Daily Life of a “Buyer” in Retail World
Buyers at a retail enterprise is responsible for identifying, selecting and purchasing the stock that is sold in stores. In some enterprises, they are called Procurement specialists.
On a daily basis, a Buyer deals with the following tasks and issues:
- With respect to products, Buyers receive & respond to multiple product inquiries.
- New Producs – Review and analyze samples before listing on the website.
- Old Products – Review the sales performance & maintain competitiveness.
- Stock Control – Review stock and stock attributes (e.g. UPC numbers, stock levels, tracks down products which came without UPC)
- With respect to vendors, Buyers look for the right suppliers for new products, logistics details such as minimum order levels, shipping policies, location and country of origin product catalog, how long they have been in business, how often they launch products, values (green, social responsibility)
- New Vendors – Meet & explain the business model, negotiates price, gets UPCs, reviews online content (for images, content and shipping/delivery policies)
- Existing Vendors – Meet & discuss sales and the performance of different marketing campaigns
Daily Challenge of a “Buyer” in Retail World to streamline the procurement process and enhance the control over the supply chain management
(A) Collaboration with Vendors
- Sort through large amounts of data that come from different internal and external networks (ERPs, social media, emails, IoT) to find the relevant product data which can aid them in deciding whether to onboard a supplier or not
- Manage current stock and product data across locations from various suppliers (master data can include: SKUs, UPCs, purchase order, shipping details, receipts, invoices, credit/debit notes, stock levels, assortment effectiveness) 
- Simplify collaboration with a large number of suppliers
- Anticipate problems in the supply chain using advanced analytics tools
(B) Vendor Scorecarding
- Assess the suitability of a product for their brand (performance, logistics) from different suppliers
- Measure performance metrics, KPI’s, for different vendors supplying similar products
(C) Manage Digital Assets
- Handle photos, videos and documents coming from multiple vendors across products.
- Associate variety of assets with the corresponding products in the system.
For (A) and (B) –
Vendor Data Onboarding Solution helps buyers to collaborate with vendors & asses their performance. The solution automates the product data onboarding process and creates rich content while reducing the time-to-market for New Product Introductions (NPIs).
Read more about the Vendor Data onboarding solution and how Riversand is solving it.
For (C) –
Digital Asset Management Solution supports Buyers with the production of digital assets to improve the brand consistency, reduces the cost of creating product content and increases the odds of a successful marketing campaign.
Read more about the Digital Asset Management solution and how Riversand is solving it.