Question
What do you understand by sourcing? What steps you would intend to adopt in identifying suppliers for a retail unit?
Answer :
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Sourcing refers to the process of identifying, evaluating, selecting, and obtaining products or merchandise from suitable suppliers for a retail business. It is an important function in retailing because the availability, quality, price, variety, and timely supply of merchandise directly affect the retailer’s sales, profitability, and customer satisfaction. Effective sourcing enables a retailer to obtain the right products at the right price, in the right quantity, and at the right time. For identifying suppliers for a retail unit, the first step would be to clearly understand the requirements of the retail business. The retailer should identify the type of products needed, expected quality, quantity, price range, target customers, and frequency of supply. The location and
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