Tag: retail industry

retail supply chain

Top 5 Trends Shaping the Future of Retail Supply Chains


In today’s competitive world, consumers are defining how companies structure their retail supply chain. They are demanding a more fulfilling experience from retailers and necessitating the need for options such as ordering online with in-store pickup and free returns across all channels. The explosion of mobile-driven shopping and the increasing popularity of no added cost returns only underscore the pressure that a retail supply chain faces.

However, not every retail supply chain is efficient enough to meet fast-evolving consumer demands in a cost-effective way. They are creaking under the pressure of the new multichannel world. Also, a majority of companies possess a retail supply chain that is optimized for stores, and online channels are considered as a bolt-on separate business. This results in poor cross-channel coordination among fulfillment processes and increases the chances of out-of-stocks.

At SpendEdge, we realize the impact that latest trends can have on the retail supply chain. Therefore, our team of experts has listed out the upcoming trends that can impact companies in the retail industry.

Managing retail supplies can become an arduous task if not handled smartly. Request a free demo and know how our experts can help you improve retail supply chain management.

Trends impacting the retail supply chain

#1 Smart buyers

Majority of millennial buyers, nowadays, prefer to research a product online before visiting any store.  They compare prices and see if they can avail any digital discounts or coupons. Many times, they even opt to buy online but pick up in-store “to avoid shipping fees.” This creates opportunities for retailers to harness both the in-store mobile phone-toting shoppers and ones coming to stores.

#2 Moving product assortment closer to demand

Retailers willing to enhance direct-to-consumer value proposition are constantly working to reduce delivery lead time and offer a larger assortment. They deploy varied stock-keeping units (SKUs) to fulfillment centers and activate each picking warehouses to offer next day delivery to their customers.

#3 Big data

Big data is a major trend in the retail supply chain, as the need to seamlessly share data back and forth with customers has increased exponentially. It allows real-time location tracking apart from real-time traffic updates and makes it possible for retailers to optimize delivery windows. Moreover, it helps companies to make crucial decisions and track inventory effectively.

Want to know how integrated technologies can revamp an outdated retail supply chain and ensure the timely delivery of retail supplies?

#4 Adopting collaborative robots

Although, it applies for all industries, the retail supply chain needs them the most. Companies in the retail industry are always striving to improve picking times. The situation becomes worse during the seasonal peak periods.  With companies adopting collaborative robots, companies can accommodate seasonal demands and return them after the requirements are met.

#5 Integrating retail and the “sharing” economy

As consumers continue to shift from “things” to “experiences”, the impulse to rent will grow substantially. The retail supply chain that can adapt to these changes will witness long-term success as consumers will be spending more on offering better experiences. Moreover, embracing trends such as self-service stations will reduce the burden on shoppers of cumbersome tracking and shipping costs.

Integrating retail and the “sharing” economy can impact the sale of retail supplies. Get in touch with our experts and know how an efficient retail supply chain can help manage it.

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Optimizing Your Omnichannel Strategy: 5 Ways to Get it Right

Today’s retail landscape is all about giving customers the best of both worlds- brick and mortar and online shopping experiences.  This makes it crucial for retailers to offer a consistent omnichannel experience throughout all channels. Despite millions of dollars being invested in building a good omnichannel strategy, many companies are still failing to meet customer expectations. This might be primarily because of some gaps in the omnichannel strategy that the company may have overlooked. Here are five ways for businesses to optimize their omnichannel strategy:

Brand consistency

There is a strong correlation between the number of touchpoints and the likelihood that customers will choose a brand to buy from irrespective of whether they choose in-store, mobile, or desktop to make a purchase. Modern customers tend to seamlessly switch between devices, so companies must ensure that their brand identity is cohesive. Customers are more likely to make purchasing decisions based on how they feel when they interact with your brand. So, maintaining a consistent omnichannel experience for customers will build trust and brand equity.Contact US

Data-driven marketing

 

 

Omnichannel will expand your remarketing efforts and allow you to get more personalized with advertising, leading to higher conversion rates. Today, various analytics tools provide ample information to retailers regarding their target customer’s shopping habits. Businesses can leverage this data to focus on the granular audience, specific search terms, and hyper-targeted messaging. This is also a great omnichannel strategy to expand your remarketing efforts and allow you to get more personalized with advertising, leading to higher conversion rates. 

Personalized customer experience

Customer experience is one of the key deciding factors of brand loyalty and customer retention for a business. Negative customer experience may involve situations such as may involve out-of-stocks and complicated checkouts, in-store as well as online. Customers are mostly on the lookout for the best product, the best price and the most convenient way to shop. If retailers create a personalized customer experience, this will increase their brand loyalty and in turn, result in a conversion. Brands can use the customer data available to them in order to improve customer experience.request proposal

Improve inventory visibility

Inventory visibility throughout the supply chain and in-stores are one of the top priorities of modern retailers. This includes streamlining the supply chain in such a manner that the exact location of the product is easily identifiable at any given point of time. This is a powerful way for retailers to improve the omnichannel experience for their customers.

Create a cohesive retail experience

A businesses’ s effort to ease the path of purchase should extend beyond a digital store map to the in-store experience. The omnichannel experience can be enhanced by leveraging online data. Retailers can also ensure cohesive themes and messaging across all shopper touch points (cross-channel) such as compelling visual content, recommendations, and product details. The learning from one channel can be taken and applied to the other.


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SpendEdge’s Inventory Management Solution Helps A Leading Wholesale Retail Industry Client Market Their Products Quicker Across Different Sales Channels

Project Background

A leading wholesale retail industry client evaluated their existing B2B supply chain in China and recognized the requirement to adapt it to accommodate a B2C model, where they would be selling their products directly to consumers. The transformation required an alteration in mindset as well as capabilities that the customer did not have within their current staff.

As a result, SpendEdge suggested various types of inventory management techniques to help the wholesale retail industry client overcome their challenges.Contact US

SpendEdge Advantage

As an international strategic partner for leading Fortune 500 companies across various industries, SpendEdge’s strength lies in delivering robust real-time procurement market intelligence solutions that help companies identify the various types of inventory management techniques to make informed decisions.

Adopt the best-in-class inventory management techniques to curb costs and achieve better results. Start your 14-Day Free Trial Now!

Client Profile

A leading wholesale retail industry client based out of India was facing challenges in finding a qualified partner, familiar with omnichannel fulfillment and with a proven track record in developing solutions for companies like their own, became their main priority.

Predicaments

One of the primary objectives for the wholesale retail industry client was to develop a customized solution to bridge the inventory gap and incorporate different types of inventory management techniques with respect to B2C in their capabilities.

Solutions Delivered

The solution revolved around identifying the most effective inventory management techniques to fulfill both B2C and B2B needs in China. The analysis also led to the recommendation to increase the focus on a warehouse in Beijing that would allow the customer to get their products to market quicker across different sales channels. This further helped the client improve margins by cutting out the middleman. The wholesale retail industry client has also begun discussions on expanding into additional countries as a strategic differentiator.

To know more about this engagement, request a proposal or continue reading to know about the types of inventory management techniques.

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SpendEdge helps a Leading Food Retailer Develop a Risk Management Framework to Save Millions – A Retail Industry Engagement

Engagement Overview:

A leading player in the food retail industry wanted to enhance their procurement strategies to overcome operational risks. The failure of their supply chain strategies had greatly impacted their revenue, as a result of which they wanted to implement a detailed supply chain risk assessment to gain a competitive advantage.

SpendEdge was approached by the retail industry client to leverage its expertise in risk assessment and develop an accurate risk mitigation strategy. The supply chain risk assessment engagement entailed a quantitative analysis of various supply chain categories to devise an exclusive risk management approach.

About the Client:

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A leading multi-brand food retail major operating in the U.S., which recently made its way into the coveted top 10 listing of the world’s largest and most successful retailers.

Business Challenge:

The retail industry client was facing several challenges owing to their inefficient supply chain risk management strategies.


How did SpendEdge Help the Client?

  • Step 1: Identifying the risk factors and estimating their impact on business operations

Supply chain risks deter businesses from achieving their organizational goals; hence, the first step in supply chain risk assessment deals with the identification and estimation of the impact of risk factors. By doing so, the food retail client was able to classify risks based on the severity of the impact.

  • Step 2: Developing a suitable supply chain risk mitigation strategy

An effective risk mitigation strategy utilizes three resources namely – processes, people, and technology. Also, since each of these factors plays a key role in analyzing the gathered data, it’s imperative to establish an infrastructure that is dedicated to continuously gathering, interpreting, and acting on the gathered data. request proposal

  • Step 3: Developing a precise risk assessment framework

To devise an effective supply chain risk assessment framework, it is essential to analyze the gathered data to identify risks and develop strategies to avoid mishaps. The developed risk assessment framework also helped them identify and manage both short and long-term supply chain risks.


Benefits of the Engagement:

The risk assessment experts at SpendEdge devised a three-step comprehensive approach that helped the food retail client to develop a precise risk assessment framework to enhance procurement efficiency.

Why is supply chain risk assessment essential in the retail industry?

One of the most demanding concerns facing retailers today revolves around supply chain disruptions and its associated impact on revenue, profit, and brand reputation. Moreover, financial crises, natural disasters, and changes in political stability across developing countries have highlighted vulnerabilities both for individual organizations and for industries. However, supply chain risks also include risks arising due to factors such as supply disruptions, transportation delays, embargos, and outsourced service failures.

The diversity in the retail risk environment demonstrates the importance of mitigating supply chain risks with an integrated risk assessment framework. This is exactly what the supply chain risk assessment experts at SpendEdge specialize in. Our industry-specific guidelines help clients to implement an accurate supply chain risk assessment framework to ensure that they meet the industry and framework standards.


Key questions answered in this supply chain risk assessment engagement include

Risk Assessment

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Our Findings:

SpendEdge’s supply chain risk assessment solutions are guided by the principles of supply market intelligence to help clients enhance their overall supply chain efficiency. In this risk assessment engagement, the three-step approach aided the retail industry client to integrate supply chain data from various sources to identify supply chain risks and implement appropriate risk mitigation strategies.

Our approach empowered the retail industry player to be more confident in their data so that they can quickly detect supply chain risks. Also, drawing conclusions on this engagement our experts suggest that it is imperative for every organization to identify the key elements of the supply chain that are at risk and keep them under close supervision.

While risks in the supply network tend to paralyze most supply chain operations. Successful businesses are the ones that efficiently manage such risks and reinstate confidence throughout the global supply network. Nevertheless, if rightly done, the benefits are much more than cost reduction.


 To know more about our risk assessment solutions

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Category Management Case Study: How it helped a Leading Wine and Spirits Retailer Develop a Precise Category Management Plan

Engagement Overview:

The client, a leading wine and spirits retailer wanted to enhance their category management strategies. Additionally, the client was looking at modifying their category management strategies to address the changes in the global retail sector. To do so, the wine and spirits retailer approached SpendEdge to help them leverage it’s strong expertise in category management to address challenges arising due to their inefficient category management strategies.

This category management engagement entailed the use of a detailed quantitative analysis of various supply chain categories to identify and benchmark the best suitable category management strategies.

About the Client:request proposal

A leading player in the retail sector.

Business Challenge:

The retail sector is in the midst of a profound cultural and structural shift toward a hybrid digital environment. This along with the availability of huge volumes of market data accelerated the need for major transformations in the client’s category management strategies.


How did SpendEdge Help the Client?

  • Step 1: Defining the category and the role of each category

The initial step revolved around the process of defining the role of each category within the wine and spirits segment. This helped the wine and spirits retailer to gain a better understanding of the various categories in their organization. By doing so, the client was able to prioritize each category and understand the importance of each category in driving their profit margins.

  • Step 2: Fine-tuning category management strategies to meet the organizational objectives

Category management strategies are aimed at increasing market share, improving ROI, enhancing sales, and increasing customer satisfaction. The client’s category management strategies required massive changes to ensure they meet their organizational goals and objectives. This step involved the detailed assessment of different categories to help the client develop precise strategies to drive category growth.

  • Step 3: Assessing the cost of the devised category planrequest proposal

The penultimate step in category management deals with the processes involved in accessing the cost of the category plan against its benefits. To implement any category plan it is essential to ensure you’ve got it right by assessing its impact. This includes the implementation of a schedule around how the plan will be executed as well the securing the resources required to do so.

  • Step 4: Implementation and review of the devised category plan

The scrupulous four-step approach to category management enabled the wine and spirits retailer to scrutinize their strategies to ensure they meet their category goals and objectives. Though category review is not an essential step in the process of category management, it is highly recommended to include it throughout the entire process.


Benefits of the Engagement:

The devised category management plan enabled the wine and spirits retailer to enhance the strategies involved in the end-to-end management of the supply chain. The adopted approach also enabled them to effectively organize the procurement resources to focus on specific areas of spend. This further helped their category managers to focus on conducting an in-depth market analysis to entirely leverage their procurement decisions on behalf of the organization.

Why is category management essential in the retail sector?

The growing competitive pressure in the retail sector poses major challenges for players in terms of effectively managing different categories to drive profitability. This makes it necessary for them to rethink their approach to targeting customers.

However, over the next few decades, the best practices in retail category management will be focused on enabling a faster response to changing market conditions. This means that category management will transition from a rules-driven paradigm to a learning model enabled by machine learning and other advancements. In this new era, retailers will need to enhance their strategies and function at a faster tempo than their industry peers by understanding and anticipating customer behaviors. Moreover, understanding the why, what, how, and where of consumer’s buying patterns will allow them to think like a customer but act like a retailer. This new reality will leverage the need for a category management plan that facilitates agile decision making and supports rapid strategic shifts.Request Demo

Due to such factors, leading companies are now approaching SpendEdge to leverage our market expertise in developing advanced category management plans to drive organizational value. Also, with the help of our category management solutions, it is now possible to align category management strategies with business objectives, which go hand in hand in helping companies enhance market presence.


Key questions answered in this category management engagement

wine and spirits

 Our Findings:

As procurement functions continue to evolve toward a strategic function across industries, procurement leaders and other procurement officials are regularly assessed based on their team’s strategic contributions to the overall business. Therefore, to maximize their procurement efficiency, best-in-class procurement firms are turning to category management as an effective lever to drive strategic value and growth across different procurement categories.

Moreover, a structured approach to category management such as the one developed in this engagement can not only help you improve profit margins, but also helps improvize supplier performance, mitigate risks in the supply chain, and drive innovation. If your organization is on the lookout for an objective way to drive category growth, SpendEdge’s category management solutions will help you do so by being your roadmap to success.

Doesn’t this sound intimidating? It’s time to start making the necessary changes in your category management strategies. Get in touch with our experts to build a category management capability that will position your company for continued success.


 To know more about our category management solutions for beverage industry players

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Category Management: How a Leading Personal Grooming Products Retailer Enhanced Their Brand Perception

Engagement Overview

The client, a leading personal grooming products retailer wanted to address a wide range of challenges arising due to inefficient category management strategies, including – supply chain inefficiencies, slow procure-to-pay cycles, and poor supplier relationship management. request proposal As a result, the personal grooming products retailer approached SpendEdge to help them leverage robust category management strategies to address their challenges.

This category management engagement involved a detailed quantitative analysis of various categories within the personal grooming products category to help the client identify and benchmark the best suitable category management strategy.


About the Client

An American multinational consumer goods business headquartered in Ohio, United States. The company primarily specializes in a wide range of personal care and hygienic products.

Business Challenge

The personal grooming products retailer was facing several predicaments due to factors such as competitive pressure, changes in the consumer profiles, economic factors, industry consolidation, and technological advancements.To overcome such challenges request proposal and devise multifunctional collaborations across their supply network, the client wanted to deploy SpendEdge’s cutting-edge category management strategy.


How did SpendEdge Help the Client?

Step 1: Defined the role of each category within the supply network

This step spun around the process of defining the role of each category to help the personal grooming products retailer identify the importance of every category. This further helped the client group different product categories based on the priorities assigned to them.

Step 2: Developed category scorecards for the client

A category scorecard is the strategic allocation of work to achieve the goals and reach the objectives assigned for each category. The category scorecard included a detailed evaluation of the different categories to help the client develop precise goals and targets for each category.

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Key questions answered in this category management engagement



Benefits of the Engagement

With the help of SpendEdge’s category management engagement, the personal grooming products retailer set clear category objectives and fine-tuned their category management strategies to boost their savings. Additionally, the client identified the success factors that uncovered major opportunities to enhance their brand perception.

Why incorporate category management?

With the growing competitive pressure in today’s retail industry, players are constantly faced with the challenge of enhancing brand visibility. Category management solutions are tailored to help retail industry players minimizing wasteful spend. Additionally, aligning business processes with SpendEdge’s category management strategies helps achieve organizational goals set for retail industry players; thereby, establishing a superior brand presence in the category and achieving competitive advantage.

Our Findings

An effective category management solution acts as an instrumental technique for enhancing business value by overturning the inertia that often sets in when businesses get confined to set standards. Additionally, category management helps organizations increase competitiveness and enhance value from a customer’s perspective.


To know more about our category management solutions for retail industry players

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IR29

Most Popular Retail Industry Trends This Year

Shopping is now gradually becoming less of a chore and more of an experience – all thanks to the latest retail industry trends. Customers are becoming more demanding, which makes it important for retailers to become open to change. Modern consumers are emphasizing more value on experiences over physical items or commodities. So, when shoppers purchase tangible products other than regular commodities such as groceries, they expect those products to either tell a story, be completely unique, fit into their lifestyle, or all of the above. Retailers who aim to retain their existing customers and gain new ones must keep track of the current retail industry trends so that there are in line with what customers want. This blog from SpendEdge sheds light on some ofRequest Demo_SE the retail industry trends that are garnering equal popularity among customers and retailers:

Visual Search 

Visual search is one of the most advanced retail industry trends today. Imaging the convenience and ease that a consumer could gain by just snapping a photo of the desired product to generate relevant search results rather than relying on a word-based search query. Visual search technology utilizes machine learning algorithms to recommend and search products online based on the matching attributes of the photo of the product shared by the customer. The results generated are of products with a similar shape, color, pattern, or even texture. This technique is particularly suited for retailers with large inventories or search results.

Predictive experiences 

Top companies in the market are leveraging innovative technologies such as predictive modeling, machine learning, and artificial intelligence to predict customer behavior and generate right-on-target messaging and product recommendations. These high-tech retail industry trends are also being used by retailers to hyper-personalize a customer’s shopping experience, especially in the case of online shopping.

Shopping is now gradually becoming less of a chore and more of an experience - all thanks to the latest retail industry trends. Click To Tweet

Rise of digital mobile wallets 

Mobile phones have now become an indispensable element of our lives. The use of mobile phones as a medium of payment is one of the most prominent retail industry trends this season. Smart players in the retail industry have already caught on to this trend. They are now providing seamless mobile payments by adopting APIs. Adopting flexible payment methods will help retailers provide their customers with ease of payment and convenience.

Customer-controlled delivery and return 

Today’s customers want products that are available exactly how, when, and where they want them. Smart companies are giving in to these demands by putting control in the customers’ hands. Several top companies have also introduced the concept of purchase online and collect in the store, which allows customers to pick up their orders faster than what it would take for an e-commerce order.

Growth of social media 

Social media is one of the most effective platforms for businesses and customers to connect with one another. The use of social media will continue to be one of the most effective retail industry trends in the years to come, considering the fact that majority of the customers are hooked on to this platform. Retailers will need to up their game by using social media and social apps to tell stories and engage with fans in real time rather than simply posting photos or updates.


To know more about the how companies can successfully implement the latest retail industry trends

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