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Retail Procurement Specialist

Retail is a complex business with tremendous competition. It is difficult for stores to survive unless they get things right in all aspects. This means hiring the best talents that you can find to fill the vital roles in the venture. For example, it is of utmost importance that retail stores hire a procurement specialist. This individual will have to deal with the acquisition of goods that the company will eventually resell. While it may seem like a trivial task, the reality is that this person will affect the business in profound ways.

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Compatibility

The specialist will have to conduct in-depth research into the products that are available on the market. New products are launched every year so there has to be an ear on the ground the whole time. He or she will have to assess whether these are compatible with the store's brand, financial capability, target market, and expertise. Specialists compare products from lots of sources in order to find the ones that fit the retail store.

Profitability

Retail shops earn money from the difference between the acquisition cost and the selling price. Other factors may be relevant but these two will largely determine the profits. Therefore, the procurement process should be focused on finding the best products at the lowest prices. A lot of wholesalers carry the same products so you need to compare their offers to get a great deal. Specialists know how to negotiate for consistently decent profit margins.

Inventory

These professionals will have to monitor the store's inventory. They have to know which ones are selling well and which ones are not so that they can get more of the former and less of the latter. They need to know if a certain product is running low so that orders can be made before they run out. They always have to be two steps ahead of the curve.

Strategy

While a procurement specialist needs to deal with the current issues, these actions should also be guided by a greater plan for the future. The best ones in this job are able to coordinate with different suppliers to make sure that there is a steady supply of future needs. They also meet up with department heads to get feedback and make the appropriate adjustments on their end. The result is a business that can adapt quickly to every given situation including stiff competition, natural disasters, economic downturns, and other challenges.