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Whether you are an employer hiring new talent to fill a skills gap or a hiring manager looking to plan your hiring strategy for the next 12 months, it has never been more important to understand which competencies and attributes are the most sought-after in Retail & Fashion. In uncertain times, innovative solutions are increasingly needed to solve complex problems.
With this in mind, we have collated a list of some of the top skills which are set to shape 2021 in in Retail & Fashion. These are the skills which teams will need to thrive and succeed this year. For team leaders, they illustrate areas that may require focus and may highlight skills gaps.
However, this should not be viewed as an issue but also as an opportunity to upskill teams and individuals to take advantage of the trends which will define the years ahead. The other articles in this eBook will help you hire with skills in mind, and help you understand why upskilling and reskilling are so important in a modern organisation.
The past 12 months saw some seismic changes on the high street, with big names in retail closing their doors. Analysts have blamed this on a range of factors – it has been claimed there are too many shops, they are too big, or in the wrong locations. However, changing consumer habits are clearly the key instigator. Against this backdrop, it is perhaps unsurprising that e-commerce skills are in huge demand as the ‘Amazonisation’ of the retail sector continues apace.
Merchandising mastery
Online and in-store range planning is important in ensuring stock and quality control are perfect.
Effective merchandising and range planning ensures that once people are in a store, there is enough stock, and the right range, to satisfy demand. Professionals with these skills will be essential in navigating the retail sector through uncertain economic times.
Near-sourcing
Near-sourcing involves setting up processes that mean customers receive products and services faster.
Like most things in today’s market, retail functions are becoming more digitalised, as well as the way people shop. Online functions are more convenient for most, and it means that retailers can have a wider reach to sell their products and services. Skills in near-sourcing and the ability to help set up processes that mean customers receive products and services faster will boost businesses’ credibility and help to improve the overall customer experience. Not only will this improve the bottom-line, but near-sourcing can make the supply chain leaner and more efficient.
Brand development
It is important to put your business in the best position to ensure consumers shop with you.
In the retail market, brand reputation can make or break an organisation. Employing people who embody and champion your brand is important to ensure that the people they are selling to or speaking with are just as bought into the business. In such a competitive market, it is beneficial to have people who know how to develop and boost brand reputation. Consumers have so many retail options these days that it is important to put yourself in the best position possible to ensure they pick you over a competitor.
Critical path experience
Competition is fierce in the retail sector.
In a market that demands quick and measured decision making, it is important to ensure your team has the relevant skills and experience in order to do this correctly. A professional with skills in this area can help you to ensure products are in the right place and being delivered to the right members of your customer base. Adopting a project management approach means an organisation is able to plot the entire lifecycle of a product from sourcing to the end of the process. Having critical path experience can avoid delays, unnecessary costs, and potential consumer dissatisfaction.
Improved supplier relationships
Working collaboratively with your suppliers will ensure a positive and professional relationship.
Skills in this area ensure products are being delivered to the right members of your customer base. If you are working with suppliers, it is crucial to continuously improve the relationships you have with your key stakeholders. To achieve this, top retailers look to hire people who have interpersonal skills that can improve these relationships and identify mutually beneficial strategies. Effective operation in this area can help to improve numerous areas, such as market competitiveness, faster time-to-market, and risk mitigation, which can all affect the bottom line.
Product lifecycle management
Grouping products based on the analysis of data and monetary gain can give your business a boost.
Management of the product lifecycle is crucial once a product is ready to go to market. A product’s lifecycle is made up of four stages: introduction, growth, maturity, and decline, and therefore those with experience in managing each are highly coveted. Being able to group products based on the analysis of data and monetary gain can give your business the boost it needs to beat the competition, which is ever more important in the modern retail landscape.
E-commerce conversion
A comprehensive e-commerce strategy that boosts sales and creates a positive user experience is key.
Skills in e-commerce and online conversion are not necessarily easy to come by in the current market. However, it is becoming increasingly important for retail businesses to have a comprehensive e-commerce strategy that can boost sales. Today, retail businesses must keep up with the competition and have an easy-to-use, enjoyable customer journey and experience. Having an online presence is so important in a market where most shoppers choose to use online stores to purchase their products.
Price trading
Effective price trading can mean changing prices daily and hourly.
Professionals with experience in price trading are becoming increasingly valuable to retail organisations as the pace of technological change drives fiercer competition. Pricing continues to be a main selling point for businesses, which is why it is crucial to get right. Price trading can mean changing prices daily and hourly. This might be affected by the time of day they are trading or who has the best deal in the market. This is becoming more commonplace online, but it is also a trend that can be seen in stores with electronic price tags.
