Article

What does a Retail Analyst do?

Learn all about Retail Analyst duties, skills and much more. Get expert advice on how to become a Retail Analyst.

Photo of Brenna Goyette
Brenna Goyette
Certified Professional Resume Writer, Career Expert

Published 4 min read

A retail analyst is responsible for analyzing data to help a company improve its sales, profit margins, and market share. They use their findings to make recommendations to management about pricing, product assortment, promotions, and store layout. Retail analysts also develop forecasting models to predict future sales.

Retail Analyst job duties include:

  • Researching and analyzing sales data
  • Developing forecasting models
  • Identifying trends and making recommendations
  • Developing and maintaining relationships with key stakeholders
  • Conducting market analysis
  • Generating reports
  • Presenting findings to senior management
  • Identifying opportunities for process improvement
  • Implementing changes to improve efficiency

Retail Analyst Job Requirements

Most retail analysts have a bachelor's degree in business administration, economics, or a related field. Many also have a master's degree in business administration (MBA) with a concentration in marketing or management. Some employers prefer candidates who have completed coursework in computer science or information technology. Certification is not required, but it may give jobseekers an advantage in the hiring process. Retail analysts typically have several years of experience working in the retail industry before being promoted to this position.

Retail Analyst Skills

  • Analytical skills
  • Communication skills
  • Organizational skills
  • Planning and coordination skills
  • Problem-solving skills
  • Research skills
  • Attention to detail
  • Critical thinking
  • Data analysis
  • Data interpretation
  • Math skills
  • Retail industry knowledge

Related: Top Retail Analyst Skills: Definition and Examples

How to become a Retail Analyst

A retail analyst is a professional who studies and analyzes the retail industry. They use their findings to help businesses make strategic decisions about how to operate more effectively and efficiently. If you’re interested in becoming a retail analyst, here are a few things you need to know.

First, you need to have strong research and analytical skills. You must be able to collect and interpret data from a variety of sources, including financial reports, surveys, and customer feedback. You also need to be able to identify trends and patterns in the data in order to make predictions about future behavior.

Second, you need to be an excellent communicator. You will need to present your findings in a clear and concise manner, both in writing and verbally. You must be able to explain your analysis in layman’s terms so that non-experts can understand your recommendations.

Third, you should have some experience working in the retail industry. This will give you first-hand knowledge of the challenges and opportunities that businesses face. It will also help you build relationships with key players in the industry who can provide insights into the latest trends.

If you have these skills and qualifications, then you’re well on your way to becoming a retail analyst. To get started, consider pursuing a degree in business administration or economics. Then, look for entry-level jobs at research firms or consulting firms that focus on the retail industry. With hard work and dedication, you can develop the skills necessary to succeed in this exciting field.

Related: Retail Analyst Resume Example

Related: Retail Analyst Interview Questions (With Example Answers)