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)
Defines the importance of effective merchandising strategies in boosting retail sales and profit margins.
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Level 2 Behaviors
(Light Experience)
Assists customers with product inquiries by providing information about features, pricing, and availability.
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Level 3 Behaviors
(Moderate Experience)
Addresses intricate complaints and concerns effectively to ensure customer satisfaction and retention.
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Level 4 Behaviors
(Extensive Experience)
Contributes to the development of retail pricing strategies to maximize profitability and competitiveness.
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Level 5 Behaviors
(Mastery)
Champions the adoption of predictive analytics to optimize pricing, inventory management, and marketing strategies.
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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)
Cites examples of common merchandising techniques for ensuring consistent brand presentation.
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Level 2 Behaviors
(Light Experience)
Aids in compiling market research to identify trends and ensure the effectiveness of merchandising strategies.
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Level 3 Behaviors
(Moderate Experience)
Analyzes customers' feedback to improve product assortment and pricing plans.
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Level 4 Behaviors
(Extensive Experience)
Coordinates with vendors and buyers to ensure timely delivery and optimal placement of merchandise.
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Level 5 Behaviors
(Mastery)
Builds relationships with strategic partners to secure access to superior merchandise offerings, data, and terms.
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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)
Describes the importance of service delivery in meeting customer expectations and business goals.
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Level 2 Behaviors
(Light Experience)
Assists in creating action plans to streamline the service delivery process.
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Level 3 Behaviors
(Moderate Experience)
Defines key metrics in measuring service delivery process.
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Level 4 Behaviors
(Extensive Experience)
Directs the implementation of service standards to ensure quality-focused delivery of services.
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Level 5 Behaviors
(Mastery)
Designs end-to-end customer-driven solutions to deliver high quality services and customer satisfaction.
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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)
Describes the importance of cost control in minimizing the expenses of the organization.
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Level 2 Behaviors
(Light Experience)
Carries out the change management processes for cost control of assigned projects.
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Level 3 Behaviors
(Moderate Experience)
Maintains adequate cost controls in financial initiatives to support the organization's profitability.
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Level 4 Behaviors
(Extensive Experience)
Directs cost control using appropriate accounting cost techniques to maximize revenue.
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Level 5 Behaviors
(Mastery)
Develops cost control procedures to ensure maximum financial coverage.
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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)
Compiles a list of tools used to effectively schedule activities, such as Google Calendar and Canva.
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Level 2 Behaviors
(Light Experience)
Identifies and resolves scheduling conflicts between employees to ensure a smooth workflow.
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Level 3 Behaviors
(Moderate Experience)
Makes adjustments and recommendations for optimizing scheduling to maximize service and quality.
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Level 4 Behaviors
(Extensive Experience)
Coordinates with cross-functional teams to align work schedules with project activities.
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Level 5 Behaviors
(Mastery)
Builds integrated database tracking tools for staffing shrinkage patterns to optimize staffing scheduling forecasts.
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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)
Contrasts KPI with other performance management tools, such as Balanced Score Card (BSC) and Objectives and Key Results (OKR).
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Level 2 Behaviors
(Light Experience)
Follows up on regular action items related to KPI implementation.
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Level 3 Behaviors
(Moderate Experience)
Consolidates internal and external information to define and select applicable KPI.
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Level 4 Behaviors
(Extensive Experience)
Designs and develops KPI metrics and dashboards for various functions and purposes.
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Level 5 Behaviors
(Mastery)
Defines and modifies strategic KPIs to drive organizational objectives and priorities.
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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.