How to Become a Retail Analyst
Retail analysts help large retail chains maximize sales and profits by applying the statistical methods used by market researchers. Through their research and data analysis skills, these specialists monitor sales and spot economic and marketing trends on which retailers can capitalize to compete for consumer dollars and increase their market share. Becoming a retail analyst requires a college education, strong analytical and communication skills, an eye for detail and a passion for the retailing world.
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Instructions
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Complete a bachelor's degree from an accredited college or university. Retail analysts work extensively with financial and sales data, so major in a business-oriented field such as accounting, marketing, finance or economics. Because retail analysis involves extensive data analysis, make sure your college coursework includes courses in advanced mathematics and statistics.
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Immerse yourself in the retail industry while in college. Applying for a full- or part-time job with a retail outlet while a student will enable you to gain practical experience in retailing, build potentially valuable contacts among store management and help you determine if a career as a retail analyst is for you.
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Develop your computer skills. You should gain proficiency in using spreadsheet software, such as Microsoft's Excel. You also should become familiar with database software, such as Access.
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Cultivate strong verbal and written communication skills. Retail analysis is not limited to number-crunching; effective analysts should be able to translate data analysis results into actionable information by preparing clearly written reports, including tables and charts that highlight significant findings that retail managers and directors can use in marketing and sales decisions.
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Stay abreast of developments in the economy in general and the retail industry in particular by reading business-oriented news, including reports from retail trade publications. Doing so will build a knowledge base that gives you the edge in spotting significant trends in retail data.
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