Increase Visibility, Improve Forecasting and Reduce Costs
Delivering a seamless, end-to-end customer experience, from first touchpoint through to transaction and delivery is essential to delight customers and maintain a competitive edge. However, retail supply chain challenges surrounding visibility, forecasting, cost reduction, and automation can all hamper business growth.
Recent research from ASCG revealed that out of stock items translated to lost sales for 46% of retailers during the previous holiday period. Moreover, 32% of retailers stated that supply chain issues had increased their overheads and diluted product margins, directly impacting their bottom line.
In addition, technology challenges are exacerbating retail supply chain issues for many businesses, making it difficult to accurately monitor stock levels in real-time and swiftly respond.
Organisations can no longer afford to bank on outdated technology to maintain a competitive edge, and with global supply chain disruption set to continue well into 2022, businesses must dig deeper to bolster their delivery operations. This is easier said than done, as supply chains become increasingly complex and customers expect greater speed and flexibility.
In this article, we explore some of the most common retail supply chain bottlenecks and reveal some of the most impactful steps your business can take to overcome them.
Lack of end-to-end visibility and inaccurate forecasting
Lack of visibility across the retail supply chain is a common challenge for businesses, and its impact can be significant. Negative outcomes include inaccurate forecasting, supply chain wastage, increased costs, and inefficient operations just to name a few.
Fortunately, building an end-to-end e-commerce stack covering the frontend user experience, transactions, and integration with backend retail supply chain and delivery operations can help to combat visibility and forecasting challenges.
Engineering predictive analytics capabilities into your logistics systems can further strengthen your retail supply chain and reduce the burden on customer services teams, allowing staff to reinvest their time and attention towards more valuable initiatives.
At NearForm, we delivered a fully automated data platform for a mega-retailer to combat data silos and data modelling challenges, creating secure and instant cloud access across global teams. During the project, we provided a combination of capability building and DevOps leveraging Azure, GCP, Python and Node.js.
We reduced the retailer’s scenario modelling time and cost by 50%, reduced the time to market for new launches, and unlocked logistics cost savings. As a result, the retailer can now expand its scenario modelling into new business areas for greater agility and infinite scalability.