To maximize sales by sourcing right product at right time at right price. To maximize margin on the product by pricing the product as per the guidelines and monitoring price revisions.
To prepare buying plan and to match the inflow of stock in line with the budgeted inflow and to incorporate new ideas and new ranges into Concept
•Review performance of a product/category/range/supplier/ department on periodic basis and review stock with merchandising team.
•Monitor reorders based on the sales and revise/optimize allocation accordingly
•To understand mechanism of margin/pricing/markup and costing relevant for each supplier and each territory in department handled.
•To assist finance in fixing Retail Selling Price in line with the Concept Overall Margin Target and the specific target for each department.
•To review the pricing as generated from the Pricing Module and do the necessary currency correction based on the local currency of each territory
PLANNING OF BUYING CALENDAR AND EVENTS
•Understand Buying Calendar and process of planning for a season. Understand the various suppliers and to learn about all buying fairs.
•To assist in planning buying calendar in line with Inflow Pattern and the Event Calendar of Stores
•To monitor order status and inventory levels on regular basis and to take proactive action for any supplier/category/range/product based on actual inflow and sales pattern
•To review distribution of orders on all times and based on the sales rate and the budgets-revise distribution wherever required.
•To monitor Budget Order; Order GRN, Inflow pattern Reports on weekly basis and ensure discrepancies are reported promptly to Finance
PRODUCT REVIEW, DESIGN & DEVELOPMENT
•To understand department, group, sub-group, category/range used in company and principle behind classification of the products in these
•To understand design element and signature of the product in department and to know the taste of the customer
•To review samples in line with the guideline within 3 days of receipt and to maintain list of all catalogs/photographs
•To maintain data base of images of products on server as per correct protocol
•To understand supplier relationship in organization and correct manner of addressing issues with suppliers
•To maintain and develop relationship with suppliers and to communicate in a very professional and prompt manner.
•To consider suppliers as partners in growth and ensure their growth and development along with our growth
•To assist suppliers with all necessary assistance in ensuring timely delivery of goods-understanding of orders, understanding of shipment terms/LC terms/marking requirements, etc
•Request product templates from suppliers and share with tech team for upload.
•Review and analyze stock/sales reports on daily basis and understand top sellers in each department/category/group
•Effectively deal with fast/slow moving items/ranges and end of ranges and take corrective action on timely basis
•To periodically visit market and survey competitors for new/better ideas for new brands/ product and capture retail pricing across region.