Sourcing is the process of finding and acquiring goods or products for sale in a retail environment. It involves identifying suppliers, negotiating prices and terms, and ensuring the quality and availability of the products.
Sourcing is a crucial aspect of retail business as it directly impacts the profitability, customer satisfaction, and overall success of a retail operation. The sourcing process in retail typically involves conducting market research to identify potential suppliers, evaluating capabilities and offerings, and selecting the most suitable ones. It is important to consider factors such as product quality, pricing, reliability, and sustainability when choosing suppliers. Negotiating favorable terms and conditions, such as bulk discounts and delivery schedules, is also a key aspect of sourcing in retail.