A pricing specialist is critical to the success of a retail establishment. Essentially, it is his responsibility to ensure that product prices are competitive with those of other stores while also bringing in enough revenue to maintain a healthy profit margin. Analyzing industry trends, setting up store promotions, making appropriate markdowns, managing store personnel, and analyzing sales data are among the primary responsibilities of the position.
A pricing specialist must analyze industry trends on a regular basis in order to do his job effectively. He might, for example, spend time researching what products are currently selling well and how much competitors charge for those products. He may also conduct customer surveys to determine the level of demand for a particular product. Knowing this information is an important part of the job, as it determines which products are carried in his store.
After becoming familiar with industry trends, a pricing specialist will set up store promotions featuring popular products. It is up to the specialist to capitalize on trends and set up special displays on items that are currently popular in order to maximize sales. For instance, during the Halloween season, he might put together a display of masks and costumes. This should increase sales by attracting as many customers as possible to these products.
Making appropriate markdowns when necessary is also a part of this job. For instance, if a clothing store has unsold swimming trunks at the start of autumn, the specialist may slash prices by 20%. The goal is to get rid of excess inventory and avoid losing money. As a result, a pricing specialist needs to be a quick thinker who can see the big picture.
Managing certain store employees effectively is also an important aspect of the job. While a pricing specialist typically does not have the same authority as a store manager, he is still in charge of some employees. He could, for example, show the sales staff how to set up displays and instruct them on where to shift merchandise. He’ll also keep an eye on employee performance and, if necessary, take disciplinary action.
A pricing specialist’s additional responsibilities include analyzing sales data. As sales trends change, he is responsible for determining how well his store did financially on a product investment. He will use the information he gathers over time to make better decisions in the future.