A general practice whereby the buyer negotiates a purchasing arrangement, including price, for a group of items for a predetermined time period, and the supplier holds the inventory until the buyer places orders for specific items.

What is Stockless procurement?

a practice in which the vendor retains responsibility for carrying the bulk of the inventory and supplies items to a reseller on short notice.

What is the concept of JIT?

Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.