How Supply Chain Visibility can Drive Revenue for Retailers
As a retailer, you're under a lot of pressure to deliver your goods to their destinations faster. With big brands like Amazon offering free 2 day shipping to Prime members, and free standard shipping to all members, competition is higher than ever.
One of the top challenges retailers face in 2018 is supply chain management. If you've been in retail for very long, you probably know where you're getting your products manufactured and how you're shipping them. In order to compete today as an e-commerce store, retailers need to know their own supply chain thoroughly. If you need to redirect a shipment, balance your inventory sheets, or respond to a customer demand, supply chain visibility enables you to do that and it increases your revenue in the long-run.
What is supply chain visibility?
Supply chain visibility is knowing where a product is in the supply chain at all times. Is it still being manufactured, has it been boxed and is awaiting shipment, has it been delivered to the shipment provider, or is it already in transit and being tracked by the shipping company? These are crucial questions that allow you to better serve your customers and drive more revenue.
Here are some of the best solutions for supply chain visibility and increasing revenue as a retailer:
1. Use cloud-based software to track your supply chain
The best solution is to utilize cloud-based software to track your supply chain. This allows you to manage inventory in real time.
If everyone's on-board with using software, this allows every point of the supply chain to be integrated with the software. Inventory changes, on-demand changes, and your requirements as a retailer can be fully tracked and managed in a solution that everyone has access to.
2. Track stock and inventory levels using source tagging
A source tagging solution allows retailers to improve supply chain management. From the second a product leaves the manufacturer, source tagging tracks the product to the warehouse, to the point of purchase by the customer. This allows stock levels to be monitored and replenished on the fly. Source tagging allows near out of stock events to be detected long before it poses an issue.
3. Use B2B e-procurement networks
A B2B e-procurement network could be your solution to predicting disruptions in the supply chain. It allows you to take immediate action to correct the problem. E-procurement networks enable retailers to respond to risk events proactively so that disruptions are handled prior to having an effect on the supply chain. They enable high level collaboration that allows not only retailers to know their entire supply chain, but also the suppliers of the products, and the suppliers' suppliers as well. That means everyone's tuned in and ready to handle conflicts as they arrive.