The top ten retail and fashion skills for 2018

The coming year offers a lot of opportunity for retailers and there are many skill sets that are set to bring meaningful change to the organisations which know how to harness them. Drawing on our decades of experience in the sector, our Michael Page Retail and Fashion team have put together a list of the most in-demand skills within retail and fashion as we enter the New Year. These are the skills we’re looking for in candidates when recruiting for our client; skills that are set to really drive the sector forward in 2018.

1. Range planning | In a tough economy, astute range planning can make all the difference.

Fluctuating interest rates, Brexit uncertainty, rising inflation and a squeeze on wages are all factors putting pressure on the retail industry. Many retail businesses are thriving, however, and at the heart of this is savvy range planning. Considering the correct depth and width of range, the right quality, profitable pricing architecture, and the free-flowing stock availability all require consideration. Professionals who can 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 |Critical path is fast becoming the project tracking methodology of choice among retailers.

Widely used in procurement and supply chain, critical path is a project management approach which 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. Employers should be on the lookout for buyers and merchandisers who can exhibit their ability in project management and critical path is seen as having wide potential in the industry.

3. Near-sourcing | Is outsourcing on the way out? Market forces are shifting the balance back towards near-sourcing.

The trend of outsourcing work overseas to cut costs exploded during the 1990s and 2000s. It was seen as the easiest way to reduce costs and improve margins. However, many organisations are now benefitting from moving production closer to their customer base as the supply chain shrinks and consumers expect instant delivery, due to what experts term ‘the Amazon effect'. By no means is this 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 | Savvy consumers are placing the onus onto innovative product developers.

Staying ahead of the competition is central to any successful retail company's business model. Savvy and discerning consumer bases, start-ups and an often saturated market means that product is king and those with the best offering will come out on top. This is why the skills of an excellent team of product developers are highly sought after. A well-designed, presented and priced product can make a brand stand out from the competition and see them become the latest trend in their marketplace. Every company strives for this and product development sits at the heart of the challenge.

5. Owning supplier relations | Often neglected, effective SRM can deliver a step change to overly customer-centric organisations.

There can be a tendency for businesses to focus solely on their customer base and overlook another key area: their relationship with their suppliers. Organisations are realising that adapting strategic approaches to supplier relationships can have an immense long-term impact. SRM yields faster time-to-market, risk mitigation, transactional efficiency, and market competitiveness, all of which contribute to the bottom line. A supplier manager who can keep all of these processes running smoothly is a great asset to any retail business.

6. Product lifecycle mastery | Maintaining growth and maturity in a product's lifecycle can make or break a retail operation.

In the retail industry, buyers and merchandisers classify their products into categories based on sales and product lifecycle, allowing them to gain a competitive edge in range planning, sourcing, pricing and marketing. After development is complete, a product's lifecycle can be split into four stages: introduction, growth, maturity and decline. A product which has a well-managed lifecycle can stay in the growth and maturity stages far longer than one which is not giving retailers a competitive edge. Staying on top of challenges such as industry trends, clones, competition and decline are key aspects of this sought after skill-set.

7. Pragmatic price planning | Knowing how to set the right price at the right time is a big driver in profitability.

Retailers can extend products' lifecycles by employing adaptive pricing strategies. In a highly competitive but uncertain market, the right price can make 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. Many factors 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. It is a skill which many retail businesses are looking for and one which features prominently in many job descriptions.

8. Vendor negotiations | In a game of give and take, those who take more are king.

Negotiation is a game of give and take, but when the margins are tight, those who take more than they give are king. Negotiating with a vendor is not simply about getting the right price for the product you want today but about building relationships and ensuring that you get good prices the next time you sit down. When buying in volume, small price changes can greatly affect profit and loss. Astute negotiators are not ten a penny. Paired with a strong retail acumen, solid negotiation skills can really deliver a huge amount of value to any retail business.

9. Product availability knowhow | Many firms are looking to improve their product availability without drastically increasing cost.

Focusing on product availability does not necessarily mean simply making more of the product, quickly. Instead, success in this area is built on managing your product range and ensuring it is available to your customers in the right place, at the right time. Executed efficiently, this type of strategy can reduce overstock and out-of-stock and increase customer satisfaction. These are all key points of difference for retailers but an increase in profitability is the ultimate goal. 

10. Innovation | Effective problem-solvers and idea generators are the wheels that drive businesses forward.

Innovation propels businesses forward and in today's ever-evolving marketplace, those with the skills to help inspire innovation by injecting creativity into a team, are highly valuable. The race to create the most innovative solution to a customer problem, or develop the most efficient processes, has accelerated. New technology is developing faster than ever before and the need to innovate to improve efficiency has increased. Professionals who can demonstrate their ability to think strategically and design innovative solutions, are in high demand and possess a skill set that is only expected to gain further popularity among employers.

Don’t be left behind in 2018. As leading recruiters in the UK and with a global network, we have an extensive database of top talented professionals to take your business to the next level in 2018. 

For a confidential discussion about how we can ensure you have the right talent with the right skills on your team, get in touch with one of our specialist consultants. Why not get in touch today and find out how we could find the skilled candidates you need to drive your business forward in 2018 and beyond?