A Retail and Merchandising Expert is a very important person in any retail and marketing establishment. He/she can make or break the company’s profitability. Here is an overview about the two main responsibilities and two skills which are required in a retail and merchandising analyst:
Responsibility # 1 – Budgeting and Forecasting
The first main responsibility of a retail and merchandising analyst is to analyse the inflow and outflow of cash of the company and come up with a weekly budget. He/she is also expected to analyse the trends and use the various economic and financial indicators to forecast the upcoming revenues and expenditures. He/she should also develop metrics to study the return on investments made by the company. The retail and merchandising expert should communicate the results of the research to the management and also advise them on future actions to be taken.
Responsibility # 2 – Reporting and Allocation
Creation of inventory reports and even financial reports are also the responsibilities of a retail and merchandize analyst. Based on the inventory reports, the retail and merchandize analyst should decide if purchases have to be made or not. Based on his/her analysis, the retail and merchandising expert is also expected to predict which products would generate more income and give orders for purchase of the same. He/she is expected to create a model to generate revenue, account for cash influx and come up with the optimal allocation of financial revenues.
Skill # 1 – Accounting
Financial account adeptness is a major skill which the retail and merchandising expert should possess. He/she will have to handle a major inflow of financial data points which have to be analyzed for the creation of a model for budgeting and allocation. He/she is also expected to spot any variation or changes in trends and communicate the same to the management and other departments of the company. Monitoring the stores sales and working out profitability also involve a lot of accounting work and in-depth knowledge.
Skill # 2 – Handling People
Handling people well is an important skill to be possessed by a retail and merchandize analyst. He/she has to train people and enhance their skill about selling patterns and marketing philosophies. Further, a retail and merchandising expert also has to co-ordinate and advice people at the management level and brief them about the different financial trends which would affect the company. He/she has to interact with people at all levels of management and hence requires good people skills.
Overall, a retail and merchandize analyst adds value to any retail company by analyzing, forecasting and budgeting the financials.