Pricing Coordinator

Industry:
Retail
Last Updated:
July 20, 2023

Job Description Overview

Looking for a Pricing Coordinator job description? As a Pricing Coordinator in the retail industry, your role is essential to the success of the business. You will be responsible for managing the prices of the products and services offered by the retail company. Your duties include researching and analyzing competitor prices, preparing pricing strategies based on customer demand, and implementing these strategies across different sales channels. On a daily basis, you will work with sales, marketing, and merchandising teams to ensure that pricing decisions align with the company's goals and customer expectations. To succeed in this role, you need good communication and negotiation skills, problem-solving abilities, and strong analytical skills. A degree in business or a related field is preferred, along with experience in pricing or retail operations. This is a rewarding career that offers opportunities for growth and development.

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Job Duties and Responsibilities

  • Update and maintain pricing information in the company's database.
  • Work with the merchandising team to determine appropriate pricing for new products.
  • Analyze sales data to identify trends and make pricing recommendations to improve profitability.
  • Monitor competitor pricing and adjust prices accordingly to stay competitive.
  • Communicate pricing changes to stores and ensure they are implemented accurately and timely.
  • Collaborate with vendors to negotiate pricing and promotions.
  • Ensure pricing accuracy and consistency across all channels (in-store, online, etc.).
  • Manage promotional pricing and markdowns to optimize inventory levels and minimize losses.
  • Provide reporting and analysis to senior management on pricing strategy and results.
  • Maintain knowledge of industry trends and best practices in pricing.

Experience and Education Requirements

To be a Pricing Coordinator in retail, you typically need a high school diploma or equivalent education. But some employers may prefer candidates with a bachelor's degree in business or a related field. Experience is also essential, preferably in the retail industry, where you can learn about pricing, sales analysis, and promotional strategies. Some companies may require experience with specific pricing and software tools, like SAP, Excel or Salesforce. To succeed in this job, you need excellent attention to detail, strong analytical skills, and the ability to work well under pressure. Good communication skills and teamwork abilities are also critical since you'll interact with vendors, customers, and internal teams.

Salary Range

According to Glassdoor, the average salary for a Pricing Coordinator in the United States is around $46,000 per year. However, salaries can range from $35,000 to $61,000 annually, depending on factors such as location, experience, and the employer's size. In New York, for example, the expected average annual salary is $50,000, while in Los Angeles it is $48,000.

In Canada, Indeed reports that the average salary for a Pricing Coordinator is around CAD 47,000 per year, while in the United Kingdom, totaljobs.com estimates a salary range between £20,000 and £35,000 annually.

Overall, the salary range for a Pricing Coordinator in the retail industry varies based on location and experience, but can provide a stable income with opportunities for growth.

Sources:

  • Glassdoor: https://www.glassdoor.com/Salaries/pricing-coordinator-salary-SRCH_KO0,19.htm
  • Indeed Canada: https://ca.indeed.com/salaries/pricing-coordinator-Salaries
  • Totaljobs.com UK: https://www.totaljobs.com/salary-checker/average-pricing-coordinator-salary

Career Outlook

The career outlook for Pricing Coordinators in the retail industry looks stable over the next 5 years. According to the Bureau of Labor Statistics, employment in the retail industry is projected to grow by 2% from 2019 to 2029. This suggests that there will be opportunities for Pricing Coordinators as retailers continue to expand their businesses. Also, organizations are placing greater emphasis on pricing strategy and competition, which will drive demand for skilled pricing analysts and coordinators. According to Glassdoor, the average salary for a Pricing Coordinator is around $49,000 per year, which is lower than other pricing-related jobs, but it is still a stable and lucrative career.

Frequently Asked Questions (FAQ)

Q: What does a Pricing Coordinator do?

A: A Pricing Coordinator ensures that products have accurate pricing information by working with vendors, sales teams, and other stakeholders in the retail supply chain.

Q: What kind of skills should a Pricing Coordinator have?

A: A Pricing Coordinator should have strong attention to detail, data analysis, and communication skills. They should be proficient in Excel and other analytical tools.

Q: What are some of the specific tasks a Pricing Coordinator performs?

A: A Pricing Coordinator may perform tasks such as monitoring price changes, analyzing market trends, updating pricing databases, and coordinating with vendors and sales teams.

Q: How does a Pricing Coordinator ensure that products are priced correctly?

A: A Pricing Coordinator works with vendors and sales teams to gather pricing information and monitors market trends to ensure products are priced correctly. They may also use pricing software and analytical tools to determine optimal pricing.

Q: What are some challenges that a Pricing Coordinator may face?

A: A Pricing Coordinator may face challenges such as dealing with conflicting pricing information from different sources, managing large amounts of data, and keeping up with rapidly changing market trends.


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