Wholesale and Retail Buyers are considered part of the Enterprising careers category according to the Strong Interest Inventory® Assessment. Originally developed in 1927, this assessment has been widely considered a trusted tool for job seekers to find fulfilling careers over nearly a century’s span. This assessment works by comparing one’s interests and preferences to those of satisfied professionals in a wide array of fields, and then recommends categories of careers based on that analysis. For instance, Wholesale and Retail buyers, like other Enterprising career examples, typically involve making high-stakes decisions in challenging, fast-paced environments, like business and medicine. People who are drawn to Enterprising careers are often detail-oriented and driven.
Wholesale and Retail Buyers buy merchandise or other commodities and resell them to wholesale or retail customers for a profit. There are many steps to a successful transaction. First, Buyers need to procure their product, including examining, selecting, ordering, and purchasing merchandise that aligns with their quality, quantity and other specifications. Then, they need to negotiate prices and quantities, any relevant discount terms, and transportation arrangements—that is, how they will ship the goods from their supplier to their warehouse or even directly to their customers. Once an agreement is reached, they authorize payment.
Read about a career in Wholesale and Retail Buying including information such as a Wholesale and Retail Buyer’s salary, daily tasks and other career information.
In order to make a profit, Buyers need to sell their products for more money than they purchased them for. Therefore, they need to calculate mark-up percentages and merchandise selling prices that provide their customers with a fair price, while still leaving themselves enough room for profit. This may include monitoring sales trends and economic conditions in order to forecast how much of which products will sell in the coming months. This analysis can also inform advertising, including which products should be featured, what advertising medium should be used, and when the ads should be active.
In some cases, Buyers may have additional responsibilities. For example, they may need to conduct sales meetings to introduce new merchandise or collaborate with vendors to develop new products. If they work in the retail sector, they may train sales staff, consult with store managers to develop budgets and identify goods for purchase, or even provide clerks with the details they need to print on price tags.
Wholesale and Retail Buyers use many different kinds of technology in order to keep track of their many transactions and business commitments, including accounting and Business intelligence software (e.g., Intuit QuickBooks, Qlik Tech Qlik View, etc.), customer relationship management software, development environment software, and materials requirements planning logistics and supply chain software (e.g., Claritas ConsumerPoint, Eclipse IDE, Infor Supply Chain Management, Kliger-Weiss Infosystems, Materials requirement planning MRP software, etc.). Like any other modern business, they also utilize Microsoft Office Suite, as well as e-mail and web browser software.
Being a Wholesale and Retail Buyer does not require extensive education—some 35% of professionals in this field hold a Bachelor’s degree, while 20% hold a high school diploma or equivalent, and 14% hold less than a high school diploma. That said, what they lack in formal training, they more than make up for in sales acumen, negotiation skills, and customer and personal service. Buyers need to be strong communicators and need to be able to make deals with others who have competing interests.
The median Wholesale and Retail Buyer Salary of $62,750 annually, allows for a healthy living. Salaries are fairly stable across the country. Even mid-Atlantic states with high costs of living still have averages around $75,000, while Montana is at the low end around $45,000. That said, the top 10% of Buyers nationwide earn well over $100,000 annually. Washington D.C. has a particularly high earning potential, with the top 10% earning over $135,000 per year and the median nearing $100,000 annually. However, employment is slowly decreasing, at an estimated rate of 7%, though state-specific data is not available at this time.
Below are some employment trends for Wholesale and Retail Buyers:
- Wholesale and Retail Buyer Salary: $30.17/hour; $62,750 annually
- Employment: 432,000 employees
- Projected growth (2018-2028): Decline (-2%)
- Projected job openings (2018-2028): 40,200
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MBTI® Career Report + Strong & MBTI Combined Career Report + Strong Profile
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Strong Interest Inventory® & MBTI® Combined Career Report + Strong College Edition Profile
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You’ll start college off right with knowledge on applying your interests and preferences to college majors and receive a detailed depiction of how your ideal career will mature if you work toward success. With the Strong Interest Inventory® & MBTI® Combined Career Report and the Strong College Edition Profile, you’ll set yourself up for success throughout college and into your career after graduation.
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Strong Interest Inventory® & MBTI® Combined Career Report + Strong Profile
Use knowledge about your interests, preferences and personality type to start your optimal career and formulate a plan to achieve your dream job.
With the information obtained about yourself from your MBTI® personality type and your Strong Interest Inventory® Report, you’ll learn about how your personality, as well as your interests and preferences, can be used in your life and career to provide fulfillment and happiness. Discover occupations that work with what you like and enjoy, and learn how your personality influences your mental processes and preferences.
Download sample Strong Interest Inventory® & MBTI® Combined Career Report Plus Strong Profile
Download sample Strong Profile
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Strong Interest Inventory® & MBTI® Combined Career Report + Strong College Edition Profile
Choose a college major that works best with your interests, and then plan a rewarding career to follow your college career.
You’ll start college off right with knowledge on applying your interests and preferences to college majors and receive a detailed depiction of how your ideal career will mature if you work toward success. With the Strong Interest Inventory® & MBTI® Combined Career Report and the Strong College Edition Profile, you’ll set yourself up for success throughout college and into your career after graduation.
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Strong Interest Inventory® Interpretive Report
Delve deeper into what your interests, hobbies, favorite topics, and locations can mean for your career and personal life with the help of this extensive and personalized Strong profile.
Your Strong Interest Inventory® Interpretive Report starts with the same foundational information found in the Strong Interest Inventory Profile, but goes even further into analyzing your likes and dislikes by offering you a detailed look at how following your interests and preferences can help you lead a more fulfilling, satisfied life. The report presents you with the closest matched occupations for people with your interests, an in-depth breakdown of certain areas matched to your Strong Interest Inventory test results, and insight into your likes and dislikes.
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Strong Interest Inventory® Profile
Mold your future success by choosing a career that accurately reflects your interests, preferences, favorite topics as well as your likes and dislikes with the help of this profile.
Direct your future based on what you like and enjoy, providing you with a happier, more fulfilling life and career. The Strong Interest Inventory® Profile uses an extensive analysis of your interests and preferences to guide you towards a career that best suits who you are on a personal level. Depending on your likes and dislikes compared to others in specified fields, you may find a fulfilling career previously unthought-of, helping guide you down the road to success and happiness.
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Strong Interest Inventory® & Skills Confidence Profile + Strong Interpretive Report
Discover your interests and preferences as well as your confidence in your abilities to use these interests to your advantage.
Your strengths, interests, and preferences, when understood and well known, can lead you toward a successful and satisfying career. With this custom package, you’ll learn which occupations, strengths, and skills work best with your likes and dislikes and how confident you are in your ability to fulfill the needs of certain occupations, allowing you to formulate a career path that you’ll enjoy for years to come with the help of the Strong Interest Inventory test.
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iStartStrong™ Report
Plan your future career based on your interests and preferences, leading you down the path to a successful work and personal life.
Use your interests, preferences, and favorite subjects and leisure activities to assess which career or career field works best with who you are and what you like. Through the web-interactive and thorough iStartStrong™ report, you’ll get set off on the right foot toward finding a career that you’ll enjoy for years to come.
Explore our Strong Interest Inventory® Blog Pages:
- Strong Interest Inventory Realistic Theme Explained
- Strong Interest Inventory Artistic Theme Explained
- Strong Interest Inventory Investigative Theme Explained
- Strong Interest Inventory Social Theme Explained
- Strong Interest Inventory Enterprising Theme Explained
- Strong Interest Inventory Conventional Theme Explained
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References
- Bureau of Labor Statistics wage data and 2018-2028 employment projections Onetonline.org