What do you understand by sourcing? Describe steps would you intend to adopt in identifying suppliers in a retail unit?

Sourcing refers to the process of identifying, evaluating, and procuring goods and services from suppliers to meet the needs of a retail business. It involves selecting reliable vendors, negotiating contracts, and ensuring that the products obtained meet the required standards of quality, price, and delivery timelines. Effective sourcing strategies help retailers maintain a competitive edge by optimizing costs, improving product quality, and ensuring a consistent supply chain.  

Sourcing in retail can be categorized into two main types: domestic and international. Domestic sourcing involves procuring goods from local suppliers, which ensures faster delivery and better communication. International sourcing, on the other hand, allows retailers to access a wider range of products at competitive prices, but it may involve longer lead times, logistical challenges, and regulatory compliance.  

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