Wholesale and Retail Buyer
Wholesale and retail buyers are professionals responsible for selecting and purchasing merchandise for resale to businesses or consumers. They play a crucial role in negotiating prices with manufacturers or wholesalers, making informed decisions based on market trends and customer feedback. Their work environment is typically a blend of office settings and external locations such as trade shows and factories, where they may conduct quality checks and negotiate deals.
The job requires strong interpersonal skills, critical thinking, and the ability to thrive in high-pressure situations. Buyers often utilize various software tools for inventory management and sales tracking and are expected to train entry-level staff. Educational requirements generally range from a bachelor’s degree to relevant work experience, with training programs offered by employers to acclimate new hires. The profession faces a projected decline in employment, emphasizing the need for adaptability in a competitive field. Overall, wholesale and retail buyers are integral to the retail supply chain, influencing product availability and quality for consumers.
Wholesale and Retail Buyer
Snapshot
Career Cluster(s): Agriculture, Food & Natural Resources, Business, Management & Administration, Human Services, Marketing, Sales & Service
Interests: Purchasing, sales negotiations, retail management, advertising, marketing
Earnings (Yearly Median): $77,180 annual, $37.11 hourly
Employment & Outlook: -6% (Decline)
Entry-Level Education Bachelor's degree
Related Work Experience None
On-the-job Training Moderate-term on-the-job training
Overview
Sphere of Work. Wholesale and retail buyers select merchandise to sell to purchasers of wholesale items, such as large retailers or the public. They negotiate the purchase of goods directly from manufacturers or purchase items from wholesalers for retail purposes. Buyers arrange for transportation and delivery of goods and make purchasing decisions for clients based on customer feedback and industry trends.
Work Environment. Wholesale and retail buyers generally split their time between office or store environments—where they meet with management, manage online transactions, and attend meetings—and trade shows, conferences, markets, and manufacturing centers. Hours are often irregular and may include weekends and evenings.
Occupation Interest. Individuals drawn to the profession enjoy working in fast-paced, competitive environments. They must be able to interact with many different types of people, and they are often required to negotiate sales in high-pressure situations. They should also enjoy identifying and following trends. Buyers must keep track of prices, sales records, and quality standards, and they often employ spreadsheet and retail-management software to do so. Buyers are often expected to train and mentor entry-level staff and should be comfortable supervising others.
A Day in the Life—Duties and Responsibilities. The daily duties of a wholesale or retail buyer vary according to the commodity or merchandise that they purchase. Buyers may visit factories and manufacturing facilities directly, review available products, perform quality tests, or review testing data. They then negotiate the price of merchandise and arrange the transportation of goods. Some buyers, particularly for retail establishments, conduct business at trade shows and markets or in one-on-one meetings with wholesalers. Buyers work closely with vendors and manufacturers to develop and purchase desirable products. They analyze market and industry data to anticipate customer needs and buying patterns and determine the quantity of goods needed. They are also sometimes required to work with point-of-sale and retail management software, set prices and discount levels for goods, and provide inventory information.
Buyers work with manufacturers and vendors to develop quality standards and inspect and return merchandise if it fails to meet them. They introduce new merchandise to other sales staff and train them to sell it. Buyers also monitor competitors’ activities by following advertising and sales information and keeping abreast of industry and economic trends. Retail buyers may work for multiple independent businesses and meet with owners and managers to ascertain their needs. They may help marketing staff determine which products should be featured in advertisements and when. Seasonal fluctuations and sales can influence the pace of this work.
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Work Environment
Immediate Physical Environment. Wholesale and retail buyers work in a variety of environments, depending on the merchandise or commodities they purchase. Most travel frequently and often work from off-site locations and hotels. They spend time inspecting goods in factories or attending large conferences and trade shows, where they may negotiate purchases with many vendors simultaneously.
Human Environment. Interacting with others is a crucial part of their job, so wholesale and retail buyers must have excellent interpersonal skills. They must be energetic and persuasive negotiators to ensure their clients' best pricing and quality. Buyers must have strong critical-thinking skills and be able to develop close professional relationships with vendors and clients alike. They often work on sales teams and collaborate with other staff within their organizations and off-site colleagues.
Technological Environment. Wholesale and retail buyers must be comfortable with point-of-sale, inventory, and spreadsheet software. They travel frequently and often work remotely, so they must be able to manage the technology that makes this possible, including laptops and communication devices. Buyers often use planning and management programs as well as presentation and word processing software.
Education, Training, and Advancement
High School/Secondary. Students interested in the position of wholesale or retail buyer should work to develop strong speaking and writing skills. If available, they should take courses in business management, English, and math. Entry-level retail experience is also helpful.
Postsecondary. Wholesale and retail buyers are typically required to have completed some postsecondary study, though requirements vary from employer to employer. Large firms often require at least a two-year degree and two to five years of work experience. Some firms require a bachelor’s degree in a business-related field. Manufacturing buyers may need degrees in engineering or applied sciences to understand the needs of their clients fully. Sales and marketing degrees are available from two- and four-year programs and internships in this field are virtually mandatory. Most companies have comprehensive training programs for new employees and require a significant training and trial period.
Related Occupations
− Wholesale Sales Representative
Bibliography
"Buyers and Purchasing Agents." Occupational Outlook Handbook. Bureau of Labor Statistics, US Department of Labor, 17 Apr. 2024, www.bls.gov/ooh/business-and-financial/purchasing-managers-buyers-and-purchasing-agents.htm. Accessed 27 Aug. 2024.
"Occupational Employment and Wages, May 2023 13-1020 Buyers and Purchasing Agents." US Bureau of Labor Statistics Occupational Employment and Wage Statistics, 3 Apr. 2024, www.bls.gov/oes/current/oes131020.htm. Accessed 27 Aug. 2024.