Whether you’re investing in experiential store concepts or extending e-commerce capabilities, one thing is for sure—the retail industry is undergoing a serious evolution, driven by the unique demands of today’s consumer. It’s never been more important to have whatever the consumer wants on the shelf (digital or physical) at the exact time that he or she needs it.
Modern retailers understand the core benefits of leveraging the power of Predictive Analytics and Artificial Intelligence. Predictive Analytics accounts for all of your company’s relevant data at a micro-level, identifies your business’ trends, opportunities, and influencing factors. It makes recommendations to retailers that will help them increase forecast accuracy, reduce inventory costs, increase in sales, and maintain high customer satisfaction levels.
For consumer goods companies with omnichannel sales, downstream demand is a key signal to consider when thinking about inventory allocation, new product launches, demand planning, and other decisions. However, not all downstream demand is created equal.
The increase in online shopping is creating chaos with returns. Learn how vision and imaging technology can improve reverse logistics for any size retailer today.
New research reveals that 88% of retailers with new supply chain initiatives said it has helped them exceed customer expectations; and 84% claim these efforts allow them to give customers more control over their shopping experiences.
"Internet of Things (IoT) endpoints are becoming ubiquitous thanks to a predicted compound annual growth rate (CAGR) of 32% from 2016 through 2021, according to Gartner research published in December 2017. These endpoints have the potential to disrupt order-to-cash processes and will enable digital optimization by creating new ways to serve and collaborate with customers and channel partners." Despite the expected disruption, the new report also revealed that only 22% of respondents have already or are currently investing in IoT. "However, in terms of the dollar value of spend on supply chain IT, only 18% of budget spend is put toward supporting innovation and agility to transform operations and create sustainable advantage."
A unique, robotic, goods-to-person order picking technology for warehouses and distribution centers.
Sure Sort™ is a robotic “each” or “piece” sorter that easily handles complex variables and delivers a wide variety of items into a compact array of order bin locations in a single pass.
The global supply chain is comprised of a set of complex business processes involving many players spread all over the world. An effective Global Trade Management (GTM) digital platform must be able to handle these diverse functions and be able to integrate well with both systems and people. A digital supply chain is an enabler of value. It will enable you to manage global risk; improve agility, speed and quality; and reduce costs in many areas of your operation. IDC predicts that, by 2020, digitally-mature companies will achieve $430 billion in productivity gains over their less-connected peers.
Retail buyers and merchandisers are continuously tasked with sourcing new merchandise and comparing to existing products to ensure their product lines remain competitive in the marketplace. With multiple seasons and programs to support, it is challenging to identify new supply sources, review new products with existing suppliers, negotiate contracts and confirm timely supplier production runs.
Converting retail stores into mini-fulfillment centers is a more cost-effective way to expand the distribution network using existing facilities that are already close to where customers live.
Customer service has become a key component of the overall customer journey, and more critically, customer lifetime value. Therefore, retailers need to invest in service options to provide choice and convenience to customers.
The holiday rush will be here before you know it; take time now to ensure your DC — and workers — are properly equipped and trained.