A retail analyst monitors sales, identifies trends, oversees inventory, and serves as a liaison between the store and suppliers/external warehouses. They advise management on purchasing decisions and develop inventory-keeping policies. Qualifications include strong database development skills and a relevant financial degree.
A retail analyst is responsible for the smooth flow of goods through a point of sale. This involves monitoring sales, identifying current and future trends, and overseeing store inventory. The publication is a combination of hands-on involvement and consulting roles with a store’s management, looking to the retail analyst for guidance on a range of sales-related issues. The analyst typically also serves as the point-of-sale liaison with its suppliers and external warehouse facilities. Through these activities, the retail analyst ensures that inventories are minimized without incurring excessive risk.
The retail industry is often fast-paced and volatile, requiring constant vigilance and the involvement of an experienced and dedicated team to ensure a smooth and profitable operation. These teams often include a retail analyst, a critical member to whom the rest of the management group looks for guidance on various sales and inventory issues. The condensed job description for the retail analyst is to control the flow of sales in order to avoid stockouts, avoiding accumulations of redundant inventory and the commensurate financial risk that this entails. This is, however, an understatement of the scope of the job as it requires a steady head and an intimate knowledge of the stores core business, target market and successful retail concepts in general.
One of the most important functions of the retail analyst is identifying current sales trends and predicting future trend directions. These trends are often based on sales by category and are often subtle enough to be missed by all but an astute and highly experienced analyst. This is a skill based heavily on an individual’s feeling for the retail industry in general and store lines in particular. This part of the analyst’s job is a consulting role in which management is simply advised on the analyst’s findings. This advice allows management to make informed decisions about purchasing timing and policies.
The retail analyst also plays a very important role in the point of sale sales dynamics. Controlling store inventory typically forms a significant part of the analyst’s daily workload. This role includes developing, implementing, and maintaining inventory-keeping policies and systems that ensure smooth movement of inventory. To accomplish this, the retail analyst must liaise closely with the warehouse’s external facilities and suppliers, as well as with management on supply chain issues. From a qualification standpoint, the analyst would typically have strong database development skills and hold a bachelor’s degree in a relevant financial discipline, as well as possess excellent verbal and written skills.
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