9 hard skills or competencies (industry competencies) for Merchandise Buyer
Skill definition-Applying comprehensive knowledge of retail principles, inventory management, pricing strategies, and consumer behavior to effectively manage and operate retail businesses.
Level 1 Behaviors
(General Familiarity)
Lists diverse activities and functions of retailing including buying, advertising, and data processing.
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Level 2 Behaviors
(Light Experience)
Identifies and explains major operational issues and considerations.
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Level 3 Behaviors
(Moderate Experience)
Implements promotional activities to communicate the features and benefits of new products.
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Level 4 Behaviors
(Extensive Experience)
Monitors and optimizes retail operations to enhance productivity and cost-effectiveness.
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Level 5 Behaviors
(Mastery)
Explores the historical and future positioning of the organization in light of prevailing retail trends.
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Skill definition-Strategically planning, executing, and managing product merchandising, pricing, and promotions to increase customer engagement and maximize revenue.
Level 1 Behaviors
(General Familiarity)
Explains how effective merchandising can increase sales, generate revenue, and improve brand awareness.
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Level 2 Behaviors
(Light Experience)
Helps in arranging merchandise displays adhering to a planogram and precise brand guidelines.
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Level 3 Behaviors
(Moderate Experience)
Utilizes analytics and sales data to optimize and improve online and offline merchandising performance.
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Level 4 Behaviors
(Extensive Experience)
Monitors and controls inventory levels to estimate purchase reorders of merchandise accurately.
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Level 5 Behaviors
(Mastery)
Establishes and implements SOPs to optimize organizational merchandising operations.
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5 general skills or competencies (Job family competencies) for Merchandise Buyer
Skill definition-Creating and implementing innovative strategic plans and solutions to address customer concerns and needs and meet service delivery expectations.
Level 1 Behaviors
(General Familiarity)
Documents the techniques and organizational principles used to provide great service delivery.
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Level 2 Behaviors
(Light Experience)
Follows established standards and policies in delivering various business services.
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Level 3 Behaviors
(Moderate Experience)
Implements the service delivery process from start to finish to ensure meeting of customer expectations.
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Level 4 Behaviors
(Extensive Experience)
Leverages our resources in driving efficient and cost-effective delivery of services.
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Level 5 Behaviors
(Mastery)
Establishes performance criteria to measure and optimize the effectiveness of service delivery.
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Skill definition-Managing and analyzing financial data in determining and reducing business expenses to increase revenue and profitability.
Level 1 Behaviors
(General Familiarity)
Explains the application of financial principles for effective cost control.
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Level 2 Behaviors
(Light Experience)
Supports financial report analysis and cost control related to company operations.
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Level 3 Behaviors
(Moderate Experience)
Partners with the management to identify corrective actions to improve cost control risks.
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Level 4 Behaviors
(Extensive Experience)
Monitors the alignment of operational costs with relevant budgetary and cost controls of the organization.
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Level 5 Behaviors
(Mastery)
Improves the management's cost control to optimize business decision-making processes.
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10 soft skills or competencies (core competencies) for Merchandise Buyer
Skill definition-Ability to plan and organize activities, tasks, and resources to achieve business goals and objectives within timeframe and budget.
Level 1 Behaviors
(General Familiarity)
Lists ways to improve scheduling skills, including setting deadlines, using a planner and delegating tasks.
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Level 2 Behaviors
(Light Experience)
Reports the changes in scheduled appointments for management to review.
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Level 3 Behaviors
(Moderate Experience)
Uses organizational workforce models to determine schedules that meet operational commitments.
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Level 4 Behaviors
(Extensive Experience)
Organizes calendars for department personnel to set meetings, conferences, teleconferences, and travel.
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Level 5 Behaviors
(Mastery)
Designs an organizational timetable to keep track of all scheduled activities of employees.
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Skill definition-Knowledge of and ability to apply a set of quantifiable measurements to determine how effectively an individual, team or organization is achieving a business objective.
Level 1 Behaviors
(General Familiarity)
Describes the concepts and purposes of Key Performance Indicators (KPI).
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Level 2 Behaviors
(Light Experience)
Gathers internal and external benchmarks for KPI development.
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Level 3 Behaviors
(Moderate Experience)
Defines KPIs in terms of Specific, Measurable, Achievable, Realistic, and Timely (SMART) goal criteria.
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Level 4 Behaviors
(Extensive Experience)
Develops and delivers training programs on KPI practices to employees and managers.
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Level 5 Behaviors
(Mastery)
Establishes organizational Key Performance Indicators (KPI) frameworks and management processes.
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Summary of Merchandise Buyer skills and competencies
There are 9 hard skills for Merchandise Buyer, Retail Industry, Merchandising, Merchandise Quality and Compliance, etc.
5 general skills for Merchandise Buyer, Service Delivery, Cost Control, Reverse Logistics, etc.
10 soft skills for Merchandise Buyer, Scheduling, Key Performance Indicators (KPI), Financial Acumen, etc.
While the list totals 24 distinct skills, it's important to note that not all are required to be mastered to the same degree. Some skills may only need a basic understanding, whereas others demand a higher level of expertise.
For instance, as a Merchandise Buyer, he or she needs to be skilled in Scheduling, be skilled in Key Performance Indicators (KPI), and be proficient in Financial Acumen.