Could Retail be disappearing? The world now is in continuous transformation, and retailers need to do considerable changes to continue being relevant for their consumers.
For years, the buying-pattern of consumers was to visit a store to shop whatever product they need at home. However, nowadays consumers are highly-tech and demanding. It is the time for Supply Chain executives to transform their processes.
The Retail industry depends on the consumer and on the boom of e-Commerce which offer an enormous variety of products and multiple channels to select the better option of their demand. The answer stays in customised service. Customers expect to find in stock a large number of products to pick out showing a preference for retailers who are compromised with a quick delivery time, deliver item anywhere, anytime and sold to the best price. If these requirements are not met, then they will go for sure to the many other options around.
Companies today are in a frantic race to compete on technology to better offer service and communication to their customers, Amazon at the top of this race regarding quality service, delivery, variety, quantity, low cost, making retailers to try to equal this standard.
Making a difference
Artificial Intelligence (AI) can make the difference in the analysis of your Supply Chain, not only to predict errors but whether any event is affecting the delivery process, the where’s, why's and how's to correct them. It also allows retailers to communicate the facts to the customer, in such a way as to avoid disappointing them, and that could put in risk their loyalty to your enterprise.
Retail experts are on the way to develop their enterprises to become more transparent in their communication with consumers, as there’s a demanding tendency from them to know the origin of everything, the “roots” of the Supply Chain, from bananas to the manufacturing of a car. That press for Supply Chain visibility. Moreover, consumers are no longer captivated by brands alone, but by a blend of the most advantageous experience, a high-quality product, regardless of whether it’s from a well-established brand or a newly launched one.
The urgent need of a transformation
To survive in this competitive world, the old way of doing business is no longer the path to success, as the Digital and Robotics era is here to make your Supply Chain processes more manageable, and in not taking the challenge could cause you to be left behind in creating the best experiences for your consumers.
To transform the mindset of your team, you a need to change their internal concepts of your enterprise. For instance, you might have the best technology, and the best procedures in your Supply Chain, but it won’t be enough to take your business to where you want it to be unless you count with the right-skilled team willing to go all the way.
How are retailers managing customer’s centricity, supplier partnerships and the effect of personalisation on the SC? At the present time, our consumers might consider it more important to have the flexibility to decide where they want their parcel to be delivered rather than same-day delivering. Therefore, it is essential to be sure about what the consumer wants and to make the transformation our Supply Chains need, and outline this journey as our top priority. Keeping the pace with this scalable changes involves engaging in a totally different game.
What consumers need and demand also depends on lifestyle factors most of the time related to the culture of those countries they live. Through pilot projects, your company can benefit from particular information regarding your customer's needs and profile to fulfil their demands better. However, it would be best if you emphasised the importance of not only looking at the Business to Customer (B2C) market but also of requesting your customers directly about their needs in a more individualised approach.
SUMMING UP: putting the customer’s demand at the top of your transformation makes it sure you maintain the highest standards customers, suppliers, partners, and your teams are expecting from your business, whilst you are enabling all them to reliable trace the origin of any given products. Traceability is vital for your Supply Chain and your customer as well. It's essential we can protect our customers and increase the efficiency in the retailer’s warehouses and stores. Start now transforming your business!
Dave Food
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