Over the next few years, the specialty retail industry is expected to witness unprecedented growth owing to macroeconomic aspects such as higher disposable income, consumer spending, and an increase in the GDP across the globe. Also, the specialty retail industry is highly fragmented and typically consists of a diverse range of products, from premium cigars to grave markers. Moreover, the rapidly rising middle-class population, well-developed credit and financing facilities, availability of a skilled workforce at a competitive price, and market-oriented stable economy are also expected to accelerate the growth of the specialty retail industry. However, this industry poses a few risks including high level of competition, price competition, a high degree of inflation, supply chain discrepancies, and inefficient inventory management. As a result of these challenges, leading players across the specialty retail industry have started leveraging the use of robust supply chain risk assessment studies. The supply chain risk assessment studies help companies in the specialty retail space to gain real-time and actionable insights into the flaws across the supply chain and devise effective strategies to stay agile and responsive in this dynamic environment.
With over 13 years of proficiency in offering supply chain solutions, SpendEdge helps leading companies operating in the specialty retail space to gain an end-to-end visibility into their supply chain processes and identify the potential risks that are likely to impact the growth of the business.
The Procurement Pain Point and Insights Offered
The client, a leading player in the specialty retail industry space with business units spread across geographies was facing predicaments in analyzing the supply trends, risks, and profitability across the supply chain. Additionally, the client was facing challenges in understanding their current state of the supply chain with respect to the import and export scenario. As a result, they wanted to gain better visibility into their supply chain operations and formulate strategic ways to mitigate risks across the supply chain.
To help the client overcome their predicaments, SpendEdge’s supply chain risk assessment specialists tailored an all-inclusive research methodology. The research approach comprised of primary and secondary research methodology coupled with qualitative and quantitative data collection procedures.
Through the course of this supply chain risk assessment engagement, the client was able to identify and mitigate supply risks. Additionally, the client comprehensively collected, analyzed, and managed supplier information. This helped them deliver better product and service offerings to their customers.
Fundamental questions answered in this supply chain risk assessment engagement include
The specialty retail client gained better visibility into their supply chain activities and devised robust measures to mitigate risks. Furthermore, the client implemented better sourcing and procurement strategies which subsequently helped them strengthen their supplier bond and save wasteful expenditures across the supply chain.