Stock Procurement in the Retail Industry Online Course

retail inventory management course

A Retail Inventory Management Course is a professional training program designed to teach individuals how to efficiently manage, track, and control inventory in a retail setting. The course equips learners with skills and tools to minimize stock shortages and overstocking, optimize product availability, and improve overall retail operations. This course is ideal for store managers, inventory clerks, retail supervisors, and anyone involved in supply chain or stock control.

What Is Retail Inventory Management?

Retail Inventory Management is the process of overseeing and controlling the ordering, storage, and use of products in a retail business. It includes managing stock levels, forecasting demand, tracking sales, and ensuring that the right amount of stock is available at the right time. Proper inventory management helps reduce costs, improve customer satisfaction, and increase profitability.

What Will You Learn in a Retail Inventory Management Course?

In a Retail Inventory Management Course, participants learn both the theory and practical application of inventory control. Topics typically include:

  • Inventory planning and forecasting

  • Stock replenishment methods

  • Barcode scanning and inventory tracking systems

  • Inventory accounting techniques (FIFO, LIFO, etc.)

  • Reducing shrinkage and managing returns

  • Inventory software and tools (like POS systems)

  • Supply chain basics and vendor relationships

These skills help ensure that products are available to meet customer demand without tying up unnecessary capital in excess inventory.

Who Should Take a Retail Inventory Management Course?

This course is valuable for:

  • Retail store owners and managers who want to improve their store efficiency

  • Warehouse staff and inventory clerks who handle stock control

  • Supply chain and logistics professionals

  • Retail employees seeking career advancement

  • Entrepreneurs launching their own retail business

Whether you’re new to retail or looking to upgrade your existing skills, this course provides practical knowledge that can be applied in real-world settings.

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.

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 
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