Tempered your supply chain issues
At the beginning of 2023, we could still finde vestiges of supply chain shortages remaining a challenge for retailers. Large retailers are still dealing with the consequences of the 2020 bottleneck and supply chain issues.
Recent industry surveys have found that most logistics managers did not expect the supply chain to return to business as usual until next year.
Another factor to take into account is the impending recession and inflation due to rising prices. All this, disrupting the operations that affect the retail sector’s operation.
The bleak forecast has resulted in softer expectations in demand during the first half of 2023, with a possible uptick in the second half, making margins a key focus.
The slowdown in economic activity, due to the global situation, has caused the supply chain to be replenished.
To cope with these factors, having a good, reliable roster of associates is critical to moving goods.
Here are some tips on how to cope with this situation.
Retail recruitment strategies
Labor shortages are a significant challenge for retailers and will remain so after COVID.
Competition is tough, so retailers are encouraged to look beyond financial rewards and invest in building a brand that focuses on culture, values and career growth.
Technology, too, plays a larger role inside the store. Omnichannel retailers encourage shoppers to order use multiple channels for a single order.
Associates receive, track and present customer orders – as well as deal with the inevitable returns.
Tools such as RIOT RFID can make this processes much smoother, faster and more accurate by taking care of the entire time intensive process of tracking products and updating counts upon return or order placement.
This is a much broader scope of responsabilities, which requires a more advanced set of shills from the managers and staff.
A more transparent and connected system for retail management and point of sales leads to happier and more efficient staff. Retail Pro Prism provides total visibility across channels, saving your business and associates time so they can be more thoughtfuk, present resources for customers.
Streamline offerings
Los problemas de la cadena de suministros se ven amplificados cuando las estanterías están vacías porque varios productos no están disponibles simultáneamente.
Supply chain troubles seem amplified when a retailer’s shelves are empty because several products are unavailbale simultaneosly.
Streamplining the types of products you offer and partnering with a number of suppliers to provide those specific types of items helps focus investment on high-impact areas.
You’ll be delivering a more consistent customer experiences as well. In addition, consider alternatives to what you currently offer without cutting back on quality of service. For example, is possible that in a florist may not be able to reliably source plastic vases for every order, so they might offer creative bouquet wrapping instead.
Map your supply chain
Ensure you have supply chain visibility. Surviving a supply chain shortage requires a steady flow of parts and materials.
Supplier mapping includes locations, details of what supplier provides and how critical each product is.
Understanding their inventory levels as well as your own is also crucial. Consider tracking your vendor’s supply chain as well.
Having the visibility of connected retail management across channels helps you in accounting for every order in process, giving you peace of mind.
Finally, as suppliers continue to feel the squeeze, be quality conscious.
It’s tempting for manufacturers to cut corners to meet demands quickly.
For designer brands, counterfeit goods can be a big problem when supplies are scarce.
Support your suppliers by investing in them, insisting they only accept first-rate work and authentic products, and offering credit terms if appropriate.
After all, if your biggest, most critical suppliers go out of business, you will too.
Remember that in Cosin we are the exclusive partner of Retail Pro in Spain and Portugal. If you are interested in this retail management system or if you need any other solution for your business, please contact us and we will help you.
