The top 9 skills in the retail sector

While traditional bricks and mortar high-street stores are currently facing a challenging economic climate and excess competition, online retail has seen continuous growth. This change in consumer behaviour has also instigated a shift in the skills needed to get ahead.
 
We work closely with both employers and professionals operating in the retail industry. Our expert consultants understand the challenges that businesses are facing and have a unique insight into the key skills and support needed to drive success. Here are the top 10 skills expected to drive the sector forward this year. 

1. Range planning

In recent years, the retail sector saw a number of large high-street stores close down due to a variety of reasons – competition, the pandemic, and in general being a challenging market to operate in. Organisations that are succeeding have had to adapt to the evolving demands of consumers with a focus on savvy range planning. It is now more important than ever to ensure the correct depth and width of range, the right quality, profitable pricing architecture, and free-flowing stock availability. The ability to deliver this, while maximising sales potential and lowering outgoings, can provide a real mark of difference to businesses concerned about a tough economic environment.

2. Critical path experience

Ensuring the right products are in the right place at the right time, and being delivered to the target audience, is key. The critical path method is a project management approach that allows users to plot the entire lifecycle of a project and dynamically update projected timeframes. In retail, this method is being used to track product from sourcing through to lifecycle. In a demanding and fluctuating market, making the right decision based on the critical path model can avoid lengthy delays, unnecessary costs, and potential consumer dissatisfaction.

3. Near-sourcing

Due to what experts term ‘the Amazon effect,' customers are increasingly shifting to online shopping and now demand next-day, if not same-day delivery when making a purchase. With this growing demand, many organisations are benefitting from moving production closer to their customer base. As the supply chain shrinks, retailers are better placed to meet the consumers' expectations for instant delivery. Whilst by no means a new initiative in the retail space, near-sourcing is widely seen as a way to make production and supply chain leaner and more effective.

4. Product development

A product that is well-designed, presented, and priced can make a brand stand out from the competition - this is key in a highly saturated market. The ability to stay ahead of the competition is more important than ever in retail, and this can be done through the efficient development and planning of new products. As consumers now have an endless choice of products and services when shopping online, product developers play a vital role in delivering the right products to market.

5. Owning supplier relations

There can be a tendency for businesses to focus solely on their customer base and overlook relationships with their suppliers. Adapting strategic approaches to supplier relationships can have an immense long-term impact. Effective supplier relationship management (SRM) yields faster time-to-market, risk mitigation, transactional efficiency, and market competitiveness, all of which contribute to the bottom line.

6. Product lifecycle management

After the development of a product is complete, a product's lifecycle can be split into four stages: introduction, growth, maturity, and decline. A product can stay in the growth and maturity stages for longer with a well-managed lifecycle. Classifying products into categories based on the sales, and product lifecycle allows retailers to gain a competitive edge in range planning, sourcing, pricing, and marketing. Effectively managing challenges such as industry trends, clones, competition, and market decline, are key aspects of this sought-after skill set.

7. Pragmatic price planning

In a highly competitive but uncertain market, the right price can mean the difference between profit and loss. There are a number of pricing strategies to deploy, but the real skill lies in knowing which to use, and when. It is a skill that many retail businesses are looking for, and one which features prominently in many job descriptions. There are a number of factors that play into these decisions, so individuals who can weigh up the variables and make the correct calls on product pricing are capable of driving real growth and profitability.

8. E-commerce

E-commerce professionals can be very challenging to find, particularly in the retail sector. With more sales taking place on online platforms, it is crucial that retail businesses adopt a streamlined shopping experience for customers on their websites. In this market of uncertainty and off the back of a year which saw the closure of countless high street stores, this area is extremely important for retailers to future-proof their offering. 

9. Consumer experience

The overall experience that a customer has with a brand is becoming increasingly important. With endless choice in the UAE market, if a consumer is dissatisfied with a product or service, then they are likely to take their custom elsewhere. From start to finish, a streamlined, engaging, and a unique experience is key. Those who understand this are invaluable to retailers.

As leading recruiters in UAE with a global network, we have an extensive database of top talented professionals to take your business to the next level, helping you to stay ahead of the competition.

For a confidential discussion on how we can help you get the best talent with the right skills, get in touch with one of our specialist recruitment consultants today.