Retail Analyst Job Description, Key Duties and Responsibilities
This post will help you learn about the retail analyst job description. It provides detailed information about the duties, tasks, and responsibilities commonly carried out by retail analysts.
It also reveals major requirements applicants for the retail analyst job are commonly expected to meet by most employers/recruiters to be hired.
Please, read on:
What Does a Retail Analyst Do?
The retail analyst is responsible for optimizing business performance to help achieve company goals such as sales, profit, new item listings, and deduction management.
They work with and motivate a multi-functional team covering all aspects of the need to deliver a profitable volume.
They work in banks, credit union, ecommerce stores, retailing businesses, FMCG, etc.
The retail analyst job description entails proactively managing the sales and profit potential of an assigned retail accounts with the objective of maximizing sales, profitability, and distribution.
They partner with customers to help identify new needs and enable customer satisfaction through superior customer service, account management and data management.
They apply customer knowledge in seeking, creating, and developing new business opportunities to build brand consumption and guide other internal functions in understanding and acting upon customer, consumer, and industry insights.
They also adapt knowledge of customer strategies to company strategy to optimize sales potential.
The retail analyst role also involves developing and executing effective account specific sales and marketing programs in partnership with the marketing team.
They are responsible for providing planning and forecasting guidance to operations team to ensure 98% service rate by utilizing competitive information from benchmarking the company’s performance
They are also responsible for all aspects of account management including meeting assigned sales targets, maximizing profitability and managing rebate and co-ops programs of assigned accounts, keeping in mind the end goal of meeting assigned daily and monthly quota of customer calls, customer visits, and other customer interactions.
The retail analyst work description also involve managing relationship between manufacturer’s representative groups and customers to ensure a positive working relationship and the achievement of top-line sales growth.
It also includes creating and delivering creative customer presentations to achieving incremental opportunities and developing strategic business partnerships, to influence corporate plans, supporting businesses programs and growth.
To work as retail analyst requires a Bachelor’s degree or equivalent work experience.
Persons interested in the retail analyst career also require strong computer skills, modeling, and statistical capabilities, as well as strong abilities in data mining and analytics.
They must also possess strong organizational and communications skills to perform the job successfully.
Retail Analyst Job Description Example/Sample/Template
The retail analyst performs various functions which primary involves providing analysis and supporting recommendations for the retail analytics team, supporting internal retail-driven initiatives and external client reporting and initiatives.
The key tasks, duties, and responsibilities that make up the retail analyst job description are listed below:
- Responsible for organizing and analyzing data from available data sources to support retail reporting, projects and initiatives
- Responsible for managing deliverables, including new item, coverage, merchandising objectives, voids/chronic out of stocks, and other project requests for assigned clients
- Responsible for creating analysis, recommendations, and presentations to support retail initiatives and projects
- Responsible for the development of standard templates, scorecards, and benchmarking capability across customer teams and region
- Present retail analysis to both internal and external contacts
- Responsible for providing support and proposes recommendations for improvements to tools and information used within retail analytics
- Interface and interact with buyers and manufacturers
- Responsible for the set-up of products to be sold online and in retail stores
- Responsible for reviewing POS information, generate sales reports and analysis, and complete detailed product set up forms
- Responsible for performing data segmentation analysis to support promotional campaigns and program enhancements
- Provide support for business unit by performing analysis of activities (on systems, products, processes, and/or procedures) to improve core functions, growth, and profitability
- Partner with key stakeholders to analyze, test, and launch new initiatives to increase product penetration.
Retail Analyst Requirements – Skills, Knowledge, and Abilities for a Successful Career
Employers/recruiters hiring for the position of a retail analyst commonly give a list of requirements that applicants must fulfill to be considered for employment.
This is important to ensure that the candidate hired will be able to effectively perform the obligations, objectives, and purpose of the retail analyst role in the organization.
Shown below are major requirements, including skills, abilities, and knowledge that individuals seeking to work as a retail analyst are expected to meet to be qualified for the job:
- Education: They must possess a Bachelor’s degree or three to five years of experience in marketing/retail analysis
- Knowledge: Depending on the recruiting organization, specific knowledge of IRI and/or ACNielsen systems, or other data gathering systems and their uses in creating reports, recommendations, and presentations may be required
- They also require demonstrated experience with analytical/reporting tools, including SAS, SQL and R; related experience with emphasis in data mining and quantitative analysis, and familiarity with Salesforce.com or other CRM/sales productivity solutions
- They must possess an understanding/ ability to perform statistical modeling and data extraction, and also provide insights and make strategic business recommendations through presentations, reports, and analyses
- Computer skills: They must be proficient with Excel, including use of pivot tables, financial functions, data analysis, auditing and additional functions; advanced formatting and analysis tools. They must also possess a working knowledge of Windows and related software applications, including word processing, graphics, e-mail, fax ability, and database management
- Communication skills: They must be able to communicate effectively both orally and in writing
- • Office skills: They must be able to operate basic office machinery, including a calculator, computer, and a printer, fax machine, telephone, and copy machine
- • Organizational skills: They must be highly organized with the ability to handle several projects simultaneously, prioritize effectively, and exhibit good technical and problem solving techniques.
If you are an employer/HR manager/recruiter hiring for the position of retail analyst and need to make a good description of the job, this post can help you to do so.
The retail analyst job description sample provided above is useful to you in creating the perfect description of the role for your organization that can help you to attract the right people for the job.
This post is also useful to individuals interested in the retail analyst career to increase their knowledge of what the role entails, as well as the qualities, experience, qualifications, etc. required to succeed on the job.
Did this article help you to learn about what retail analysts do? Please, leave a comment in the box below. You may also discuss your job description if you work as a retail analyst.
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.