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What is sourcing in retail business?

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Sourcing involves identifying suitable suppliers who provide the goods and services needed for a retail business to carry out its activities.

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What factors should a retail business consider when choosing a supplier?

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Cost, quality, quantity, delivery time, reliability, reputation, ethical and environmental actions, payment terms, and contractual issues.

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How has globalisation affected sourcing for UK retail businesses?

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Globalisation has led many UK retail businesses to source their supplies from all around the world.

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What is the supply chain in retail businesses?

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The supply chain involves the various stages of the movement of supplies from their source to the end user.

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Define logistics in the context of retail business.

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Logistics is the management of the flow of products, services, equipment, people, money, and information from the source to the end user.

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What does logistics include in retail?

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Transportation of supplies, storage (warehousing) of stock, packaging of products, transportation, distribution to customers, and security of products.

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How has e-commerce affected logistics in retail?

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E-commerce and online shopping have changed the way many retail businesses organize their logistics.

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Why is stock control important in retail?

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Effective stock management ensures that the right stock is available for sale when the customer wants it, allowing the business to function effectively.

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What systems do retail businesses use for stock control?

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Many use computerized stock control systems that can automatically order stock, and EPOS systems that scan bar codes, record sales, and monitor stock levels.

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What is an EPOS system?

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An Electronic Point of Sale (EPOS) system is a computer system that scans bar codes at tills, produces reports on sold stock, takes sales payments, records sales, and monitors stock levels.