Procurement in retail refers to the purchasing process of goods and services by retailers to meet the needs of their customers .
Procurement in retail refers to the purchasing process of goods and services by retailers to meet the needs of their customers It involves sourcing, selecting, and contracting suppliers to ensure a steady supply of products at competitive prices. The goal of procurement in retail is to effectively manage the supply chain and maintain adequate inventory levels while minimizing costs and maximizing profit margins.
Procurement plays a critical role in ensuring the availability of products on the shelves and meeting customer demands. It involves activities such as identifying product requirements, conducting market research, negotiating with suppliers, and managing contracts.
