What exactly is vendor management and how does it work? Need some ideas and tips

[arianagrand]

Hey friends,
I am trying to learn MAGENTO 2 to develop Online E-commerce platform for my company. Everything is going well, and in line with what I planned. However, I have a few doubts about the working of an e-commerce setup, which I wanted to ask you.

The most important thing that I needed to understand is What exactly is vendor management and how does it work with Magento 2?

[rohit]

Vendor management is managing and procure staffing services for your parties and events. Vendor management is simply about finding the supplier with the cheapest price for a product or service, it’s about more than that.

[Ritika gosh]

Vendor development can be defined as any activity that a buying firm undertakes to improve a supplier's performance and capabilities to meet the buying firms supply needs. Reach customers, grow sales, balance your books and work in collaboration from any device.

[davidsmith21]

Vendors are merely your product manufacturers or a re-seller same with an internal inventory.

[Jessicad0505]

You can resell the product to the retailer in the internal inventory platform.

[mtgfanboy]

Vendor management is more than getting suppliers to give you a better contract working with your vendors to come to agreements that will mutually information at the right time to allow a vendor to serve your needs better.