Retail Stock Procurement and Purchasing Essentials
Learn the essential skills needed to effectively procure and purchase stock within the retail industry. This course covers the full procurement cycle from selecting reliable suppliers to negotiating prices and ensuring timely delivery. Designed for retail professionals, it helps you keep shelves stocked, manage costs, and meet customer demand with confidence.
Buy smart, stock right, succeed in retail
Master the core principles of retail stock procurement to ensure the right products are available at the right time. This course will guide you through supplier selection, purchase planning, inventory control, and cost-effective buying strategies. Whether you’re new to retail or want to sharpen your procurement skills, you’ll gain practical tools to support efficient stock management and boost store performance.
Ready to take control of your retail stock buying?
Learn how to manage your retail stock procurement with confidence. This course covers the essentials of selecting the right suppliers, planning purchases, and maintaining the right stock levels. You’ll gain practical skills to improve your buying decisions and support the success of your retail business. Perfect for anyone involved in retail stock control or looking to strengthen their purchasing knowledge.
What you’ll learn:
- Understand the retail stock procurement process
- Identify and select reliable suppliers
- Plan and manage stock purchases effectively
- Apply budgeting and cost control techniques
- Maintain optimal stock levels to meet customer demand
- Improve overall retail performance through smart purchasing decisions
Overview
Issuing an order for stock replenishment is the subsequent step in the procurement process. Negotiating conditions for stock procurement includes discussing terms, prices, and other relevant factors. Evaluating current suppliers against negotiated standards helps ensure that they meet the agreed-upon criteria for continued collaboration.
Description
The qualifying learner is capable of sourcing suppliers of stock, negotiate acceptable and profitable purchasing conditions, and develop relationships that will ensure effective supply of stock to the business. On achievement of this unit standard, the learner will be able to establish sources of stock supply, issue an order for stock replenishment, negotiate conditions for the procurement of stock and evaluate current suppliers against negotiated standards.
- Stock is sourced by listing suppliers and indicating what stock can be obtained from whom and under what supply agreement/conditions.
- The organisation’s policy/practice on supplier specifications is stated and explained with reference to the minimum criteria.
- The vetting and approval of suppliers are explained with reference to company policy and procedure.
- The organisation’s purchasing policy/procedure is explained in terms of how it is applied
- The purchasing documentation is identified and verified according to policies and procedures.
- The purchasing documentation for the acquisition of stock is prepared according to company policies and procedures.
- The organisation’s policy and procedure on stock movements are explained in terms of how it is applied.
- A supply of stock is negotiated in accordance with policies and procedures.
- Minimum stock levels are calculated.
- A purchase condition is negotiated in compliance with company purchasing policies and procedures.
- Relationships with suppliers are explained in terms of the importance thereof and the results it has on sales.
- The process/procedure for monitoring and evaluating current suppliers is described.
- Current suppliers are evaluated according to standard procedures and regarding their supplier specifications and performance.
- The procedure to monitor current suppliers according to standard procedures is explained regarding their supplier specifications and performance.
- Recommendations concerning the acceptance/rejection of stock from a current supplier are made per company procedures and based either on a monitoring or evaluation activity.
- Non-accredited: Short course only
- Duration: 1h 30m
- Delivery: Classroom/Online/Blended
- Access Period: 12 Months
