Prudent buying is pivot to successful business especially in fashion industry, which is volatile in nature, transient in composition, and vibrant in approach. Therefore, prudent buying in fashion industry requires market analysis, awareness about trend, industry dynamics, price differentials as well as smart approach, quick decision making, better collaboration and coordination, stock management, knowledge about product life cycle and product shelf life with forecasting about what to come on the horizon of the fashion industry having better communication with the fashion designers, manufacturers, trendsetters and market players. In this way, buying determines the profitability and sustainability of the fashion business.
WHAT ARE RESPONSIBILITIES OF FASHION BUYER?
The fashion buyer acts as a bridge between fashion manufacturers and fashion retailers. Though fashion buyer has no direct communication with the end users and consumers but the fashion buyer plays a central role in managing the merchandizes for supply of the purchasable to the consumers taking a multiple of factors into consideration as the fashion buyer is responsible for;
- Selecting, buying and arranging inventory
- Forecasting the trends and doing wide range of research
- Developing and sustaining coordination with suppliers
- Devising a plan for product range and pricing mechanism
- Having collaboration with marketing team and retailers
- Making assessment of products’ quality and their salability
- Developing sales strategy withing the allocated budget
WHAT IS ESSENTIAL FOR BUYER IN FASHION INDUSTRY?
The buyer in fashion industry requires certain qualifications, expertise and knowledge which may be discussed as under;
QUALIFICATION:
The fashion buyer must possess required qualification such as bachelor degree to step into the fashion buying business as the large companies prefer the employees with proper studies and knowledge about the market dynamics. The fashion buyer must have qualification regarding statistical analysis, accounting, economic theory, consumers’ buying priorities and market behavior.
APPRENTICESHIP: As it is a decided fact that theory is always different from the practical realities. In this context, fashion buyer after having academic qualification needs to have real time experience under the guidance and supervision of a seasoned fashion buyer who has braved the harsh weathers of the market volatility. The fashion companies prefer to hire fashion buying professional with a robust and vibrant market experience.
ANALYSIS: A good fashion buyer must have analytical skills and statistical grasp. He must be able enough to analyze the data such as sales figures, behavior of the consumers, market dynamics, products’ demand, inventory management, shelf arrangement, time and seasonality factors, purchasing priorities and budget utilization. The fashion buyer must have firm grip on numbers, analytical tools and data management to make timely and effective decisions.
DISCIPLINE: A fashion buyer should have a disciplined and organized working behavior with conscious approach towards time management having quick and effective decision-making ability as the fashion buyer has to work under pressing conditions and high pressure and has to handle many deadlines and busy workload.
INTERACTIVE SKILLS: A successful fashion buyer must have strong communication and interactive skills as he has to work with multiple of departments and variety of people within the organization and outside. He has to deal with suppliers, designers, brands and has to strike contracts through negotiations. The fashion buyer must be friendly, positive, flexible and zealous with excellent interactive and communication skills to keep the ball of the fashion business rolling.
FORECASTING ABILITY: A fashion buyer should have deep understanding of the emerging trends in the fashion world and he should have good working relationship and interaction with the fashion designers, fashion influencers and key players of the fashion industry to know what should be put on display as per the consumers interest and buying behavior. This prediction and forecasting skills must for the sustainability of the fashion business.
RETAIL EXPERIENCE: It is beneficial for a successful fashion buyer to have real time experience and deep understanding of consumers behavior, market dynamics, competitors’ priorities and product performance. Therefore, fashion buyer should work on the retail store to gain practical market experience which is necessary to develop supply chain strategy and buying priorities with assortments of right products to be placed on display for the targeted consumers.
NETWORKING: The fashion buyer should have the ability to develop a strong and vibrant network to ensure availability of trendy fashion designs and accessories on the shelf in the retail store. He should have close coordination with designers, manufacturers and suppliers. The fashion buyer should attend trade events, fashion shows and other such occasions. The interactive coordination helps fashion buyer keep abreast with the emerging trends and developments in the fashion industry.
CONCLUSION
Fashion buying profession has many glamourous aspects but it is equally challenging and pressing as the fashion buyer should have an analytical mind, vigilant approach, disciplined behavior, forecasting ability, communication skills, negotiation proficiency and work flexibility. He has to meet many challenges and deadlines with regard to sales targets and inventory management. The fashion buying profession is squeezing with the passage of time as BLS (Bureau of Labor Statistics) projects 4 percent decrease in employment opportunities for purchase managers and fashion buyers. It also shows that market is getting highly competitive for jobs. However, excellence has no limit and those with high-end skills and capable approach can find their space even in the challenging situations.
FAQs
Q1: How much is fashion buying profession rewarding?
Ans. The fashion buying profession is highly rewarding in terms of salary and fringe benefits as much of the fashion business depends on the fashion buyer.
Q2: What is demand of fashion buyer in online retailing?
Ans. The demand of fashion buying professionals on online platforms is the same as exists in the physical retail business.
Q3: How can qualification regarding fashion buying be obtained?
Ans. Many professional institutions are imparting fashion buying qualification from certificate to degree levels in the world.