Wholesale and retail buyers: Salary, career path, job outlook, education and more - RaiseMe (2024)

FAQs

What is the outlook for wholesale and retail buyers? ›

Demand for Wholesale and Retail Buyers of Non-Farm Products is expected to go down, with an expected -430,160 jobs shed by 2029. This represents an annual decrease of 5.69 percent over the next few years.

Retail Buyer career paths

They can also transition into roles like purchasing manager, category manager, or senior category manager. Some retail buyers may choose to become a store director or a multi-unit manager, while others may opt to become a project manager or a marketing manager.

An experienced purchasing agent or buyer may become an assistant purchasing manager before advancing to purchasing manager, supply manager, or director of materials management. There are several certifications available for buyers and purchasing agents. Although some employers may require certification, many do not.

Buy merchandise or commodities for resale to wholesale or retail consumers. Negotiate prices, discount terms, or transportation arrangements with suppliers. Examine, select, order, or purchase merchandise consistent with quality, quantity, specification requirements, or other factors, such as environmental soundness.

Overall employment of purchasing managers, buyers, and purchasing agents is projected to decline 6 percent from 2022 to 2032. Despite declining employment, about 45,000 openings for purchasing managers, buyers, and purchasing agents are projected each year, on average, over the decade.

Presently, India is amongst the top five retail markets and is expected to be the world's third-largest consumer market by 2030, trailing only behind China and the US. This growth trajectory demonstrates the immense potential and promising future of the Indian retail industry.

With experience and training you could become a senior buyer, buying controller or head of buying. You could also move into product management, marketing or merchandising.

Purchasing agents with a master's degree in business administration, engineering, technology, economics, or finance tend to have the best jobs and highest salaries. Companies that manufacture machinery or chemicals may require a degree in engineering or a related field.

Chief Procurement Officer (CPO)

The highest-ranking position within the procurement function, tasked with leading all aspects of purchasing and supply chain management. CPOs are instrumental in shaping the procurement strategy and ensuring it aligns with the company's strategic goals.

A wholesale buyer is a person who is responsible for researching brands to find out what they are selling and what their prices are. Once the wholesale buyer has completed the initial analysis, they will meet with brands to view products and gather details, and then place a bulk order.

What skills should a wholesale or retail buyer have? ›

They need to have a good knowledge of typical pricing and standards within their industry and be able to compare different retailers in order to find the best deals. Wholesale buyers may also be responsible for monitoring stock in order to ascertain when a product needs to be ordered.

Wholesalers typically market and sell products in bulk quantities to retailers, manufacturers and other businesses rather than directly to individual consumers. Retailers sell products directly to individual consumers, which also results in focusing their marketing activities on those customers.

A new trend leading the future of wholesale distribution is altering businesses models and diversifying business interests. The wholesaler of the future is not just a wholesaler, but a service provider, a D2C retailer, and a customer concierge.

The wholesale market size is expected to see strong growth in the next few years. It will grow to $68092.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.

The National Retail Federation said Wednesday that it expects retail sales will reach between $5.23 trillion and $5.28 trillion this year. The 2024 forecast is roughly in line with the 10-year pre-pandemic average annual sales growth of 3.6%.

Wholesalers don't interact with individual shoppers and don't have any control over customer relationships. They're dependent on retailers to represent their products to shoppers. Profit margin: Retailers have a better profit margin because they mark up the price of the goods they sell.