Retail Sales, Stock Procurement in the Retail Industry
This course provides a practical understanding of stock procurement in the retail industry. You will learn how to plan and manage stock levels efficiently to meet customer demand while controlling costs. Gain insights into supplier selection, purchasing strategies, and inventory control methods. Ideal for retail staff looking to improve stock availability, reduce waste, and contribute to a more profitable business.
Smart stock choices for stronger retail performance
Understand the vital role stock procurement plays in successful retail sales. This course will guide you through the process of selecting, purchasing, and managing stock to ensure the right products are available at the right time. Learn to work effectively with suppliers, monitor inventory levels, and make cost-effective procurement decisions. Designed for retail professionals aiming to boost sales, reduce waste, and improve customer satisfaction through better stock management.
Want to improve your stock buying decisions?
- Learn the fundamentals of retail stock procurement
- Understand how to choose the right suppliers
- Discover how to manage inventory levels effectively
- Improve product availability and customer satisfaction
- Reduce waste and increase profit margins
- Gain practical tips for cost-effective purchasing strategies
Overview
The qualifying learner is capable of:
- Sourcing suppliers of stock.
- Negotiate acceptable and profitable purchasing conditions.
- Develop relationships that will ensure an 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 for an online course.
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.
Course Content
- 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
- Policies and procedures negotiate a supply of stock
- 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
