The purpose of a merchandise analyst is to monitor inventory and follow and chart the profits and sales of a store or company. They also watch consumer patterns, such as seasonal purchasing, and present their findings to store managers, buyers, planners, and corporate executives. Additionally, they offer insight on ways to alter merchandise assortments in order to increase revenue and minimize loss.
The duties that merchandise analysts execute are monitoring store category sales, supervising physical inventory, identifying trends in sales, monitoring the timing and scope of seasonal changes, maintaining desired inventory levels and assortments, scheduling deliveries and overseeing shipping, and developing supply strategies to minimize stock outs while maximizing inventory turns. Educational requirements include a bachelor's degree in finance, accounting, or similar field. Although a high school diploma or equivalent is also acceptable, the caveat is the right combination of retail, buying, and allocation experience. A blend of merchandising and data analysis experience are desirable.
The average hourly salary for the position is $27.95, which amounts to $58,138 annually. In addition, the career is expected to grow 20% in the following years to come, resulting in new opportunities emerging all over the United States.
There is more than meets the eye when it comes to being a merchandise analyst. For example, did you know that they make an average of $27.95 an hour? That's $58,138 a year!
Between 2018 and 2028, the career is expected to grow 20% and produce 139,200 job opportunities across the U.S.
There are certain skills that many merchandise analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, analytical skills and communication skills.
When it comes to the most important skills required to be a merchandise analyst, we found that a lot of resumes listed 17.6% of merchandise analysts included product category, while 8.3% of resumes included powerpoint, and 5.1% of resumes included ensure accuracy. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the merchandise analyst job title. But what industry to start with? Most merchandise analysts actually find jobs in the retail and manufacturing industries.
If you're interested in becoming a merchandise analyst, one of the first things to consider is how much education you need. We've determined that 69.8% of merchandise analysts have a bachelor's degree. In terms of higher education levels, we found that 17.9% of merchandise analysts have master's degrees. Even though most merchandise analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a merchandise analyst. When we researched the most common majors for a merchandise analyst, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on merchandise analyst resumes include associate degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a merchandise analyst. In fact, many merchandise analyst jobs require experience in a role such as assistant buyer. Meanwhile, many merchandise analysts also have previous career experience in roles such as sales associate or store manager.