Guest Column |
By Amr Farahat, Washington University in St. Louis
If retailers supply more product than there is demand for they are left with excess inventory, which ties up capital and leads to obsolescence. Too little supply results in lost sales and weakens customer retention.
If there’s any doubt about the impact of cash management solutions on the cost structure of retailers, consider this recent finding by IHL Group: Replacing manual processes with automation technology can save retailers an average of 200 to 500 labor hours monthly per store.
Consumer preferences are constantly evolving. As a result, retail delivery professionals are adopting technologies and best practices that support a seamless, streamlined experience at every customer touchpoint in the supply chain.
By 2020, customer experience will overtake price and product as the key brand differentiator, motivating many retailers to turn to IT digital transformation technologies like hyperconverged infrastructure (HCI), edge computing, and the Internet of Things (IoT). These technologies can help retailers prepare for dramatic changes in buyer behaviors and support a more flexible, reliable, secure, scalable, and resilient in-store infrastructure.