The Importance of Effective Purchasing
Purchasing is a highly strategic role within any company and, when done properly, will have an enormous impact on the bottom line. Successful buyers must stay on top of the changing marketplace by reading trade journals, visiting online blogs and social media, communicating with their customers, going to industry trade shows, and by maintaining a good relationship with their reps.
To be effective, buyers must be knowledgeable on all aspects of the business they are buying for so they can ensure they have the right product, at the right price, and at the right time. To accurately achieve this goal they must know about inventory management, sales planning, forecasting, and open to buy planning.
Good buyers have the ability to assess which styles and merchandise will sell in their store by anticipating what their customer’s appetite will be the following retail season. Poor buying decisions could result in a loss of profits and customers for the company.
Buyers must consider style, price, quality, and availability when ordering merchandise; in addition, reliability and support from suppliers is also a key factor. Feeling confident about the reliability of your supplier is critical for buyers since the well-being of your store is in both your hands and theirs. Delayed delivery of inventory could result in a loss of business and customers. Planning ahead is essential to any successful buy.
The Arett June Market on June 18th in Somerset, NJ is the perfect opportunity to buy the right products, at the right price, at the right time. With the largest selection and best pricing on pottery and outdoor living, this is a “can’t miss” show. This one day event features over 65 booths – all with great buying deals.