Using supply chain management tools for retailers isn’t limited to the basics of logistics and delivery. Today, a retailer’s business can be much more complex. Increasingly, retailers are extending their supply chains to include resale operations and digital supply networks.
Digital supply networks
Using Digital Supply Networks for retailers can enable organizations to better understand their customers’ purchasing patterns and respond to them in a timely manner. It can also enhance customer service and help companies increase efficiency.
The digital supply chain provides a seamless connection between customers and businesses. It includes process management, material flow, and resource planning. It integrates information from IT systems and operational technology systems to provide accurate and real-time forecasts of customer demand. It is a dynamic, real-time process that provides a full view of the end-to-end operations.
A successful Digital Supply Network leverages data-driven intelligent automation applications. These applications use artificial intelligence and machine learning to allow organizations to respond to demand more quickly and efficiently. It also allows for ongoing planning capabilities.
The benefits of creating a Digital Supply Network include identifying events that require immediate attention, anticipating changes in the supply, and monitoring fast-moving market dynamics. It also enables companies to collaborate and make smarter data-driven decisions.
End-to-end visibility of the entire flow of goods
Getting end-to-end visibility of the entire flow of goods in your supply chain has a lot of benefits for you and your business. It can improve your competitive strength, increase profitability, and reduce costs.
Supply chains are growing and becoming more complex. While this is great news for consumers, it can also be challenging for companies. The lack of visibility in these chains can result in delays, extra costs, and wasted resources. It can also lead to dissatisfied consumers.
End-to-end supply chain visibility is a way to streamline operations, increase efficiency, and improve customer service. It can also help you meet your compliance requirements. In addition, it can give you the ability to react quickly to unexpected events. Ultimately, it can strengthen your resilience and credibility with customers.
Managing SKUs across all channels
Managing SKUs across all channels is an important part of your supply chain. These unique identifiers are useful for a variety of business functions, including planning and segregating products, monitoring their behavior, and recommending related products. It’s also a good way to analyze the performance of your product line.
To create SKUs, start by defining the product category. For example, if your coffee cups come in a variety of colors, they may all have the SKU “1006PC-R.”
Next, determine what attributes you want to include in your SKU. For example, you may want to include the manufacturer’s name, product batch, size, and color. You may also want to add a date of manufacture.
It’s a good idea to make your SKUs as short as possible. This makes them easier to read and memorize. Ideally, they should be 8 to 12 alphanumeric characters.
Resale operations are growing
Among retail geeks, the resale industry is a fairly tight knit group. The best of the best are in lockstep, no doubt about it, with one or two notable exceptions. The best and the worst are on the rise, and a healthy proportion are still in the dark. For the best of the best, a full-time employee is a rarity. The cost of a good day at work may be prohibitive for the nihilistic. Hence, a hors d’oeuvre is the order of the day. Nevertheless, a brisk walk is a rarity for many. This is not a bad thing. Moreover, the frugal feaner can reclaim a roundtrip, as appetitolite (resale). The most challenging aspect is keeping tabs on the goods at all times. Fortunately, there are solutions to this problem, and they are a few.
COVID-19 pandemic has changed how retailers operate their business
During the great recession of 2008-2009, brick and mortar retail faced significant challenges. E-commerce grew, and consumers began to shift their spending habits. Department stores and suburban malls weakened.
While some retailers have benefited from pandemic-related consumer activity, others are still struggling. They have faced an upended supply chain and labor shortages. Some have filed for bankruptcy and are restructuring their business models.
As the industry struggles, the government has launched support programs for businesses. These include the JobKeeper wage subsidy program. The payments were intended to help maintain staff and reduce unemployment. However, the program’s impact on businesses is uncertain.
In addition to the direct financial impact, the government stimulus has also affected the operations of businesses. Many are scrambling to hire new employees with more bargaining power. This could accelerate the declines that have already hit retailers.