Retail analysts who are sometimes called “merchandising analysts” study trends in the fashion field and predict what items will sell in upcoming seasons so that organizations can streamline their flow of merchandise and generate the highest profit possible. Retail analysts work for stores and organizations that want guidance not only about trends but also about how to price their inventory. For example merchandise items might sell for the highest price in certain months after which stores might have to mark it down to keep inventory from building up. Retail analysts visit stores in various locations in order to get a sense of fashion trends and shopping patterns. This information helps them determine whether the inventory of merchandise is allocated properly across stores. Retail analysts have bachelor’s degrees usually in finance accounting or economics though a master’s degree can open up a larger array of job opportunities. The website www.ehow.com says that retail analysts should have at least five years of experience in merchandising. In addition they need a strong business sense that will enable them to forecast trends so they can provide employers with accurate guidance. In addition they must be proficient in computer skills and data analysis. Finally they must be able to clearly communicate ideas both verbally and in written reports so that the management of the organization for whom they work can execute plans to purchase and sell merchandise in a timely and profitable way. The website retailindustry.about.com says that salaries for retail analysts depend on size of the organization for which they work and their experience but they range from approximately $30000 to $90000 annually plus benefits such as discounts on merchandise.
|Education Required:||Bachelor's Degree|
|Tasks:||Monitors store sales.
Identifies retail trends.
Maintains desired inventory levels.
Provides guidance on selling patterns.
|Also Called:||Merchandising Analyst