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 selecting suppliers for the products or services a company intends to sell. It is an essential part of retailing as it directly affects the cost, quality, and availability of goods. In retail, sourcing ensures that products are procured at competitive prices while maintaining the required quality and quantity. This process involves establishing strong relationships with suppliers, negotiating favorable terms, and ensuring the supply chain operates efficiently.

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