Singapore Retail Industry / Jobs

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How to succeed in the Retail industry

Marie-Louise Jacobsen is the Managing Director of RMS - Retail Management Solutions. She has more than 30 years of international marketing experience in retailing and merchandising management, and is also the author of The Art of Retail Buying - an insider's guide to the best practices from the Retail Industry.

Marie-Louise, would you say that the Retail industry offers diverse and rewarding career track prospects for both graduates and non-graduates?

The Retail Industry is probably one of the most exciting, diverse and challenging Industry one can embark on. It can offer a fast track-career for anyone that has creative flair, strong awareness of fashion and lifestyle trends as well as natural interpersonal and team-work skills for starters.

In addition, to succeed as a professional buyer, graduates and non-graduates will need strong analytical and numerical skills, an interest and understanding of consumer demands and strong commercial awareness, all of which can be learnt.

What are the rewarding aspects of the Retail industry, and what are some of its challenges?

What is rewarding about the retail industry is that it offers an exciting, never ending renewal of inspiration and stimulation as each season or yearly quarters necessarily requires newness to the merchandise mix.

The biggest challenge is to buy and bring to the stores the best merchandise that suits the customers the buyer is selecting for. Relevant to the customer merchandise in terms of quality, style, prices and sizes. Retail sales in the area a buyer is responsible for might be hitting budget, but here lies the challenge - you can't register what you don't have or carry. So it is essential that buyers are constantly on lookout for new categories befitting the customers it serves.

What inspired you to write your book, The Art of Retail Buying - An Insider's Guide to the Best Practices from the Industry?

In the summer of 2006, I was approached by People Skills Asia, a firm specializing in Retail Training, to create a syllabus on retail buying for buyers in Asia. There was a need for a professional buying course applicable for retailers that would tackle issues particular to the Asian region.

People in the retail industry found that the courses available were too academic and theoretical for practical implementation. From my 30 years of extensive retail experience - 15 of which had been spent as General Manager with one of Singapore's leading retail group, I understood only too well the many challenges facing retailers and it took very little convincing for me to become involved in the project.

Throughout my career, I have always tried to make enhancing people's buying skills an enjoyable and rewarding task. So when asked to write a syllabus on retail buying, I felt I had much to contribute.

Such was the success of the course launched in Bangkok later that year that I was prompted by the many participants to turn the syllabus into a book because, they said, there weren't any books out there explaining the complexity of retail buying explained in such a concise yet with an easy to understand methodology. Hence was the birth of The Art of Retail Buying - An Insider's Guide to the Best Practices from the Industry.

On your book’s topic of becoming a Buyer, what are some of the personal qualities, and work experience, does one need to become a successful Buyer?

1.	Good education – one of the first key qualities required to make a successful retail career, and preferably with a degree majoring in retail management, marketing or business administration or a degree from a fashion merchandising school. Liberal arts graduates who show interest in retailing can also be considered.

2.	Enthusiasm – given a choice between two candidates with equal qualifications, the candidate that shows the most enthusiasm will probably be the one picked for the job. This is because in a buyer's role, there is a very high degree of interaction with other members of the organization, customers and vendors.

3.	Analytical Excellence – Buyers have to constantly make decisions on such things as colors, price styles and sizes. Without a solid analytical ability, their decisions are at risk of being faulty. Analytical excellence is vital for measuring and evaluating situations and trends, for forming sound judgment and for making the right decisions for the store's consumers.

4.	Ability to articulate – by the very nature of their job, buyers are continuously interacting with people, both inside and outside the company. Articulation skills - both written, spoken and in some cases drawn are necessary tools of the trade. This is one industry where misunderstandings can be very costly.

5.	Product and Market Knowledge – with constant changes in consumer demands it is essential that buyers keep updating their knowledge on a regular basis, and good product knowledge makes a solid base of information on which buyers can make accurate decisions, which in turn, helps maximize profits.

6.	Objectivity – for a professional buyer, personal likes or preferences are of no importance; rather what he or she anticipates will sell is what matters. It will always be the anticipated preferences of customers that form the selection criteria for any merchandise, range or category of merchandise bought.

7.	Forecasting – one of the more difficult tasks for buyers is to be able to predict the direction in which the consumers' merchandise preferences are heading. Forecasting formats or budget forms are available as tools to use within the budget guidelines set down by the individual retailers, but the merchandise mix and variables are the buyer's responsibility. So you need to know a great deal about the customers you are buying for.

8.	Dedication – developing a love for the industry is a pre-requisite. Working long irregular hours is typical for a buyer and in many case traveling abroad to place orders is part and parcel of a buying career. Vendor visits, attending fashion shows, competitive market surveys and participating on the selling floor during peak festive periods or big promotions all add up to long full days. If you are looking for a desk job, then this industry will not be for you.

9.	Honesty & Integrity – this is one of the most important qualities any retailer will seek in its buyers and merchandisers. Temptation is high so the individuals necessarily need to have and show very high levels of integrity.

10.	Time Management – this is important due to the high levels of multi-tasking that is required in a buyer’s job. Effective time management entails the ability to prioritise work to enable more productive efficiencies in all areas of the job.

11.	Negotiation skills – a fundamental ability required to become successful as a buyer, and most retailers will assist you in acquiring these skills as different retailers would have different approaches in dealing with vendors. The best negotiations of all are the ones where both parties (buyers & vendors) benefit.

12.	Appearance – a well groomed buyer serves as a role model for aspiring assistant buyers, department managers and sales associates. As a buyer you represent the company so the best advice is to always look business like and professional.

What do you think of the Retail industry’s prospects in Singapore / Asia?

The retail industry is ALWAYS looking for fresh new talent who are creative, innovative, hard working and passionate about their work. The retail industry in Singapore and the region is growing and is one of the industries that highly reward excellent buyers that are able to generate profits for their organizations.

The best area to start off is in sales, because it is from there a new prospect can get the best insights into what the customers are looking for, what they are buying and what they are not buying because the store is not carrying it.

From the onset, a good buyer needs to be equipped with the right sets of tools. The skills can be learnt and/or improved at any time and what better time than now to start expanding your knowledge on this industry. ®