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)
Describes the application of upselling, cross-selling, and closing sales techniques in retail operations.
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Level 2 Behaviors
(Light Experience)
Follows the established merchandising guidelines when organizing product displays and storage.
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Level 3 Behaviors
(Moderate Experience)
Conducts regular retail audits to optimize operations, improve performance, and uphold standards.
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Level 4 Behaviors
(Extensive Experience)
Guides and mentors the staff in visual merchandising best practices to maintain consistent and high-quality displays.
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Level 5 Behaviors
(Mastery)
Develops and implements new retail business models to enhance the customer experience and foster brand loyalty.
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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)
Defines the legal and ethical considerations for merchandising, such as product labeling requirements.
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Level 2 Behaviors
(Light Experience)
Assists in arranging product assortments and displays to optimize space and enhance brand visibility.
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Level 3 Behaviors
(Moderate Experience)
Conducts regular store visits to ensure proper product allocation, replenishment, and pricing.
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Level 4 Behaviors
(Extensive Experience)
Creates and leverages performance metrics to evaluate the effectiveness of merchandising strategies.
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Level 5 Behaviors
(Mastery)
Champions the adoption of advanced analytics and predictive modeling tools to optimize inventory turnover.
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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)
Compiles and updates KPI data to show impact on productivity.
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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)
Conducts lectures on KPI best practices at industry conferences.
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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.