The course starts with a wonderful introduction scenario which explains the role and importance of Retail Supply Chain management in retail business and how it is considered as backbone of any kind of retail business. Very useful and informative course for retail business people and entrepreneurs. The readers can get a good insight on how to implement few concepts through the real life scenarios explained in this course. Also, there are multiple choice questions which helps the readers to know what they have understood through this course.
A ‘Supply Chain’ is the sequence of organization of facilities, functions, and activities that are involved in producing and delivering a product or service. A ‘Supply Chain’ is also known as ‘Value Chain’. Supply Chain is the flow and management of resources across the retail enterprise for the purpose of maintaining the retail operation profitably.
‘Retail SCM’ can be defined as the management of a network of all retail business processes and activities involving procurement of raw materials, manufacturing and distribution management of finished goods to reach the end user. SCM is also called the art of management of providing the Right Product, At the Right Time, Right Place and at the Right Cost to the Customer.
Retail Supply Chain Strategies are the critical backbone of retail businesses today. Effective market coverage, availability of products at locations which hold the key to revenue recognition depends upon the effectiveness of Supply Chain Strategy rolled out. Very simply stated, when a product is introduced in the retail store and advertised, the entire retail stores in the country and all the sales counters need to have the product where the customer is able to buy and take delivery.
Inventory means value and is an asset for the retailer. Every retail business has a standard for inventory turnaround that is optimum for the retailer. Inventory turnaround refers to the number of times the inventory is sold and replaced in a period of twelve months. The health of the inventory turnaround relates to the health of retail business.
