– As a business leader, you know how important product sourcing is — but you also know it’s not as easy as just finding a supplier, sourcing the product, and then selling it to your customers.
– Product sourcing is the process of a business finding and acquiring marketable inventory from reputable suppliers to sell to customers at good prices. Typical sources include manufacturers, wholesalers, and artisans, as well as other creators and businesses that make products.
– The steps involved in the product sourcing process include:
- Searching for a vendor
- Researching the product
- Calculating and comparing prices
- Negotiating with the supplier