be spent each week visiting stores or suppliers and occasionally attending trade fairs or fashion shows. This may involve spending short periods away from home.