Retail buying is an important part of buying groups and how they operate. It is the process of planning, selecting, and purchasing products to be sold in retail stores. Retail buyers play a critical role in buying groups as they are responsible for ensuring that their members stores have the right products in the right quantities at the right prices. But how do they do this? Read on to learn more about what retail buying is and the responsibilities of a retail buyer.
The Role of a Retail Buyer
In simple terms, retail buying is the process of procuring goods direct from a wholesalers or manufacturers and selling them to the end consumer. A retail buyer will analyse market trends, research customer demand and negotiate costs with suppliers.
Looking at It from a buying groups perspective, who have lots of members, a retail buyer is responsible for ensuring that their members store has the products that customers want, at prices that they are willing to pay. This can be a challenging task, as it requires buyers to be constantly aware of market trends, customer demand, and competitive pricing.
Retail Buying Process
The retail buying process generally follows the steps detailed below:
Market Research and Analysis
Before making any purchasing decisions, retail buyers should complete thorough market research to understand customer needs, preferences, evolving trends and sometimes analysing sales data. This research will form the foundation for informed buying choices.
Selecting a Supplier
Once buyers know what products their customers want, they need to research the available products. This includes finding suppliers. Choosing reliable and quality-conscious suppliers is vital in maintaining a consistent supply of products. Retail buyers should evaluate potential suppliers based on their reputation, product quality, pricing, and delivery capabilities.
Supplier Negotiations
Effective negotiation skills are essential in retail buying as buyers need to negotiate with suppliers to get the best possible prices. This can involve negotiating discounts, terms of payment, or delivery schedules.
Ordering Products
Once the negotiations are finalised and buyers have selected the products, they need to order them from suppliers. Accurate order quantities and timings are often determined based on sales projections and stock management.
Receiving Products & Quality Checks
Upon delivery, all products will go through a detailed quality check to ensure they meet the expected standards. Any discrepancies should be flagged with the supplier as soon as possible so replacement products can be supplied, or refunds processed.
Distributing Products
Once the products have passed all quality checks, it’s time for them to be distributed to the relevant retail stores so they are efficiently stocked. It’s critical to avoid situations where members retail stores run out of stock or on the other hand, they have too much stock they aren’t able to sell.
AIS Retail Buying Services
Retail buying is a complex and challenging process, but it is essential for the success of any retail store. Fear not as AIS Retail Buying service can support all your business needs. Not only can we source high-quality, branded products at cost-effective prices, but we also have our own exclusive brands on offer!
For more information on our retail buying services, contact us today by calling 0121 711 2200 or emailing info@aistores.co.uk.
