Introduction:

Procurement is like the shopping department of your business. It’s all about sourcing and acquiring the goods and services you need to run your ecommerce store smoothly.

Definition:

Procurement involves the process of finding, negotiating, and purchasing the supplies and products your business requires from external sources.

How It Works / Examples:

Suppose you’re expanding your product line to include handmade candles. Procurement would involve researching and selecting reliable suppliers, negotiating prices and terms, and placing orders to stock these candles in your inventory.

Why It Matters:

Effective procurement ensures you obtain quality products at the best prices, directly impacting your profit margins. Building strong relationships with suppliers can also lead to better deals and priority service, giving your business a competitive edge.

Additional Resources:

Learn more about Procurement.