Top 10 important words and phrases for Retail Buyer

Top 10 important words and phrases for Retail Buyer Introduction: The Role of a Retail Buyer Hello everyone! Today, we're diving into the world of retail buying. As a buyer, you're responsible for selecting and purchasing products for a store. It's a dynamic role that requires a deep understanding of the market, trends, and customer preferences. 1. SKU (Stock Keeping Unit) A SKU is a unique code assigned to each product in a store's inventory. It helps in tracking and managing stock, making it an essential term for any retail buyer. 2. Open-to-Buy (OTB) OTB refers to the amount of money a buyer has available to spend on new inventory. It's calculated by subtracting the current stock and committed purchases from the budgeted amount. 3. Markdown When a product's price is reduced to boost sales or clear inventory, it's called a markdown. Retail buyers need to strategize markdowns to maximize profitability. 4. Vendor