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)
Explains how omnichannel retail provides consistent and convenient shopping experience for customers.
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Level 2 Behaviors
(Light Experience)
Gathers and compiles data about key competitors for a specific of product.
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Level 3 Behaviors
(Moderate Experience)
Deploys inventory management strategies to ensure product availability and minimize disruptions.
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Level 4 Behaviors
(Extensive Experience)
Leads the implementation of omnichannel retailing to ensure seamless and consistent brand experience for customers.
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Level 5 Behaviors
(Mastery)
Expands market presence through the strategic utilization of cutting-edge technologies, such as online platforms.
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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)
Describes the standards and procedures for creating visually appealing product displays.
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Level 2 Behaviors
(Light Experience)
Contributes to merchandise stocking and restocking planning, following standard rules and procedures.
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Level 3 Behaviors
(Moderate Experience)
Makes necessary adjustments to product pricing and merchandising to maintain profit margins.
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Level 4 Behaviors
(Extensive Experience)
Guides and trains retail teams on merchandising techniques and visual presentation strategies.
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Level 5 Behaviors
(Mastery)
Designs and executes merchandise allocation strategies across a wide variety of retail organization types.
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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)
Discusses the end-to-end delivery process for various services provided by the business.
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Level 2 Behaviors
(Light Experience)
Collects feedback from customers to track and ensure seamless delivery of services.
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Level 3 Behaviors
(Moderate Experience)
Evaluates the performance of teams in providing quality services to customers.
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Level 4 Behaviors
(Extensive Experience)
Guides and trains teams in maximizing operational opportunities that promote outstanding service delivery.
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Level 5 Behaviors
(Mastery)
Develops a service delivery framework that adapts to the changing industry practices of customer service.
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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)
Discusses how to control costs and keep other expenses within budget.
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Level 2 Behaviors
(Light Experience)
Supports cost control initiatives throughout the organization.
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Level 3 Behaviors
(Moderate Experience)
Makes cost-effective decisions dealing with outside vendors to control expenditures.
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Level 4 Behaviors
(Extensive Experience)
Manages and oversees all cost control aspects for a large-scale project from inception to completion.
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Level 5 Behaviors
(Mastery)
Generates and establishes strict cost controls for all company spending in alignment with the budget.
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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)
Discusses the importance of scheduling, which includes achieving a good work-life balance.
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Level 2 Behaviors
(Light Experience)
Records employee availability to increase attendance at scheduled meetings.
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Level 3 Behaviors
(Moderate Experience)
Prepares staffing forecast dashboards as well as comparative data on results versus forecasts.
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Level 4 Behaviors
(Extensive Experience)
Manages travel arrangements or schedules, such as booking flights and making hotel or restaurant reservations.
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Level 5 Behaviors
(Mastery)
Creates strategies and objectives to improve the functional infrastructure of general workforce scheduling.
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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.