Retailers have to be aware of where things are when it comes to supply chains so they can plan accordingly. They may need to redirect shipments, rebalance inventory, or respond to a new demand quickly. If there are issues with a supply chain, then retailers can’t get products to stores and there is a risk of losing customers. Here are four steps retailers can take to improve retail supply chain management so operations run smoothly.
Implement Cloud-Based Software to Track Inventory
No one argues about how difficult it is to align supply and demand. Failing to master effective retail supply chain management can quickly impact margins and sales. One solution is using cloud technology to track inventories and changes in demand. This allows retailers to respond to market signals in real time and adapt to seasonal trends and market fluctuations.
Tag Inventory Using RFID
Retailers can Improve the supply chain process by tracking products from the manufacturer to the point-of-purchase with a tagging system. Source tagging is beneficial for helping manage merchandise across various channels. Keeping up with inventory management and supply chain operations at different levels means making informed business decisions.
Join a B2B e-procurement Network
Networks can be beneficial when predicting disruptions to supply chains. It can mean being able to act faster when adapting business processes. B2B e-procurement networks can be advantageous for retailers who want to move from responding to risks to being proactive in predicting supply chain disruptions. Networking creates a more efficient buyer-supplier collaboration.
Ensure Marketing and Supply Chain Teams are in Sync
Rightly aligning marketing teams with supply chain teams is crucial for a successful promotion. Marketing teams can alert supply teams before a big promotion and help determine how much product is necessary. This helps ensure it is on hand. Collaborative retail supply chain management can minimize and even avoid delays and disruptions.
Are you a retailer needing help with supply chain management? Visit the Demand Solutions website for more information.