Job Details
As a Senior Merchandising/Buying Manager, your role will involve overseeing the merchandising and buying functions within an organization. Your primary responsibilities will include:
1. Strategic Planning: Develop and implement merchandising and buying strategies to meet sales targets, drive profitability, and achieve overall business objectives. This includes analyzing market trends, customer preferences, and competitor activities to identify opportunities for product assortment development.
2. Product Selection: Lead the product selection process by conducting thorough market research, identifying emerging trends, and collaborating with cross-functional teams such as design, production, and sales to curate a compelling product assortment that aligns with the target customer's needs.
3. Vendor Management: Build strong relationships with suppliers and negotiate favorable terms for pricing, delivery schedules, quality standards, and exclusivity agreements. Continuously evaluate vendor performance based on key metrics such as on-time delivery rates and product quality.
4. Inventory Management: Develop inventory management strategies to optimize stock levels while minimizing excess or obsolete inventory. Monitor sell-through rates regularly to identify slow-moving or underperforming products that require action.
5. Pricing Strategy: Collaborate with pricing teams to establish competitive pricing strategies that maximize profitability while considering market dynamics such as demand elasticity and price sensitivity.
6. Sales Analysis: Analyze sales data regularly to evaluate product performance against forecasted targets. Identify opportunities for upselling or cross-selling initiatives based on customer purchase patterns.
7. Team Leadership: Provide guidance and support to a team of merchandisers/buyers by setting clear goals, providing training opportunities, conducting performance evaluations, fostering collaboration across departments,and ensuring effective communication channels are in place.
8 .Collaboration with Marketing: Work closely with marketing teams to develop effective promotional campaigns that drive brand awareness,sales,and customer engagement through various channels including digital platforms,social media,and traditional advertising methods.